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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
As we take on the last month of 2022 and embrace a new year, a fresh set of tax updates is also coming our way. In 2023, we will see various changes in our tax system brought by the Tax Reform for Acceleration and Inclusion (TRAIN) Law under the Comprehensive Tax Reform Program.
For businesses and global financial markets, the scenario they faced in the past two years was far from rosy.
Being the subject of an audit by the Bureau of Internal Revenue (BIR) is a daunting challenge for any taxpayer. A single mistake could cost the taxpayer millions and put him in deep financial straits. As such, it is important for the taxpayer to keep abreast of recent developments in tax rules and regulations so that they may better protect themselves against any possible mistake.
As noted in Revenue Memorandum Circular (RMC) No. 146-2022 dated November 10, 2022, the Bureau of Internal Revenue (BIR) has announced the launch of the improved BIR Digital Assistant Chatbot REVIE, which now features TIN Verification/Validation, RDO Finder, and eComplaint Facility.
It is nineteen days before Christmas, twenty-five days before New Year. The holiday season is a time of countdowns. We always look forward to the moment when the clock strikes 12 at midnight. However, for businesses, the countdown never stops on New Year. From there, the 20-day countdown for the deadline of renewal of Local Government Unit (LGU) business registration starts to run. LGU permit renewal is important to kick-start your business year right since without it, your operations may be suspended.
To carry out the mandate of the Bureau of Internal Revenue (BIR) to collect taxes, the suspension of all field operations of the BIR, as ordered in Revenue Memorandum Circular (RMC) No. 77-2022 dated May 30, 2022, has been lifted effective immediately pursuant to RMC No. 148-2022 dated November 21, 2022.
Do what you love, and you will never have to work a day. This quote, earlier attributed to Chinese philosopher Confucius, is inspiring and true.
The Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines provide five methodologies that are widely used and accepted by almost all tax authorities in determining transfer prices. These include three traditional transaction methods – comparable uncontrolled price (CUP) method, resale price method (RPM), and cost-plus method (CPM); and two transactional profit methods – transactional net margin method (TNMM) and profit split method (PSM).
