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They say seasons change, and so do we. This adage speaks volumes about turning over a new leaf, of seizing the right opportunity to improve and spur growth. In corporate talk, this means that as businesses prepare to wrap up the year on a positive note, it is but proper to look back, not just on the gains but also on hits and misses to harness lessons and be able to apply them in the coming year.

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 112-2021 on November 10, 2021 to address the issues and concerns in relation to the requirement of an Authority to Release Imported Goods (ATRIG) for the importation of perishable agricultural food products that are exempt from Value-Added Tax (VAT) under Section 109(1)(A) of the National Internal Revenue Code of 1997 (Tax Code), as amended.

The COVID-19 pandemic brought with it an unprecedented and drastic change on how businesses were conducted. Business operations in several countries bore the brunt of its effects, and businesses in the Philippines were no exception. Some businesses managed to survive; however, some struggled, resorting to reduced operational costs or worse, laying off a number of their employees in order to stay afloat and compete in the new normal. Hence, many employees were involuntarily separated from their employers.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 119-2021 to circularize the availability in the agency’s website of BIR Form No. 1707 (Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) and BIR Form No. 1707-A (Annual Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) which were revised due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Most economic models have always used the assumption that businesses’ ultimate purpose is profit maximization. At the onset, these models have not considered that the purpose of a business was conceived out of an entrepreneur’s passion; hence, making profits a byproduct. Profit is an output and not the purpose of a business. Think of it this way, engineers make money, but their objective is to build economical yet safe infrastructures; doctors make money, but their pursuit is to heal; lawyers make money, but their mission is to serve justice; and, accountants make money, but their role is to ensure fair presentation of financial information and in the process, they protect business stakeholders’ interests.

Christmas commemorates the birth of Jesus and is observed every Dec. 25. A few days more, and we will be officially celebrating the holiday most associated with giving. And despite the COVID-19 pandemic, it looks like the long-awaited recovery is taking hold.

REVENUE Regulation 21-2021 implements the VAT provisions under Republic Act (RA) 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It specifically covers the rules on VAT exemption and VAT zero-rating of local purchases.

THERE is always something exciting about the Christmas season, particularly for employees in the private sector. Millennial employees know this all too well — come Christmas, there is an abundance of memes about 13th month pay making the rounds in social media. For employers, there is likewise an inkling to welcome the new year with a positive mindset. For one, another year means a chance to turn over a new leaf and imbibe a fresh, new perspective to grow corporate operations.