UNDERSTANDING TAX EXAMINATIONS
The power of the Commissioner of Internal Revenue to authorize the examination of any taxpayer and the assessment of taxes due is in accordance with Section 6 of the National Internal Revenue Code of 1997. Section 6 indicates that:
"After a return has been filed as required under the provisions of this Code, the Commissioner or his authorized representative may authorize the examination of any taxpayer and the assessment of the correct amount of tax: Provided, however, That failure to file a return shall not prevent the Commissioner from authorizing the examiner of any taxpyer."
REITERATION ON THE ENFORCEMENT OF SLSP
Commissioner Sixto S. Esquivas IV reiterated the implementation of Quarterly Summary List of Sales and Purchases (SLSP) through the Revenue Memorandum Order (RMO) No. 12-2009. The summary list of Sales and Purchases are aided through the RELIEF computer program provided by the BIR. The mandatory submission of SLSP have been mandated since 2002 through Revenue Regulations (RR) 8-2002 and have likewise been incorporated in RR 16-2005. Continue Reading >>
SAVING FOR A DREAM RETIREMENT
According to the United States Department of Labor, only 43 percent of Americans have calculated how much they need to save for retirement. In 2005, of those who had Social Security coverage available, 25 percent didn’t participate. And based on studies, the average, we 20 years in retirement. It is thus a necessity to save for retirement and putting away money for retirement should be everybody’s priority.
To prepare for retirement is to first consider what would retirement mean for you? Retirement just be by staying at home and take-back all those lost year of missed TV marathons and some occassional travelling in between. But the fact is Social Security will not be enough even for just those things. Knowing what you want to do with your retirement will give you an idea in creating your own retirement plan.
Continue Reading >>
POST INCOME TAX RETURN FILING REMINDERS
The intention of this post is for compliance requirements of the Securities and Exchange Commission on corporate taxpayers. Individual taxpayers who have filed their respective income taxes last April 15, 2009 would have nothing more to submit. However, for corporate taxpayers – other than filing with the Bureau of Internal Revenue is also, the filing of audited financial statements with the other regulatory and licensing agencies.
PAY RULES FOR THE HOLY WEEK HOLIDAYS
Presidential Proclamation No. 1699 dated December 24, 2008, April 9 (Maundy Thursday) and 10 (Good Friday), 2009, are regular holidays throughout the nation. April 6, 2009 (Monday) is also regular holiday nationwide in observance of the Araw ng Kagitingan, which honors the valor and heroism of the Filipinos in Bataan and Corregidor.
The holiday pay rules to be applied during the nationwide regular holidays of the Araw ng Kagitingan on April 6, Maundy Thursday on April 9, and Good Friday on April 10, 2009, as follows:
A. If the day is the employee’s regular workday:
- If worked, [the employee] is entitled to 200% of his [or her] basic wage for the first eight (8) hours and, for work in excess of the 8 hours, an additional 30% of his or her hourly rate on the said day;
- If unworked, the employee is entitled to 100% of his daily rate, provided he or she was present or was on leave with pay on the workday immediately preceding the holiday.
Recent Comments