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National Internal Revenue Code of 1997 5th Edition
As our society, in general, keeps moving forward at a blistering pace, so do our ideas and notions of what makes up a good and progressive society.
There is an enduring yet relevant saying that echoes across generations, that in life there are but only two certainties – Death and Taxes. This saying becomes even more emphasized for Filipino taxpayers as the tax filing season for many usually coincides with the time most Filipinos commemorate the death of Jesus Christ. And as most of us begin to zone into meditative mode in preparation for Holy Week, we cannot help but contemplate the significance as well that payment of taxes plays in any civilized society. In fact, Jesus himself recognized the significance of taxes when he poignantly said, “render unto Caesar that which is Caesar’s”.
Diversity and inclusion. Through the years, these two buzzwords inched their way to the heart of many companies’ management blueprint, and all for good reasons.
The Fiscal Incentives Review Boards (FIRB) has issued FIRB Advisory No. 3-2023 regarding the correct basis of the penalty imposed to Registered Business Enterprises (RBEs) engaged in Information Technology and Business Process Management (IT-BPM) for non-compliance with the work from home (WFH) threshold.
The deadline of our Annual Income Tax Return (AITR) filing for taxable year 2022 is fast approaching and many taxpayers are beating the April deadline. Once the ITRs has been filed, taxpayers should start preparing for possible audit investigations that may be set by the Bureau of Internal Revenue (BIR). This is why it is important to determine the taxability of our transactions.
The Securities and Exchange Commission (SEC) has extended the deadline of the 2023 filing of annual financial statements (AFS) to provide sufficient time to external auditors to produce high-quality financial reports.
Governments, global organizations have been progressively shifting gears toward more inclusive, open-minded, and acceptive society.
Do you recall the issuance of regulations and memorandum circulars by the Bureau of Internal Revenue (BIR) on another required attachment to the Annual Income Tax Return (AITR) during the height of the pandemic? This was the requirement to submit BIR Form No. 1709, the Information Return on Transactions with Related Party or simply Related Party Transaction (RPT) Form, and its supporting attachments.
