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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 43-2022 on April 12, 2022, which prescribes the non-imposition of surcharges on amended tax returns.
Today, digital transformation continues to generate a big fuss among policymakers, government agencies, and sectoral leaders due to its societal impact. As digitalization disrupts society ever more profoundly, concern is growing on how it affects issues such as jobs, wages, inequality, health, resource efficiency and security. Nevertheless, we are all aware that it has a positive effect, especially in this time of pandemic.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 46-2022, clarifying that the deadline for submission of attachments to Annual Income Tax Returns is on or before May 31, 2022, whether the electronically filed AITR is an original or an amended return. The submission shall be made manually to the Revenue District Office (RDO) or the Large Taxpayers Division where the taxpayer is registered or electronically through the Electronic Audited Financial Statements (eAFS) System of the BIR.
The continuing saga between the information technology business process management (IT-BPM) sector and the Fiscal Incentives Review Board (FIRB) has perhaps been one of the most debatable concerns between business and government sectors during the pandemic. Here you have a battle of mostly good intentions.
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.
