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National Internal Revenue Code of 1997 5th Edition
It has been more than two years since the COVID-19 pandemic broke out and started to wreak havoc in the Philippines in early March 2020. The pandemic has driven both businesses and individuals to recalibrate and reassess priorities. Many companies and even households resorted to cutting down expenditures to mitigate the financial impact of the pandemic (e.g., reduction in or loss of household income for those affected by businesses’ workforce rationalization, and decrease in sales, especially for companies belonging to heavily affected industries like hotels and airlines). Many Filipinos lost jobs, businesses, and even loved ones.
On May 30, 2022, the BIR recently issued RMC Nos. 76 and 77-2022 to inform taxpayers of the suspension of all pending Letters of Authority/Mission Orders as of May 30,2022, as well as audit and other field operations pursuant to, and under authority of, all task forces created thru Revenue Special Orders, Operations Memoranda and other similar orders/directives.
Feeling left out has a lot of harmful effects to our emotional and mental well-being. In fact, when we do not feel like we belong in a particular communal setting or activity, the social ties that help manage our stress levels are eroded. Over time, these small emotions associated with feeling left out balloon, and we are often left to deal with higher levels of stress, much more than we can handle.
Cambridge Dictionary defines a “task force” as a group of people brought together to do a particular job. The term may be familiar relative to the Covid-19 pandemic when the government created the Inter-Agency Task Force (IATF) composed of members from various executive departments, supposedly for a collaborative approach to combating Covid-19.
The Regional Tripartite Wages and Productivity Board (RTWPB) NCR and RTWPB Region VI has recently issued Wage Order No. NCR-23 and Wage Order No. RBVI-26, respectively, which grants the minimum wage increase for workers in private establishments in their respective regions.
If you were to gather the world’s most imaginative storytellers and its most pedantic planners in one room and ask them to come up with a vision of the future, how accurate would that future be?
Have you been audited by the BIR and your claimed expense was disallowed for improper or inadequate substantiation? Have you applied for a tax refund, and were denied due to an erroneous invoice or receipt? This is not unusual given the state of our tax documentation and compliance. With the advent of the government requirement to use electronic receipts and invoices, we can only hope that these long-running challenges become a thing of the past.
The Filipino culture has never failed to mesmerize. There is no one word to describe it, as it is rightfully referred to as a cultural potpourri of sorts. It brings to the table something new and something old in terms of tradition, married by the Philippines’ rich history covering periods of colonization and subsequent independence sought by the country’s brave heroes and martyrs.
