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National Internal Revenue Code of 1997 5th Edition
Quarantines, lockdowns and travel restrictions. These pushed businesses to resort to work-from-home arrangements in the wake of the coronavirus disease 2019 (Covid-19) pandemic. What gradually unfolded was an experimental dabble in the way we work. Suddenly, we found ourselves reliant on technology and virtual platforms like Zoom to ensure that work deliverables are completed.
On June 30, 2021, Republic Act (RA) 11569 was signed into law which extended the period for availment of estate tax amnesty for two years, from June 15, 2021 per RA 11213 or the Tax Amnesty Act of 2019 to June 14, 2023.
Considering the recent developments in the taxation landscape and the Philippines’ wide network of bilateral tax treaties for transactions with foreign entities, it has become apparent that one of the government’s objectives is to improve efficiency and services to taxpayers. In fact, on June 25, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 77-2021, which clarifies the revised guidelines and procedures for availing of tax treaty benefits provided under Revenue Memorandum Order (RMO) No. 14-2021.
In recent years, the way banks operate has been shaken by the revolution led by fintech giants and independent digital currencies. It is hard to overstate the consequences of this revolution and to understand them, we have to go back to the fundamental principle of banking – the “art of making money” or fractional-reserve banking.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations 10-2021 to amend certain provisions of Section 10 of Revenue Regulations 20-2018. Under RR 10-2021, the removal of sweetened beverage products intended for export shall be subject to the payment of excise tax by the manufacturer due on every removal thereof from the place of production.
THE present widespread presence of homeless and informal settlers in our society is another tormenting face of dehumanizing poverty in our country. Improving their current condition clearly needs direct government intervention. Otherwise, this problem will persist for a long time. The normal course of events cannot make it disappear or even mitigate it to any reasonable extent.
THERE’S a negative connotation affixed to the term “COVID-19”. When we hear it, we envision a global economic slowdown, the Philippine economy breaking its almost three-decade record of economic growth, cessation of business activities due to quarantine restrictions, including steep declines in household income.
The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 9-2021 which imposed 12% Value-Added Tax (VAT) on certain transactions that were previously taxed at 0%. The RR took effect on June 27, 2021, 15 days from its publication.
