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National Internal Revenue Code of 1997 5th Edition
As we gear towards year-end, corporations and individuals engaged in business are busy preparing their financial statements and income tax returns to comply with the requirements of the different regulatory agencies such as the Securities and Exchange Commission and the Bureau of Internal Revenue (BIR).
One of the most commonly used phrases in Philippine taxation is that it is the lifeblood of the nation. It is the beating heart wherein the nation funds its projects whose benefits ultimately redound to its constituents.
Revenue Memorandum Circular (RMC) 121-2023 highlights the availability and implementation of the additional features and functionalities of the Online Registration and Update System (Orus) starting Nov. 21, 2023.
2024 is almost on our doorsteps, but many things are still happening around us. Most are planning for their annual family reunion or Christmas parties; almost all the employees are looking forward to the upcoming Christmas break; while some are still thinking about the “big celebrity break-up” that was announced days ago.
Revenue Regulations No. 13-2023 highlights the following points in relation to the optional VAT-registration of Registered Business Enterprise (RBE) classified as Domestic Market Enterprise (DME) under the five percent tax on Gross Income Earned (GIE):
One of the first lessons taught in accounting is the concept of ‘substance over form,’ which posits that transactions recorded and presented in financial statements must reflect the economic and factual substance over their legal form. It may be said that substance over form precedes double entry bookkeeping; it is the nexus of all financial transactions and serves as a guide for financial reporters in understanding, recording, and reporting thereof. Even in tax cases, equity and law always exalt substance over form. It is the nature of transactions that determines the taxability of transactions.
SEC Memorandum Circular No. 20-2023 has been released by the Securities and Exchange Commission (SEC).
At this modern time of general abundance in the world and, particularly, in our part of the world, we find our country with an incongrous incidence of widespread poverty.
