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National Internal Revenue Code of 1997 5th Edition
Revenue Memorandum Circular (RMC) No. 141-2022 provides the revised contents of the eBIRForms email notification, also known as the Tax Return Receipt Confirmation.
On top of a myriad of factors that can disrupt business operations, including a changing business environment and economic uncertainties that stir global financial markets, businesses are now increasingly concerned about how they can help address environmental issues, and for good reason. The effects of climate change are more apparent, with a study released by the UN’s World Meteorological Organization (WMO) showing that in 2021, greenhouse gases, the primary cause of climate change because they trap heat within the atmosphere, spiked to hit new record levels. They warn that these levels will continue to rise through 2022.
With Republic Act No. 8792 (the E-Commerce Act) and Republic Act No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018) in mind, the Bureau of Internal Revenue (BIR) has released certain issuances to help taxpayers transition into the digital age.
As part of digitalization of its operations, the Bureau of Internal Revenue (BIR) has introduced the Online Registration and Update System (ORUS).
Previously, in our article “2022 Tax Trends and Ends”, I presented sets of updates in taxation to help ensure that taxpayers have the necessary tools to begin the year right. Exactly two months from now, taxpayers are once more expected to embrace new sets of tax rules that are bound to be implemented as we welcome the year 2023.
The world saw a growing need for internet dependencies in the COVID-19 era, spurting the introduction of a more modern vocabulary amongst its users. Words such as sheesh, uwu, and the like have become new additions to people’s word banks as the continuous isolation from a physically social world rage on during the pandemic. But as our ways to socialize grew beyond the barriers of physical and lingual connections, so did the evil that came as its caveat. Scheming and scamming have become part of the society and seemingly grows with it. As evident with the rise in vocabulary these schemers use, words such as payaman, power, ez money, and the like entered the new normal as well.
Experts may say improved allocation and realignment of funds and resources would do the trick. For newly established companies, growing your investments portfolio to expand reach and operations is a good move.
Last October 14, 2022, the BIR issued RMC No. 137-2022, clarifying the cost items under “other expenditures” which are subject to 0% VAT, being indispensable to the project or activity.
