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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
In our previous article titled “Taxation of cross-border services,” we featured Revenue Memorandum Circular (RMC) No. 5-2024, where the Bureau of Internal Revenue (BIR) clarified the proper tax treatment of cross-border services in light of the SC En Banc Decision in Aces Philippines Cellular Satellite Corporation vs. The Commissioner of Internal Revenue (CIR) and provided a new framework for assessing the final withholding tax and the final withholding Value-Added Tax (VAT) on services provided by non-resident foreign corporations (NRFC) to Philippine businesses.
In Republic Act No. 11534, also known as the “Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act,” the Minimum Corporate Income Tax (MCIT) rate was reduced from 2% to 1% for the period July 1, 2020, to June 30, 2023. Accordingly, the MCIT rate shall revert to the old rate of 2% based on the gross income of the corporation effective July 1, 2023.
Imagine a workplace that isn't just a source of income, but a breeding ground for personal growth and fulfillment. This is the reality of "a great place to work," where an enthusiastic company culture fosters passionate employees.
You may have watched Dune: Part Two by now. The movie is set in the year 10191. Despite being set on the future, one thing that most viewers will notice is the lack of modern technology. There are no phones or computers, nor robots or AIs.
In line with the objective of continuous enhancement of operational efficiency and effectiveness, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 2-2024, which expands the means of publication for BIR issuances.
They say wishes do come true if you only believe in three (3). In April 2021, I wrote an article under this section entitled “Wish list for reforms on tax filing, payment, and administrative compliance.” In that article, I listed three wishes, some of which are already embodied under the then proposed bill on the Ease of Paying Taxes (EOPT) Act.
Verifying an employee’s taxpayer identification number (TIN) helps ensure that the proper TIN is matched to the correct employee. It allows employers to accurately report employee compensation and withhold the correct amount of tax.
Technology has transformed the way we work and communicate, making it faster, easier, and more efficient. It also brings new opportunities and challenges for businesses, especially in managing risks.
