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National Internal Revenue Code of 1997 5th Edition
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.
Under its Charter, the Philippine Amusement and Gaming Corporation (PAGCOR) was given the mandate to regulate, operate, authorize, and license games, particularly casino gaming in the Philippines. Through this mandate, PAGCOR is expected to generate revenues for the Philippine Government’s socio-civic and national development programs, as well as help promote the Philippine tourism industry.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 28-2022, requiring all registered business enterprises (RBEs) enjoying both fiscal and non-fiscal incentives granted by Investment Promotion Agencies (IPAs), such as the Philippine Economic Zone Authority (PEZA) and Board of Investments (BOI), to secure a Certificate of Entitlement of Tax Incentives (CETI).
Over the course of this past month, social media feeds have been abuzz with organizations posting about and celebrating International Women’s Day (IWD) and Women’s Month in their own ways. For the most part, these celebrations were par for the course across all the different platforms. There is an infographic on gender statistics here, a video of women leaders there. Everyone was captivated by the idea of #BreakingTheBias and the seemingly near future of gender parity.
Considering today’s economic situation, the primordial importance of having happy and productive employees is gaining popularity. When employees are trusted and involved in the company, yields are higher. Conversely, when people feel unmotivated or undervalued, the company suffers. On top of that, studies show that employees highly engaged in their work commit less mistakes, do better, and are more sympathetic of changes and are eager to embrace such changes.
