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In an effort to help businesses restore good standing, the Securities and Exchange Commission (SEC) introduced its Amnesty Program in 2023, with over 81,700 companies participating and successfully complying with their reportorial requirements.

The global economy has undergone a rapid digital transformation, with more transactions shifting the venue from physical stores to online platforms.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 91-2024, which aims to provide clarifications and guidelines on the registration procedures in line with Revenue Regulations No. 7-2024 and 11-2024 under the Ease of Paying Taxes (EOPT) Act.

The Revenue Memorandum Circular (RMC) No. 87-2024 aims to provide clarity on the filing of tax returns and payment of taxes under Section 3 of Revenue Regulations (RR) No. 4-2024, which implements the "Ease of Paying Taxes (EOPT) Act."

Publication of BIR issuances is an important aspect of the regulatory framework governing taxation. It supports a fair and transparent approach in making the public aware of the new tax rules and regulations.

In a bid to inform the public, particularly taxpayers who have filed One-Time Transaction (ONETT) applications via the eONETT System and intend to manually pay the tax dues thereon to any Authorized Agent Banks (AABs) or Revenue Collection Officers (RCOs), the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 83-2024 on July 30, 2024.

Pursuant to Revenue Regulation (RR) No. 16-2023, the Bureau of Internal Revenue (BIR) has required electronic marketplace (e-marketplace) operators and digital financial services providers (DFSP) to withhold a 1% withholding tax on 1/2 of their gross remittances to sellers or merchants for goods and services sold through their platforms or facilities.

As part of its efforts to digitalize government processes in line with the Ease of Doing Business and Efficient Government Service Delivery Act, the Securities and Exchange Commission (SEC) is consolidating all of its digital services into a single platform called the Electronic SEC Universal Registration Environment (eSECURE).