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National Internal Revenue Code of 1997 5th Edition
In the Philippines alone, e-commerce is expected to further flourish as the government continues to take active steps in digitalizing government processes. The Department of Information and Communications Technology (DICT) continues to ramp up initiatives in accelerating free internet connectivity especially in remote areas, while the DICT’s attached agency, the Cybercrime Investigation and Coordinating Center, is finalizing its roadmap with amendments to the country’s existing National Cybersecurity Plan.
As more companies choose to adopt work-from-home (WFH) arrangements, existing registered business enterprises (RBEs) in the information and technology-business process management (IT-BPM) sector may now transfer their existing registration with the Board of Investments (BOI) until December 31, 2022. Under the guidelines released by the Department of Trade and Industry in Memorandum Circular No. 22-19 on October 18, 2022, IT-BPM RBEs, such as those registered with the Philippine Economic Zone Authority (PEZA) and other investment promotion agencies (IPAs), have until year-end to transfer their registration to the BOI. The transfer applies to IT-BPM RBEs with existing tax incentives under Section 311 of the Tax Code or those with approved tax incentives until September 14, 2022.
Under the rules, Philippine Economic Zone Authority (PEZA) registered companies are required to operate within the economic zones to be entitled to tax incentives. However, due to the pandemic, the Fiscal Incentives Review Board (FIRB) temporarily allowed PEZA companies to adopt a work-from-home (WFH) arrangement for up to a certain percentage of the workforce, while still enjoying tax incentives.
Revenue Memorandum Circular (RMC) No. 141-2022 provides the revised contents of the eBIRForms email notification, also known as the Tax Return Receipt Confirmation.
On top of a myriad of factors that can disrupt business operations, including a changing business environment and economic uncertainties that stir global financial markets, businesses are now increasingly concerned about how they can help address environmental issues, and for good reason. The effects of climate change are more apparent, with a study released by the UN’s World Meteorological Organization (WMO) showing that in 2021, greenhouse gases, the primary cause of climate change because they trap heat within the atmosphere, spiked to hit new record levels. They warn that these levels will continue to rise through 2022.
With Republic Act No. 8792 (the E-Commerce Act) and Republic Act No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018) in mind, the Bureau of Internal Revenue (BIR) has released certain issuances to help taxpayers transition into the digital age.
As part of digitalization of its operations, the Bureau of Internal Revenue (BIR) has introduced the Online Registration and Update System (ORUS).
Previously, in our article “2022 Tax Trends and Ends”, I presented sets of updates in taxation to help ensure that taxpayers have the necessary tools to begin the year right. Exactly two months from now, taxpayers are once more expected to embrace new sets of tax rules that are bound to be implemented as we welcome the year 2023.
