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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
For years, taxpayers have been wishfully thinking of simple and practical yet comprehensive tax laws and regulations for better compliance. With this, our legislators heeded the call, embraced the convenience brought about by digitalization, and introduced changes adapting to the current taxpayer’s situation.
With differences in financial reporting under Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) and tax treatment purposes under the National Internal Revenue Code (NIRC) that arise due to the forex rates applied in foreign currency transactions, BIR recently issued RMC No. 12-2024 which aims to clarify the treatment of foreign currency transactions for financial reporting and internal revenue tax purposes, as well as define and specify the rules for recording and disclosing foreign exchange transactions for tax purposes, including the use of appropriate foreign exchange rates.
Is there a flow of wealth when there is a reimbursement at cost? Is there an income to speak of when repaying a cost allocated by a related party?
In its recently issued Revenue Regulation (RR) No. 1-2024, the Bureau of Internal Revenue (BIR) increased the selling price threshold for VAT exemption purposes of the sale of house and lot, and other residential dwellings, further amending Section 2, Sub-section 4.109-1(B)(p) of Revenue Regulations No. 4-2021.
Terrorism needs funding. Preventing and disrupting the financing of terrorism is key to limiting the capability of terrorist groups to prepare or carry out attacks. In the recent twin blasts that killed at least 84 people and wounded more than 280 people in Iran, the ISIS armed group claimed responsibility. It was the deadliest attack to target Iran since its 1979 Islamic revolution.
Technology is making the world smaller. More countries are linked and interconnected in trade relations, particularly in digital trade, which the Organisation for Economic Co-operation and Development (OECD) Global Trade Forum highlighted would continue to grow, representing around 25% of the total trade as of 2020. Likewise, the World Trade Statistical Review reported that digitally delivered services traded within Asia reached 43.2% of the continent’s total trade in 2021.
The year 2024 has arrived, and perhaps most of us already have new year’s resolutions. Yet with all our desires to become better people, is becoming sustainable a part of it?
The evolving narratives of personal growth and determination at the start of the new year bear a striking parallel to the transformative changes unfolding in the digital commerce landscape. Just as people face a crucial checkpoint in the fourth week of 2024, electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) are also navigating a pivotal moment.
