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National Internal Revenue Code of 1997 5th Edition
THE first dozen parts of this commentary series dwelt essentially on the exercise of powers of the presidency to make the necessary reforms and take appropriate actions to propel the Philippine nation to greater political and economic development and in so doing, break the cycle of poverty that is at present, extremely prevalent in our society and which creates suffering and humiliation among a great number of our people.
THE disruptions brought by the Covid-19 pandemic have stirred business and global market uncertainties. In the Philippines, the current business outlook is far from rosy. Micro, small and medium enterprises (MSMEs) continue to bear the brunt of the effects of the health crisis, grappling to stay afloat amid travel restrictions and new government-imposed lockdowns. Considering the surge of Covid-19 cases nationwide, we can say that the struggle of small businesses to sustain growth is far from over.
Last July 26, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 17-2021 amending sections 9, 12 and 13 of RR 6-2019 on the extension of the availment of Estate Tax Amnesty under Republic Act 11213, as amended by RA 11560.
Over the past decade, we have seen exponential growth in number of social media users. Social media users are now the equivalent of 57% of the world’s population, and it is expected that this figure will continue to increase. Social media also influences consumer spending. Studies show that more than 50% of social media users use such online platforms to research products and more than 60% are likely to purchase products and services based on social media referrals.
Investments, and in the case of the Philippines, foreign investments, is a big factor in driving economic growth. Unfortunately, for the past many years, the country has been behind most of our neighboring countries in attracting foreign investments. This low performance is a major reason why the Philippines has lagged behind most of the ASEAN countries in historical economic growth. We simply have not been competitive.
Global warming, extreme weather conditions, new emerging diseases, and social inequalities and biases, as well as corporate scandals, bad working conditions, and employee harassment and exploitation are just some of the global issues disrupting the way we live. There’s a worldwide call to radically address these concerns. One of the first industries to respond is the financial sector led by banks, the money makers. How can lenders address these issues – issues that are far from their usual duties of making money?
With the long-awaited lowering of the regular corporate income tax, and the rationalization of incentives, among others, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is expected to boost investment in the Philippines and help bring about an economic recovery.
Since about five decades ago, the Philippine economy has gone what appears to be an irreversible downward spiral in comparison with our now 9 ASEAN neighbors. As shown in a World Bank report, in 2020, the Philippines ranked No. 6 in per capita income (gross domestic product) at almost US$3,000. Vietnam appears to be catching up on us soon, making us No. 7 and just ahead of Laos, Myanmar, and Cambodia. We used to be No. 1.
