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National Internal Revenue Code of 1997 5th Edition
REVENUE Regulation 21-2021 implements the VAT provisions under Republic Act (RA) 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It specifically covers the rules on VAT exemption and VAT zero-rating of local purchases.
THERE is always something exciting about the Christmas season, particularly for employees in the private sector. Millennial employees know this all too well — come Christmas, there is an abundance of memes about 13th month pay making the rounds in social media. For employers, there is likewise an inkling to welcome the new year with a positive mindset. For one, another year means a chance to turn over a new leaf and imbibe a fresh, new perspective to grow corporate operations.
Data from the Department of Trade and Industry showed that 26% of businesses closed last June 2020, which was four months after the declaration of a national emergency by the government. Fast forward to July 2021. Following the enactment by the government of the Bayanihan Act and the CREATE Law in the hopes of boosting the economy under a new normal, this percentage has dwindled down to 10%.
Almost two years into the COVID-19 pandemic, businesses worldwide are still slowly trying to recover from the effects of the economic downturn. Business establishments, both in the goods as well as the services industries, have been hit with massive losses and considerable expenses as a result of non-operation during the lockdowns.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 117-2021, clarifying the provisions under Revenue Regulation (RR) No. 16-2021, amending the provisions of RR No. 2-2015 which previously prescribed the submission of BIR Forms Nos. 2307 and 2316 using the Digital Versatile Disk-Recordable (DVD-R) format.
One of the biggest sources of disruption businesses had to face was the constant evolution of technology and how quickly, if at all, they ought to adopt new tools. Now that society has taken a step towards recovery, it is almost comforting to find that we are in familiar territory.
As we near the end of the calendar year, many companies will be busy preparing for their year-end inventory tally. In certain industries, such assets make up a significant portion of a company’s balance sheet. Needless to say, it is important for taxpayers to know or review the tax rules and compliance requirements relevant to their inventories. Some of these rules and requirements are described below.
THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 14-2021 and Revenue Memorandum Circular 77-2021 to remind all concerned taxpayers on the requirement for availing of tax treaty benefits under the streamlined procedures and documents.
