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National Internal Revenue Code of 1997 5th Edition
NEW year, renewed optimism. This was the perspective of most businesses toward the end of the 2021, with most expressing confidence that they could start embracing hybrid work arrangements for their workforces come 2022. The rosy outlook came at the heels of mass inoculation programs initiated by the government. In a Collier's report released in November last year, several employers stated that they were expecting a big chunk of their workforces to return to the office this year while others said they were set to adopt a mix of remote and on-site work setups.
The Bureau of Internal Revenue (BIR) recently issued Revenue Regulation No. 22-2021 on December 24, 2021 which extended the deadline for (1) the filing of tax returns and corresponding attachments; (2) the payment of taxes due thereon; (3) the filing and processing of application for tax refund, including claims for Value-Added Tax (VAT) refund; and (4) the statutory period for the issuance of assessment notices and warrants of distraint and levy, for taxpayers within the jurisdiction of Revenue Regions (RRs) and Revenue District Offices (RDOs) of the BIR that were adversely affected by Typhoon Odette.
Just when things were starting to feel normal again, 2022 came and so did the significant surge of COVID-19 cases. This pandemic has changed our lives in different ways. Lives were put on hold, some were overturned, and many lives were lost. Amidst this new normal, however, we have proven time and time again the Filipino’s resiliency and adaptability – finding new ways to persevere and to thrive despite challenges.
The start of the year sees us at a rather confusing impasse regarding the COVID-19 situation. We find ourselves caught between Metro Manila’s return to stricter Alert Level 3 conditions, wherein businesses are only allowed to operate at 30% capacity, and surges brought about by the Omicron variant of the coronavirus and easing of restrictions over the holidays. These come on the heels of economists’ positive outlook of steady growth across Asia during the latter half of 2021 due to high vaccination rates, and business optimism recorded in the International Business Report (IBR), a survey conducted by Grant Thornton. It found that 80% of mid-market firms in the Philippines were optimistic about the country’s economic outlook for 2022. But with health experts cautioning that we might see peak positivity rates in the coming weeks, it is hard to say for sure where businesses will land this year.
The Bureau of Internal Revenue (BIR) outlined certain amendments on the Implementing Rules and Regulations (IRR) of Republic Act No. 11543 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act through Revenue Memorandum Circular (RMC) No. 120-2021.
The introduction of the Tax Reform for Acceleration and Inclusion (TRAIN) Act in 2018 brought with it an amendment that provides that the “amortization of input VAT” on purchased or imported capital goods will no longer be allowed beginning Jan. 1, 2022. Therefore, the related input VAT on capital goods acquired in 2022 may be fully recognized outright and be claimed as input tax credits against output tax during the month when the capital goods are purchased or imported, regardless of whether the aggregate acquisition cost in a calendar month exceeds P1 million.
They say seasons change, and so do we. This adage speaks volumes about turning over a new leaf, of seizing the right opportunity to improve and spur growth. In corporate talk, this means that as businesses prepare to wrap up the year on a positive note, it is but proper to look back, not just on the gains but also on hits and misses to harness lessons and be able to apply them in the coming year.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 112-2021 on November 10, 2021 to address the issues and concerns in relation to the requirement of an Authority to Release Imported Goods (ATRIG) for the importation of perishable agricultural food products that are exempt from Value-Added Tax (VAT) under Section 109(1)(A) of the National Internal Revenue Code of 1997 (Tax Code), as amended.
