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National Internal Revenue Code of 1997 5th Edition
Bloomberg reports that business restructuring, specifically global mergers and acquisitions (M&A) activity, reached $5.9 trillion in 2021, crushing the previous all-time high of $4.2 trillion set in 2015. In its article, Grant Thornton (GT) LLP said global M&A activity slowed in 2022 at a total value of $3.7 trillion, and most analysts are predicting that we could see a return to pre-2021 activity.
In the ever-changing landscape of risk management, honesty is a cornerstone principle that guides management in their pursuit to preserve and protect the value of their organisations. However, as we delve deeper into the complexities of risk management, we find that there exists a delicate balance between unabridged honesty and the pragmatic use of “limited honesty.”
With the ever-evolving world of commerce, employees have become more involved in everyday operations. For instance, employees would find themselves in inevitable circumstances where they would be the one to cover for business-related expenses out of their own pockets, such as transportation expenses or office supplies, then would later on reimburse such from their employers.
Nowadays, we frequently read and hear lamentations about why our country, the Philippines, has fallen to the bottom in terms of per capita GDP among the Bigger 6 ASEAN countries from our top position some fifty years ago.
In a move aimed at modernizing and simplifying taxpayer services, the Bureau of Internal Revenue (BIR) officially made available the Taxpayer Registration-Related Application (TRRA) portal last October 16, 2023. The TRRA portal is accessible through the BIR eServices icon located at https://www.bir.gov.ph.
For regular sales of real estate, commonly between property developers and buyers, to be completed before the Registry of Deeds, an Electronic Certificate Authorizing Registration (eCAR) shall be sought from the Bureau of Internal Revenue (BIR), which involves the proper settlement of capital gains taxes, withholding taxes, and documentary stamps, as applicable.
Mid of this year, I attended a luncheon meeting in one of the local chambers in Mindanao. There was a collaborative question and answer portion of the session, and one of the participants raised a relevant sharing on what he believed to be the sixth power of mankind: artificial intelligence or AI.
Taxation is the lifeblood of government. As the age-old adage goes, the only certainties in life are death and taxes. The pivotal role of taxes cannot be emphasised enough as the nation focuses on recovering from the impacts of the COVID-19 pandemic.
