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National Internal Revenue Code of 1997 5th Edition
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.
The Philippine Economic Zone Authority (PEZA) shall no longer issue Certificates of Incentives and 5% GIT and instead issue the Certificate of Entitlement to Incentives (CETI) in accordance with the CREATE Act.
At the onset of the pandemic, a plunge was seen in the number of enrollees especially in academic year 2020-2021, mainly due to pandemic-driven economic and social factors and a hesitancy to transition to the alternative modes of learning. Admittedly, private schools took a hit as students transferred to the public-school systems or stopped school altogether. Hopefully, academic year 2022-2023 could pose an increase in enrollees, though initial numbers from the Department of Education (DepEd) prove to be optimistic.
Companies operating in today’s evolving business landscape are no strangers to change and disruptions. They have become too aware, based on experience, about the different changes that can make or break their business.
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.
