Be updated on our latest insights

DESPITE the onslaught of the coronavirus disease 2019 (Covid-19) pandemic, which affected global economies, Southeast Asia remains home to some of the growing economies expected to recover the fastest. The region is still considered to be a hotbed for foreign investments. Home to countries including Brunei, Cambodia, Indonesia, Laos, Malaysia and the Philippines, economic experts and analysts see great potential for the region to become an economic powerhouse in Asia despite the setbacks brought by the health crisis.

And so, it came to pass. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, though with vetoed provisions, was finally signed by the President on March 26 as Republic Act No. 11534. After years of waiting for the lowering of the corporate income tax and the rationalization of fiscal incentives, we now have the law just waiting to be published to be effective.

The new year always bring new hope and a new perspective. It is as if we are all bright and eager to start the year with a clean slate. For some, the new year also inspires them start a business.

Last week seemed like a bad case of déjà vu with parts of Metro Manila being under water again, some 11 years ago after the last serious flood. TV stations broadcast images of people trapped on their roofs waiting for rescue, pets being rescued by their humans, and government resources stretched to the limit in responding to the needs of those devastated by the typhoon.

Last weekend, I learned how to make self-watering pots out of recycled soda bottles. I was worried that my kangkong (water spinach) cuttings would wither if I put them in pots. Since kangkong is a semiaquatic plant, its soil must be always moist. As I tend to forget my plants when I have deadlines, I had to research on how to keep their water supply constant.

On Sunday afternoon, I was surprised to read news of Taal Volcano erupting, spewing ash and causing the shutdown of our international airport. I was caught unaware. A search of my newsfeed showed no prior articles about Taal Volcano, so I was surprised to see graphic images from friends and family of the volcanic eruption suddenly flooding my social media. Perhaps I was more focused on the Iran-US situation or the Duke and Duchess of Sussex’s announcement that they are stepping back from their royal roles to have missed updates on Taal, if there were any.

A few weeks ago, I attended the first anniversary celebration of the Ease of Doing Business Law (Republic Act No. 11032) at the Philippine International Convention Center. RA No. 11032 was signed on May 28, 2018 and became effective on June 17, 2018. Many stakeholders and government officials were present to witness this milestone, all curious how the law has improved government services since its effectivity. Anniversaries are always nostalgic, as they force us to look back and see what has been accomplished in the past year.

So, you received that dreaded letter from the Bureau of Internal Revenue (BIR) notifying you of a tax audit.