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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.

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.