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National Internal Revenue Code of 1997 5th Edition
AS president, I will devote my whole six-year term to providing a much more effective, efficient, decisive and widely focused national leadership with the primary objective of transforming the Filipino nation into a fair, just, equitable and economically well-developed society and, thus, take a big leap forward from what it is today.
At this point, most companies are now aware of how the pandemic changed the world of work from 2020 and beyond. One of the main adjustments companies made is implementing work-from-home arrangements and business leaders scrambled to adapt to the needs of their workforce.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum 68-2021 to address concerns from the Electronic Filing and Payment System (eFPS) of taxpayers/filers with fiscal year accounting period, citing that they could not proceed with the filing of BIR Form 1702Q (Quarterly Income Tax Return for Corporations, Partnerships, and Other Non-Individual Taxpayers).
The transfer pricing compliance requirements introduced by the Bureau of Internal Revenue (BIR) in July 2020 are believed to be game-changers for taxpayers to ensure that their transactions with their related parties are planned, executed, and carried out in the same manner as dealing with independent third parties — what is called the “arm’s-length principle” or ALP.
The Bureau of Internal Revenue (BIR) has addressed the questions and concerns of taxpayers and stakeholders on corporate income taxation in its Revenue Memorandum Circular (RMC) 62-2021 issued on May 17, 2021. The RMC clarifies BIR Revenue Regulations (RR) 5-2021.
With the rapidly changing technology and the constantly changing needs of today’s learners, the traditional face-to-face approach is swiftly losing its significance and becoming less feasible in the new normal.
On April 8, the Bureau of Internal Revenue (BIR) released Revenue Regulations (RR) No. 5-2021 which implements certain provisions of the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act. It particularly implements the new Corporate Income Tax (CIT) rates, new income tax rates on certain passive incomes, and additional deductions from gross income of corporations and sole proprietors.
THE BUREAU of Internal Revenue’s (BIR) Revenue Regulations (RR) and other issuances on transfer pricing (TP) are relatively evolving. In 2013, the BIR issued RR No. 2-2013 which outlines Philippine transfer pricing regulations and the guidelines in applying the arm’s length principle for cross-border and domestic transactions between related parties.
