The Bureau of Internal Revenue (BIR) wields significant authority not only to levy taxes but also to investigate taxpayers’ books of accounts and accounting records. These investigations typically focus on verifying the accuracy and completeness of revenue and costs and deductions claimed by taxpayers. Avoiding tax investigations is often just hope.
2024 is the year that we have seen numerous clarifications and amendments in the Philippine taxation landscape. Both the Bureau of Internal Revenue (BIR) and Philippine government are active in improving the taxation laws and streamlining existing processes to ease the burden of taxpayers.
There have been various changes in the VAT refund process these past few years with the conscious effort from the Bureau of Internal Revenue (BIR) to continuously simplify the requirements and procedure on VAT refund applications.
The Bureau of Internal Revenue (BIR) under Commissioner Romeo Lumagui’s administration has set four (4) strategic pillars in their 2024 CY Priority Programs and Projects according to Revenue Memorandum Circular (RMC) 42-2024: Provide Excellent Service to Taxpayers; Develop Highly Digital Processes; Intensify Audit and Enforce Process; and Strengthen Integrity and Professionalism of the Employees and the Institution.
The Covid-19 pandemic is now slowly becoming part of our forgotten history. Also slowly, real estate companies such as developers, dealers and lessors, are now gaining their momentum to have a steadier recovery and growth.
In recent years, advancements in technology and shifting workforce expectations have put work-from-home (WFH) arrangements into the mainstream. The COVID-19 pandemic further accelerated this trend, compelling various companies and industries to adapt to remote work setups.
Under Philippine succession laws, the transfer of properties, rights, and obligations to heirs is facilitated either through a will or by operation of law.
The Bureau of Internal Revenue (BIR) has increasingly underscored the importance of ensuring that all persons conducting business, particularly through digital platforms, are properly registered and tax compliant.
