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National Internal Revenue Code of 1997 5th Edition
Non-profit organizations play a vital role in building healthy communities by providing critical services that contribute to economic stability and mobility. They serve as additional help aside from the programs and funds from the government. They may be considered the heart of the community. They work across multiple sectors to meet the vital needs and enhance the quality of life of the community. They have the unique ability to serve as a bridge in the community by leveraging resources and expertise to build collaborations between private and public entities, professionals, and volunteers to work together towards the common good.
One of the sectors that took a beating at the height of the COVID-19 pandemic was education. The UNICEF, which continues to advocate for the resumption of in-person classes in various countries, mentioned in an article that in 2020, while schools globally were forced to suspend operations for an average of 79 days, schools in the Philippines did not hold face-to-face classes for more than a year and opted instead to have classes through online and distant learning modalities.
Transfer Pricing (TP) compliance is still a relatively new idea for most of the taxpayers in the Philippines even though the Bureau of Internal Revenue (BIR) has issued the TP regulations in 2013 followed by series of issuances in 2019 until 2021.
Through the issuance of Revenue Memorandum Circular (RMC) No. 120-2022, the Bureau of Internal Revenue (BIR) has reiterated that the non-compliance of the Registered Business Enterprsises (RBEs) in the Information Technology Business Process Management (IT-BPM) sector on the prescribed conditions under Work From-Home (WFH) arrangement from April 1, 2022 to September 12, 2022 for at least one day shall result in the suspension of the RBEs income tax incentives, pertaining to the month when the violation took place.
Fare hikes, high food prices, and elevated charges for electricity, gas, and other fuels are some of the immediate effects of inflation to consumers resulting from the ongoing Russian invasion of Ukraine. These are also added effects en route to economic recovery from the COVID-19 pandemic.
The Philippine Economic Zone Authority (PEZA) shall no longer issue Certificates of Incentives and 5% GIT and instead issue the Certificate of Entitlement to Incentives (CETI) in accordance with the CREATE Act.
At the onset of the pandemic, a plunge was seen in the number of enrollees especially in academic year 2020-2021, mainly due to pandemic-driven economic and social factors and a hesitancy to transition to the alternative modes of learning. Admittedly, private schools took a hit as students transferred to the public-school systems or stopped school altogether. Hopefully, academic year 2022-2023 could pose an increase in enrollees, though initial numbers from the Department of Education (DepEd) prove to be optimistic.
Companies operating in today’s evolving business landscape are no strangers to change and disruptions. They have become too aware, based on experience, about the different changes that can make or break their business.
