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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) is actively conducting audit of taxpayers. Recently, we have been seeing astronomical deficiency tax assessments from the BIR. One finding that the taxpayers always have trouble understanding is the deficiency assessment coming from third party information (TPI).
Over the weekend, my nephew was watching a certain movie on Netflix which caught my attention. The story revolves around the Once-ler who arrives in a lush land and begins chopping down Truffula trees to make “Thneeds” for his business.
As we recall, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 3-2023, which removes the requirement for local suppliers of goods and services to Registered Export Enterprises (REEs) and other entities to secure prior approval for VAT zero-rate with the BIR.
There are a variety of reasons why associated enterprises normally enter into commercial transactions with each other.
As of August 3, 2023, the following updated tax returns are now available in the Electronic Filing and Payment System (eFPS) facility, in pursuance of the TRAIN Law:
“Kaizen” is a Japanese term for continuous improvement. We often hear this phrase in business philosophies, and some, including me personally, consider this phrase a concept we live by.
When you eat in a restaurant, buy your groceries or coffee, or gas up your vehicle, do you ask for receipts? Or another question is, do you keep your receipts?
If we had the opportunity to ask our grandparents what they imagined the world in the year 2023 would be like when they were children, would they have guessed Artificial Intelligence (AI), missions to Mars, smartphones, and the internet?
