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National Internal Revenue Code of 1997 5th Edition
At the onset of the Covid 19-pandemic, working from home (WFH) was a temporary solution for businesses to survive. This setup was not widely popular in the Philippine business setting prior to the pandemic; thus, many business entities grappled with how to continue their operations while the whole world is on lock-down. The Philippine government allowed companies who are granted with tax incentives for operating within economic zones to adopt this setup while being allowed to operate outside the zones.
THE importance of going digital has never been more apparent following the onslaught of Covid-19. The notion that work could only be accomplished face to face was quickly shoved out the door when businesses had to find new ways to carry on with operations amid strict safety measures and lockdowns. Before we knew it, team meetings and Zoom webinars quickly became the new norm.
Last September 15, 2022, the Fiscal Incentives Review Board (FIRB) granted the extension of the 70-30 work from home arrangement, wherein 70% of the total workforce are required to report within the premises of the Philippine Economic Zone Authority (PEZA)-registered Information Technology (IT)-Business Process Management (BPM) entities while 30% of the total workforce are allowed to work from home until December 31, 2022.
Over the past couple of years, enormous attention is being given to the concept of sustainability and it’s far from waning. Sustainability is defined by the United Nations Brundtland Commission as “meeting the needs of the present without compromising the ability of future generations to meet their own needs”. Even though sustainability is often associated by most people with environmental conservation, it actually encompasses many dimensions especially if we talk about sustainable development.
Pursuant to Revenue Memorandum Circular (RMC) No. 77-2022, all field audit and other field operations of the Bureau of Internal Revenue (BIR) covered by Letters of Authority (LOAs)/Mission Orders (MOs) relative to examinations and verifications of taxpayers' books of account, records, and other transactions ordered were suspended as of May 30, 2022.
There are some things in life that you can rely on like clockwork. For example, being in the country with the world’s longest Christmas season, you can expect malls in the Philippines to start playing classic Christmas songs as early as September. Jokes about Jose Marie Chan’s inevitable holiday comeback will show up on social media as surely as his songs will play on the radio. And, just as surely, individuals would start worrying about the sheer expense of the holiday season, whether it comes in the form of gifts, outings, media noche and noche buena meals, or charitable donations.
The Philippines’ tax system is mostly driven by supporting documents. The deductibility of allowable expenses and claiming of input value-added tax (VAT) rely heavily on valid official receipts and sales invoices. Hence, it is paramount for every business to ensure that the documents they issue are free from errors.
Invoices, with an expiration date of on or before July 15, 2022, shall be surrendered for destruction together with an inventory listing to the RDO where the Head Office or Branch is registered on or before the 10th day after the validity period.
