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National Internal Revenue Code of 1997 5th Edition
The fiscal incentives rationalization of the CREATE Act has effectively removed the cross-border doctrine for export-oriented registered business enterprises (RBEs). While VAT zero-rating rules on export sales still remain, VAT-zero rating on local purchases are only applicable on purchases that are directly and exclusively used in the RBEs’ registered project or activity.
As taxpayers may know, all field audit and other field operations of the Bureau of Internal Revenue (BIR) covered by Letters of Authority relative to the examinations and verifications of taxpayers’ books of account, records, and other transactions have been ordered suspended until further notice, except for cases prescribing on or before October 31, 2022, and for other situations described in BIR Revenue Memorandum Circular (RMC) 77-2022. The suspension has remained up to the time of this writing. However, as per the RMC, the service of assessment notices, warrants, and seizure notices should still be effected.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 115-2022 to inform all concerned on the lifting of the suspension of the issuance of Mission Orders (MOs) insofar as authorizing Revenue Officers to conduct Tax Compliance Verification Drive (TCVD).
“The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast.” This was according to Peter Drucker, a renowned management consultant who has contributed a lot in the field of practical foundations in business corporations.
Last week, I received a common inquiry from several clients – “Has the suspension of the tax audit been lifted?”. The reason is that these clients received assessment notices from the Bureau of Internal Revenue (BIR) such as the Notice of Discrepancy (NOD) and Preliminary Assessment Notice (PAN) that were personally served at their respective offices unexpectedly.
The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 9-2022 which prescribes the policies and guidelines for the admissibility of sales documents in electronic format, particularly in the verification of taxpayers’ sales and purchases during audit or processing of VAT refund claims. Under the said issuance, taxpayers who are mandated to implement the Electronic Invoicing System (EIS) under Revenue Regulations No. 8-2022, including those who are authorized by the BIR, shall observe the following policies and guidelines:
According to the National Mapping and Resource Information Authority (NAMRIA), the Philippines is made up of 7,641 islands contributing to the country’s vast natural resources. Despite the abundance of these resources, the country is still at the early stage of capitalizing on the use of these natural assets to produce renewable and sustainable energy. The limitation is caused mainly by the lack of investment due to the high cost of developing, producing, and sustaining renewable energy.
Ten hours and 27 minutes. This is the average time Filipinos aged 16 to 64 years old spend browsing the internet and staying online. Social media management firm Hootsuite and creative agency We Are Social’s Digital 2022 Global Overview Report reveals that Filipinos are among those who spend the longest time connected online.
