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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.

With offices in over 151 countries, Grant Thornton provides a knowledge database that is as expansive and comprehensive as its reach. Independent and yet driven by the same motivations, companies in the Grant Thornton network work hand in hand to build expertise and provide valuable on-the-ground information and economic analysis straight from country experts.

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.

Behavioral finance bias is either based on faulty reasoning or emotions. Faulty reasoning is cured through better information and education. However, biases arising from emotions or feelings are hard to correct because they stem from the unconscious level such as impulses and intuitions. The following are few of the behavioral finance biases that need to be recognized and managed.

For most businesses in the Philippines, the first quarter of the year demands compliance of annual registration renewals, filing of tax returns, submission of financial statements, and payment of taxes. Corporate and tax practitioners have infamously tagged this period as the busy season in which they find themselves working around the clock for longer hours and with countless doses of caffeine.

There is no doubt that Omicron has impeded most economic recovery efforts. Just in the past month alone, news agencies have reported that the COVID-19 variant has slowed business growth in the United Kingdom to its most glacial pace in a year and the International Monetary Fund has adjusted its global growth forecast to a modest 4.4 percent amidst higher inflation rates and positive case numbers worldwide. Here at home, the Philippine Statistics Authority has likewise downgraded its third-quarter gross domestic product (GDP) growth figure from 7.1 percent year-on-year to 6.9 percent.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 13-2022, which reiterates the amendment on the tax treatment of nonprofit hospitals and proprietary educational institutions through Republic Act No. 11635, entitled “An Act Amending Section 27(B) of the National Internal Revenue Code of 1997, As Amended, and for Other Purposes”.