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National Internal Revenue Code of 1997 5th Edition
If there were any doubts about the power of positivism in a business, the pandemic has unequivocally demonstrated its significance in leading a business According to an article by Forbes, positivity is the water in this desert we call life, and with so much uncertainty in the world —in politics and in business —it’s an absolutely crucial component of leadership.
Surprises are often something most of us want for our birthdays, anniversaries, retirements, etc. However, as taxpayers, would you still be delighted to receive a “surprise” if it’s from the BIR, and if it’s in the form of a visit to check your tax compliances? This “surprise” visit is called BIR Tax Mapping/Tax Compliance Verification Drive (TCVD).
In a bid to address the challenges faced by SEC-regulated companies in meeting regulatory requirements, the Securities and Exchange Commission (SEC) has announced a series of extensions and streamlining measures for amnesty applications in relation to belatedly filed or non-filed Audited Financial Statements (AFS), General Information Sheets (GIS) and information required under SEC Memorandum Circular (MC) No. 28, series of 2020.
Pursuant to Revenue Regulations (RR) No. 02 - 2023, loose documentary stamps are now replaced with the constructive affixture of documentary stamps as proof of payment of the DST on the certificate issued by the government for the purpose of establishing proof of a fact.
Amidst the intricate dance of market fluctuations and industry disruptions, business leaders often find themselves standing at the crossroads of decision-making, surrounded by charts, data, and projections meticulously crafted by expert analysts, armed with risk models designed to mitigate uncertainty and safeguard their organizations against potential dangers.
By definition, a lease is a contract whereby one of the parties (lessor) binds himself to give to another (lessee) the enjoyment or use of a thing for a certain price, and for a period that may be definite or indefinite.
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 74-2023, amending Section 5 of Revenue Regulation No. 5-2021 regarding the Sworn Statement (Annex A) and Sworn Declaration (Annex B) to be submitted in order to avail the Income Tax Exemption of foreign-sourced dividends.
