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
Last December 10, 2021, the President signed into law Republic Act 11595, otherwise known as “An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA), by lowering the paid-up capital requirement for foreign retail enterprises and other purposes”.
For the longest time, it was a common observation to say that while the Philippines ranked high in surveys for number of internet users and overall usage, the country lagged in terms of connectivity speed compared to its peers. However, as digital enablement and transformation have been the top priorities since the start of remote work, even that seemingly deep-rooted truth is about to change. Telco companies have made a point to offer improved network services, beginning with the deployment of 5G technology.
To file or not to file annual income tax returns? This is not a question for corporations, as the answer will always be to file. For corporations following calendar year as their taxable period, there are only 52 calendar days left until the April 15 deadline for filing of annual income tax returns. For diligent corporate taxpayers preparing their income tax returns, the following are the general guidelines and reminders for an easy and stress-free tax return preparation.
The Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) 19-2022, which provides clarification and guidance to Revenue District Offices (RDOs), revenue officers, and others concerned on Section 8 of Revenue Regulation (RR) 5-2021, particularly on the mandate to issue Certificate Authorizing Registration (CAR) without a prior BIR confirmation or tax ruling on the tax-free exchanges of properties, while at the same time ensuring that proper taxes due to the Government on their subsequent sale or disposition are protected and collected thru the establishment and proper monitoring of their correct substituted basis.
Every move counts. When running a company, every decision made by corporate management, no matter how big or small, can boost or deter business growth. This rule of thumb is more apparent in today’s ever-evolving business landscape marked by disruptions brought by the COVID-19 pandemic. The need to evaluate business decisions, risks, and strategies is essential now more than ever.
Over the years, our government agencies have been continuously implementing innovations to reduce steps in government processes to upgrade their services and lessen the timeline with regard to government transactions. These developments take place over time. Constant improvements also build trust and confidence on the part of the taxpayers to transact with government agencies. Steady improvements need to be applied at all levels of public administration to be comprehensively effective, and with our tax agency in particular, which is responsible for the collection of the taxes.
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The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) No. 1-2022, which extends statutory deadlines for taxpayers within the jurisdiction of BIR Revenue Regions (RRs) and Revenue District Offices (RDOs) classified under Alert Level 3 or higher. Out-of-district filing and payment of taxes are also now allowed.
