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National Internal Revenue Code of 1997 5th Edition
The digital economy continues to shape up as a significant aspect of commerce. The effects of the pandemic accelerated the paradigm shift towards digitalization and greatly altered the patterns of production and consumption of goods and services. Recently, a product of the digital age has been drawing a lot of interest — cryptocurrency. Once known only to tech-savvy people, cryptocurrencies are gaining traction and becoming more mainstream because of their perceived advantages and the income-earning opportunities they present.
The Bureau of Internal Revenue (BIR) has recently released Revenue Regulation (RR) 16-2021 to further amend the pertinent provisions on the manner of submission of copies of BIR Forms 2307 and 2316.
Prior to the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, Philippine tax rules imposed a 10% tax on improperly accumulated taxable income of corporations. This improperly accumulated earnings tax (IAET) is imposed as a penalty on corporations which allow accumulation of earnings for the purpose of avoiding tax liability for their shareholders if they decide to distribute profits in the form of dividends.
For the last few months, proprietary educational institutions (PEIs) have been in the ropes due to the controversial Revenue Regulation (RR) issued by the Bureau of Internal Revenue (BIR) last April 8, 2021 – RR No. 5-2021. This tax regulation gives a stricter definition of being a non-profit of PEIs. To avail of the new income tax rate of 1% under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, PEIs must ensure that no net income or asset accrues to or benefits any member or specific person, with all net income or assets devoted to the institution’s purposes and all its activities conducted not for profit. This definition makes it difficult for PEIs to qualify for the lower income tax rate, considering that most of these private educational institutions are stock corporations owned by private individuals who receive their share of profit.
SINCE the beginning, banks have been cryptocurrencies' number one critic. With the support of their big brothers, the central banks, they have launched copious warnings to the investing public about concerns and risks associated with these types of digital assets. Concerns about cryptocurrency range from money laundering, terrorism financing, and fraud to privacy of user information. Furthermore, banks have pointed out that cryptocurrencies have no intrinsic value; hence, cryptocurrency investors should be prepared to lose their investments anytime.
“Until death do us part.” This is a standard vow in many traditional wedding ceremonies. This means that only death can end a marriage. It is considered a lifelong commitment, one where only the death of one party can break the bond. Sadly, this is not the case for tax authorities and taxpayers. There is tax even after death.
WE need the right leader to make the many programs articulated in this commentary series happen.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 97-2021 to clarify the tax obligations of all social media influencers, individuals or corporations, with the end goal of raising revenues from their undeclared income and at the same time, reminding them of the possible consequences of their failure to pay taxes. This comes on the heels of reports that the BIR has been receiving stating that certain social media influencers are not paying their income taxes despite earning huge income from different social media platforms.
