Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
For the past two years during this pandemic, many of us have been working from the comfort of our homes, enjoying the benefits of the work-from-home (WFH) arrangement and avoiding traffic and reducing transportation costs. However, such will come to an end for those working with Registered Business Enterprises (RBEs) of the Information Technology – Business Process Management (IT-BPM) sector, as they started their return to office mandate last April 1, 2022.
A report by the Philippine Statistics Authority in early 2022 states that the country’s GDP posted a growth of 7.7 percent in the last quarter of 2021, resulting in 5.6 percent full-year growth in 2021. The same trend for growth is being forecasted by the Asian Development Bank, saying that the Philippine economy will grow to 6 percent in 2022. As we are near the tail end of the pandemic, it is important to refocus the business as it manages the long-term effect of such occurrence. The best, and probably the perfect, time to move on to shared service operations in the Philippines given these advantages is now.
The BIR has issued Revenue Memorandum Circular (RMC) No. 40-2022, this RMC is issued to inform all concerned on the clarifications and guidelines in using the electronic Audited Financial Statement (eAFS) System as well as the use of e-signatures on all tax returns, attachments and required documents.
The BIR has issued guidelines to all concerned on the rules on the filing and payment of the annual income tax return (ITR) for the calendar year 2021.
The Tax Code provides that a penalty equivalent to 25% of the tax due shall be imposed due to the taxpayer’s failure to file a tax return and pay the tax due on time. On top of that, an interest of 12% per annum is also imposed as a penalty.
As early as 30 years ago, businesses had to make a tough choice: make more profit or save the planet. Even back then, focusing on environmental initiatives was costly for business. The costs for going green were steep, and corporations saw little returns for their business in such a scenario. This has pushed them to question whether adopting environmentally friendly practices poses a win-win situation for business on one hand and saving the environment on the other.
Last month, the Philippines adopted the Ten-Point Policy Agenda on Economic Recovery to accelerate and sustain economic recovery from the COVID-19 pandemic through Executive Order (E.O.) No. 166. Among the principles laid down by E.O. No. 166 is the resumption of economic and social activities, removal of age-based restrictions on mobility, and the further expansion of public transport capacity.
The Bureau of Internal Revenue (BIR) has recently published Revenue Memorandum Order (RMO) No. 18-2022 to facilitate the proper identification and monitoring of tax collection on capital gains tax.
