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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 55-2022 dated December 15, 2022, to inform the public of the suspension of all field audit and other field operations of the BIR relative to examinations and verifications of taxpayers’ books of accounts, records, and other transactions from December 16, 2022, to January 8, 2023.
Another year is dawning, and the countdown has begun. As the days go by and we take the first step in faith towards the new year, we hope everyone can reflect and truly say that it was indeed a year of intense growth. Since I am a believer that the new year is neither an end nor a beginning but a going-on, I wish to take everyone back and recall the previous Let’s Talk Transfer Pricing (TP) articles that were published throughout the year so we may welcome 2023 with proper guidance.
The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) No. 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to MERALCO.
Since the effectivity of Republic Act 11534, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Bureau of Internal Revenue (BIR) has consistently released several issuances and clarifications to implement the amendments introduced therein. Last December 10, 2021, Revenue Regulation (RR) No. 21-2022 took effect, implementing the amended Value Added Tax (VAT) incentives of Registered Export Enterprises (REE) on their importations and local purchases, as provided under the Tax Code, as amended, and the Implementing Rules and Regulations of the CREATE Act.
Work from home (WFH), a term widely used during the early days of the Covid-19 pandemic, is the solution by companies in various sectors to continue their business where work is done in the comfort of employees’ homes. Such became the norm especially for the Information Technology and Business Process Management (IT-BPM) sector.
As we take on the last month of 2022 and embrace a new year, a fresh set of tax updates is also coming our way. In 2023, we will see various changes in our tax system brought by the Tax Reform for Acceleration and Inclusion (TRAIN) Law under the Comprehensive Tax Reform Program.
For businesses and global financial markets, the scenario they faced in the past two years was far from rosy.
Being the subject of an audit by the Bureau of Internal Revenue (BIR) is a daunting challenge for any taxpayer. A single mistake could cost the taxpayer millions and put him in deep financial straits. As such, it is important for the taxpayer to keep abreast of recent developments in tax rules and regulations so that they may better protect themselves against any possible mistake.
