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National Internal Revenue Code of 1997 5th Edition
In line with the changing ways that taxpayers deal with their businesses and with various government agencies, the Bureau of Internal Revenue (BIR) has enacted three revenue regulations that would address the shift from manual to digital.
With the continuing improvements on information and technology, it is becoming easier and easier for taxpayers to transact business on a global scale. While this situation provides a number of opportunities to taxpayers, tax issues on tax administration appear to be an inevitable consequence of such. One of the main issues is the risk on possible shifting of revenues to a lower-taxing country.
“The higher the risk, the higher the return.” This is perhaps the most common investment principle that every entrepreneur is very familiar with. However, often, the emphasis is more on return than risk; that is, focusing on the positive side of the principle rather than dealing with the “negative” side, or the risk. Many have considered risk management as an expensive and complicated activity. Its contributions to revenue generation are not clear and evident as compared to profit (or return) management. Such typical scenario leaves risk with diminutive attention, and businesses, especially the micro, small, and medium enterprises (MSMEs), vulnerable to ever changing economic and market conditions.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulation No. 6-2022 to remove the five (5)-year validity period on all manual and system-generated receipts and invoices, in line with Republic Act No. 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which aims to improve, streamline, and reduce financial burden on the part of taxpayers.
The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 10-2022, which lays out the guidelines and procedures for requesting MAP assistance in the Philippines. This opens an alternative remedy for taxpayers facing double taxation, whose current available courses of actions are only to litigate such case in court or to file an administrative appeal.
The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) No. 8-2022 to inform all concerned regarding the implementation of the required issuance of electronic receipts or invoices in lieu of manual receipts or invoices for certain identified taxpayers.
In April 2021, the Philippines committed to a 75% reduction in greenhouse gas (GHG) emissions from its 2020 numbers as part of the Paris Agreement. It also aimed to increase renewable energy (“RE” or “renewables”) usage to 35% to enable this goal. Plans are still in motion for the country’s RE transition, but as far as progress is concerned, Southeast Asia’s Green Economy 2022 Report found the Philippines to be a laggard in the race for green energy. According to the report, this slow pace is due to a lack of concrete implementation to accompany our loftier plans, so high hopes rest on the incoming administration to catch up and make good on our commitment to GHG reduction.
In the world of intercompany transactions between domestic corporations or among members of multinational companies (MNCs), a transfer pricing (TP) policy is a must-have document.
