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National Internal Revenue Code of 1997 5th Edition
It has been more than a month since Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act” was signed into law and took effect on 22 January 2024. This law was enacted as a significant milestone in the development of a modernized and easier tax system in the Philippines.
As tax filing season draws near, the Bureau of Internal Revenue (BIR) has released Revenue Memorandum Circular (RMC) Nos. 22, 23, and 25-2024 to facilitate taxpayers’ ease of compliance.
The projected cost of cybercrime is predicted to grow from $3 trillion in 2015 to $10.5 trillion in 2025, according to Cybersecurity Ventures. Their published Cybercrime Report enumerates the following as cybercrime costs: “damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.”
In last week’s article, my colleague discussed the new rules on the treatment of foreign currency transactions for internal revenue tax purposes. That article provided clarifications and guidelines on the use of appropriate forex rates in recording and reporting foreign currency transactions for tax purposes.
Several issues and concerns emerged for taxpayers due to the disparity in computing interest expenses for presentation in tax returns and financial statements. With this, the BIR issued Revenue Memorandum Circular No. 19-2024 on February 5, 2024, which aims to provide clarification on how interest expenses related to the taxpayer’s profession, trade or business, and other related matters should be treated for tax purposes.
It is common for taxpayers dealing with foreign entities, whether for purchases or sales, to have transactions in foreign currency. Therefore, it is important for taxpayers to be guided by the rules governing the use of forex rates in business transactions.
The Supreme Court, through its decision in Aces Philippines Cellular Satellite Corp. (Aces Philippines) vs. Commissioner of Internal Revenue (G.R. No. 226680, August 30, 2022), ruled that the airtime fees Aces Philippines paid to its related party, Aces Bermuda, under an airtime purchase agreement are considered sourced from the Philippines and are therefore subject to withholding tax.
The most successful organizational executives have an unquenchable drive for expansion, even in a challenging economic climate. Businesses must have the hunger for growth by making the appropriate decisions on supply chain management, technology, market research, integration, and human resources. And in the dynamic landscape of commerce, exploring the longevity of a business is akin to embarking on a captivating journey through time.
