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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
Under the Tax Code, all persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at one hundred pesos (P100.00) or more, issue duly registered receipts or sales or commercial invoices. However, the Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the issuance of receipts or sales or commercial invoices.
Prevailing in the ever-evolving business landscape requires the ability to rapidly shift and adapt. Moving forward to 2024, let us take conscientious actions and collaborative efforts to create a future that incoming generations can enjoy and benefit from, focusing on aligning your business standards with Environmental, Social and Governance (ESG) goals.
Nowadays, it is quite common to hear stories of scandals and corporate failures such as Enron, Tyco, WorldCom, Lehman Brothers, Wirecard, and so on.
The Ease of Paying Taxes (EOPT) bill, with the main objective of tax modernization and high but easy tax compliance, was recently approved by a bicameral committee. According to Senator Win Gatchalian, EOPT is expected to drive foreign direct investments (FDIs) and enhance the country's competitiveness as an investment destination.
As part of the continuous effort on the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular (MC) No. 18-2023, publishing the guidelines on the submission of digital copies of documents and reducing the number of hard copies to be filed with the SEC.
The Philippine tax system operates on the territoriality principle. This means that the power of the Philippine government to tax is limited within the territorial bounds of the Philippines. This rule emphasizes the importance of establishing a situs within the Philippines before income can be taxed. So, what happens when part of the source of income is located in outer space? Does the Philippines have any right to tax such income generating activities? Turns out that the answer is yes.
The human resources (HR) department is among the most human-centric departments in every organization, primarily focusing on supporting and developing the workforce that ensures long-term growth and viability of businesses. This is why HR is a key area where data is particularly valuable.
In a study conducted by the Statista Research Department, the gross value added generated from the real estate industry in the Philippines reached approximately P536.4 billion pesos as of 2022, fueled by a steady growth in the purchasing and investing power of Filipinos, particularly from overseas Filipino workers, in real estate properties. In particular, the increase in real estate transactions classified as ordinary assets has brought up a common concern about the proper issuance of documentary support.
