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National Internal Revenue Code of 1997 5th Edition
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.
In order to align with the Citizen's Charter 2023 Edition, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 23-2023, which provides amended guidelines on Classification of One-Time Transactions (ONETT) and the corresponding processing time for the issuance of ONETT Computation Sheet (OCS) and Electronic Certificate Authorizing Registration (eCAR).
The Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) have expressed a shared goal to increase taxes collected as a percentage of GDP of 14.6% in 2022 to 17.1% by 2028. They confidently expect to meet this goal as it will be driven primarily by economic growth and by offering taxpayers convenience through tax digitalization programs. While it is accurate to claim that the BIR will derive more revenues with a stronger economy and by providing more convenient avenues for taxpayers to pay their dues, taxpayers know well what this means – an upsurge of BIR assessments across all industries.
Tomorrow is Ash Wednesday. For Catholics around the world, it is the beginning of the Lenten season which is a period for reflection and contemplation.
The Fiscal Incentives Review Board (FIRB) recently promulgated Administrative Order No. 001-2023 stating the additional guidelines for Registered Business Enterprises (RBEs) in the IT-BPM sector that have successfully registered with the Board of Investments (BOI) last January 31, 2023. The covered RBEs that were issued the BOI – Certificate of Registration (BOI-COR) are mandated to comply with the following:
Have you received a text message lately from an unknown number where the sender, conveying a sense of urgency, notified you to click on a link or to share a personal information? Well, you have most likely been the victim of a smishing attack.
Taxpayers are now required to register their books of accounts through the BIR’s Online Registration and Update System (ORUS). The following guidelines shall be observed in the online registration of books of accounts.
Many people will celebrate with their loved ones by giving flowers or boxes of chocolates, or by arranging dinner dates in restaurants or romantic places – gestures that show our appreciation and care for our loved ones.
