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It’s been almost two years since the Bureau of Internal Revenue (BIR) released several issuances involving updated reporting requirements for related party transactions (RPTs) and compliance with transfer pricing (TP) regulations. Since then, a lot of business entities have been anticipating how the tax authorities will be conducting audit investigations on RPTs, and whether they will be among the first ones to get to experience the TP audit.

Last January 17, 2022, the Bureau of Internal Revenue (BIR) has issued a tax advisory reiterating Revenue Memorandum Circular (RMC) No. 18-2021 that allows employer-taxpayers to submit to the BIR copies of Certificate of Compensation Payment/Tax Withheld for Compensation Payment With or Without Tax Withheld (BIR Form No. 2316) for the calendar year ended December 31, 2021, even without the signature of the concerned employee, provided that the BIR Form No. 2316 is duly signed by the authorized representative of the employer-taxpayer.

Climate change, depletion of biodiversity, and waste management. All these have and continue to put a threat to human lives. These issues, more commonly referred to as environmental problems, bring global economies to come together and find the most appropriate course of action to combat or at least reverse the damage brought by these risks. To add, these risks and their adverse effects to the quality of human life today and in the future have given rise to the concept of intergenerational ethics, a sense of moral obligation to preserve the environment for future generations.

During one of my yearly home visits, I asked my father why there were no more cornfields visible along the roads. He replied “Alkanse na ang pang uma karon dong uy” (Farming is no longer profitable nowadays, son). From that reply, I sensed his frustration as he was once a farmer. He then added that the cost of farming inputs, as well as the effects of climate change, prompted him to quit farming.

The year 2022 has so far had a rocky start, with the new year seemingly introducing new trials just as business owners and corporate leaders were getting steady on their feet in the “post-pandemic” climate. Including the recent surge, the total number of COVID-19 positive cases in the country has reached the 3 million mark. As a result, the government has placed more areas under Alert Level 3 classification, thereby placing operating capacity restrictions on more businesses across the country.

The Bureau of Internal Revenue (BIR) has issued Bank Bulletin Nos. 2021-26 and 2022-01 to inform all Authorized Agent Banks (AABs) on the modified rules in filing and paying taxes. These relaxed rules are put in place to alleviate the concerns of the taxpayers brought about by Typhoon Odette followed by the rise of COVID-19 cases, which prompted the government to classify some areas in the Philippines under Alert Level 3.

With the recent surge in the number of COVID-19 cases placing Metro Manila, along with other areas, in General Community Quarantine Alert Level 3, the current situation adds to the anxieties that everyone is experiencing during this challenging time. Perhaps, for a moment, we can think of some light vibes to somehow lighten our burden, particularly for taxpayers who have a lot on their plate.

Just when you thought we were already living in a technologically advanced society, the world’s biggest tech companies surprise you. Metaverse, a word that conjures an image of an alternate universe in a science-fiction novel, has been a major talking point lately. This is largely because of Facebook’s rebranding as “Meta” in October.