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National Internal Revenue Code of 1997 5th Edition
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.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 91-2021 to inform taxpayers in areas under enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) on the extended tax filing and payment deadlines falling within the ECQ and MECQ period and the relaxed rules in acceptance of tax payments.
CORRUPTION, sadly, has become endemic in the Philippines. It is a big obstacle to economic growth and reduction of economic inequality. The huge amount of money that leaks out is not spent for the general welfare of the nation, but instead it goes to and enriches just a few.
The government has announced that it is imposing the third enhanced community quarantine (ECQ) in certain areas across the country, the strictest form of quarantine in which everyone, except essential workers, is restricted from going out. However, we should know that our responsibility as taxpayers is not put on hold despite constraints brought on by government lockdowns.
IMPROVING Philippine agriculture, which includes fishery and forestry products, has been a persistent major issue since much of the 20th century. Unfortunately, we still continue to struggle to come to grips with it.
AT present, the local government units (LGUs), with their Internal Revenue Allotments (IRA), are hardly mobilized to get directly involved in economic development.
