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National Internal Revenue Code of 1997 5th Edition
There are some things in life that you can rely on like clockwork. For example, being in the country with the world’s longest Christmas season, you can expect malls in the Philippines to start playing classic Christmas songs as early as September. Jokes about Jose Marie Chan’s inevitable holiday comeback will show up on social media as surely as his songs will play on the radio. And, just as surely, individuals would start worrying about the sheer expense of the holiday season, whether it comes in the form of gifts, outings, media noche and noche buena meals, or charitable donations.
The Philippines’ tax system is mostly driven by supporting documents. The deductibility of allowable expenses and claiming of input value-added tax (VAT) rely heavily on valid official receipts and sales invoices. Hence, it is paramount for every business to ensure that the documents they issue are free from errors.
Invoices, with an expiration date of on or before July 15, 2022, shall be surrendered for destruction together with an inventory listing to the RDO where the Head Office or Branch is registered on or before the 10th day after the validity period.
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.
