Ease of Paying Taxes
By Kathleen T. Guiang
After the much awaited Corporate Recovery and Tax Incentives for Enterprise Act (CREATE) was signed into law on March 26, 2021, lawmakers are now working on crafting measures which would improve tax compliance through simplifying compliance procedures, enhancing the portability of tax transactions, and protecting the rights of the taxpayers.
During its meeting on January 25, 2021, the House of Representatives Committee on Ways and Means approved House Bill (HB) №7881 or the “Ease of Paying Taxes Act”, which was later on substituted by HB №8942 on March 9, 2021, upon recommendation…
Amidst the staggering market all-time highs reached by Bitcoin (BTC) and other altcoins in recent weeks, Ripple Credits (XRP) — one of the industry’s top cryptocurrencies by market cap — stalled in growth and found itself in precarious territory by drawing the scrutiny of the U.S. Securities and Exchange Commission.
To be more precise, the US S.E.C. charged Ripple Labs Inc. (Ripple) and two of its top executives for unregistered sale of securities in violation of the U.S. Securities Act.
The Origins of XRP
As opposed to cryptocurrency market leaders BTC and Ethereum (ETH) which aim to achieve Decentralized Finance…
BSP Governor Benjamin E. Diokno has encouraged banks and all other BSP-supervised financial institutions to shift to a zero-trust operational model to address cyberthreats and attacks which soared during the lockdown as financial consumers conducted more transactions online.
However, this discussion must be continued for all enterprises now that an organization’s physical perimeter is vanishing, especially in the wake of the transition to remote working environments where productivity is expected from employees from non-office settings and on devices which are likely not company owned.
The zero-trust approach to network security has been around since 2010 after Chinese hackers successfully breached…
BIR SIMPLIFIES REGISTRATION OF COMPUTERIZED SYSTEMS
System demonstrations, long wait for permit to use computerized accounting system (CAS), and manual recording of accounts pending CAS registration: these are now history. On January 8, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) №5–2021, which simplified policies on the application for registration of CAS, computerized books of accounts (CBA) and its components, including the electronic storage system (ESS), middleware and other similar systems (Computerized Systems) of taxpayers.
This RMC is not unprecedented. Initially, applications for permit to use CAS, CBA and its components were filed at the respective…
· The House Committee on Ways and Means approved a substitute bill to the Digital Economy Taxation Act of 2020, which imposes value added tax (“VAT”) on the sale of goods and services conducted through electronic and digital platforms.
· Under the substitute bill, digital service providers will be held liable for assessing, collecting and remitting VAT on transactions that go through their platforms.
· Buyers shall be obliged to remit and withhold the 12% VAT on purchases from a nonresident supplier of electronic or digital goods or services.
· Non-resident digital service providers shall register for VAT…
(1) Technological services contract must include key clauses such as force majeure and data privacy provisions.
(2) Adequate data protection and cybersecurity measures against breach of customer information must be in place.
(3) Copyrights, trademarks and trade secrets of a business must be registered with the Intellectual Property Office.
Governmental restrictions brought about by the COVID-19 pandemic forced many businesses to scale down operations, or worse, to completely close shop. In a July 2020 survey conducted by the Asian Development Bank, 29.1% of businesses remain open but with limited operations, 65.9% have temporarily closed down, while 1.1% …
Overseas Filipino Workers (OFWs) are often hailed as ‘modern-day heroes’ for their valuable influence on the workforce and social landscape of the Philippines and their host country. But more importantly, OFWs, seen as an economic factor, comprise strong pillars of the Philippine economy through their personal remittances which account for at least 9.7% of Gross Domestic Product.[i] This is not surprising if one considers the latest estimated number of OFWs worldwide of around 2.3 million.[ii]
However, the exponential spread of the novel coronavirus to almost every corner of the globe threatens deployment and the actual work of our modern-day heroes…
On April 24, President Rodrigo Duterte approved the Inter-Agency Task Force’s recommendation extending the Enhanced Community Quarantine (ECQ) over areas in the Philippines considered “high risk” and implementing a General Community Quarantine (GCQ) in the rest of the country from May 1 to 15. While the ECQ only permitted a handful of industries to operate, the GCQ is oriented towards much-needed economic stimulus, and has broadened permissions for several enterprises to operate at differing capacities based on Department of Trade and Industry Memorandum Circular №20–22 (05 May 2020).
The GCQ, however, will still require implementation of Social Distancing Measures in…
Cybersecurity and public health seem like disparate topics, but the pandemic that is COVID-19 has demonstrated that not only are these matters so intrinsically linked — they both expose the need and importance of a strong national cybersecurity policy and infrastructure.
How is cybersecurity impacted?
In light of the pandemic, the internet has, overnight, become the primary conduit for all human interaction.
Locally, the government’s implementation of a Luzon-wide lockdown since 16 March 2020 has created an environment that is highly reliant on the internet to facilitate even the most basic aspects of everyday life. …
The Bayanihan Spirit, a fundamental aspect of Filipino culture, is manifest in times of crises. In the past several weeks, the private sector, through concerted efforts, resorted to social media newsfeeds, private and group messages, and radio and television communications with the aim of pooling financial resources to alleviate the suffering of our fellow Filipinos.
With the rise of COVID-19 cases at this time and age, Filipinos have taken great strides to make their generous contributions and donations count. …