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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
In prior years, due to the pandemic, policies and guidelines were adopted for the filing and payment of taxes to adapt to the new normal. Thus, it is a welcome development that the Bureau of Internal Revenue (BIR) announced the same arrangement for calendar year 2022 through the issuance of Revenue Memorandum Circular No. 32-2023.
For taxpayers using the calendar year, the due date for the filing of the 2022 Income Tax Return (ITR) will be on April 17, 2023, since April 15 will fall on a Saturday. Taxpayers are already used to their life cycle – file their different tax returns regularly, the ITR being the last periodic tax return to be filed for a taxable year, then wait for the BIR (Bureau of Internal Revenue) to come to them for the subsequent BIR audit.
On March 15, 2023, the Fiscal Incentives Review Board (FIRB) released Advisory 005-2023, which provides an extended period for Registered Business Enterprises (RBEs) in the Information Technology–Business Process Management (IT-BPM) sector, allowing them to move equipment and other assets outside the economic zone or freeport zone without being required to post any bond. This provision applies specifically to RBEs that have transferred their registration to the Board of Investments (BOI).
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.
