With the Comprehensive Tax Reform Package (CTRP) unfolding one by one, it can be quite overwhelming for taxpayers to note the changes that will directly affect them. With the passage of the CREATE MORE Act (Republic Act No. 12066), the country moves closer to becoming more competitive by enhancing tax incentives to attract investors.
Philippine taxation has undergone significant changes with the enactment of several tax reforms in 2024. These reforms include the Ease of Paying Taxes Act (R.A. No. 11976), the Real Property Valuation Act (R.A. No. 12001), VAT on Digital Services (R.A. 12023), and the most recent CREATE MORE Act (R.A. No. 12066), which generally aims to modernize the current tax system, making it simpler, fairer, and more efficient.
In any social or professional collaboration, there may arise instances wherein there is a misinterpretation of certain facts, and in such cases, reconvening and circling back can prove to be one of the most efficient solutions.
Opportunities to correct past mistakes can be invaluable, whether in personal or business matters. In taxation, this right is particularly crucial as errors in documentation can lead to significant financial consequences for businesses.
It is true that certain things in this life are unavoidable, regardless of status. Benjamin Franklin once said that “In this world, nothing is certain except death and taxes.” That means, you still can’t escape paying taxes until you die.
February is often associated with love and friendship, because it is during this month that people celebrate Valentine’s Day. However, to some who are in a dating relationship, it is now common to hear the term “ghosting”. In normal parlance, ghosting means the act of suddenly cutting off ties without explanation due to fear of confrontation. But for taxpayers, ghosting the BIR is a taxpayer’s regret, especially in tax audits.
Capping off the first month of 2025, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 004-2025 (RR No. 4-25), amending certain De Minimis benefits. It increased the uniform and clothing allowance to Php 7,000, which was formerly Php 6,000 under RR No. 11-2018 (RR No. 11-18); and included cash and gift certificates as a form of employee achievement awards.
On 10 December 2024, the Department of Finance approved and issued the Implementing Rules and Regulations (IRR) of Republic Act No. 12001, otherwise known as the Real Property Valuation and Assessment Reform Act (RPVARA).
