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Tag: Taxwise or Otherwise
One of the greatest challenges some traders face is to have their shipments put on hold by the Bureau of Customs (BoC) due to tariff classification issues, errors on valuation, and incomplete documents, among others. Often, some importers do not conduct a regular review of their tariff classification codes for accuracy and compliance and as such, they can be potentially paying more duties on their products than they are actually liable for.
Diversity and inclusion (D&I) are increasingly becoming a business priority. In a time of great changes and disruption, business leaders are pressured to keep up by attracting and retaining the best talent, serving their customers better, and increasing their stakeholders’ trust -- all of which are benefits that D&I can offer.
In addition to raising tax revenue, governments impose excise taxes to influence the buying behavior of consumers, for instance to discourage the purchase and use of certain goods and services that the government considers unhealthy or unnecessary.
FOLLOWING the issuance of Revenue Memorandum Circular (RMC) 50-2018, many tax treatment and procedural questions relating to the implementation of the TRAIN law, particularly on income and withholding tax, were clarified. However, there is one particular question which seems to have left tax practitioners with more questions than answers, and this is the tax treatment of premiums related to employee group health insurance.
Every workday, I always wish for a smooth and less stressful commute to allow me to face workplace demands with enthusiasm. My routine involves taking a quick look at my GPS navigation app to check my Estimated Time of Arrival (ETA). On most days, my virtual “friend” Jane, the voice of the app, announces an ETA of almost 1.5 hours. There are other days when traffic is worse, especially on Mondays or in bad weather.
“Innovate or die” is driving many companies to constantly improve themselves in order to compete in today’s fast-paced environment. While the digital age brought about many breakthroughs, it also led to the demise of others like Blockbuster, Nokia and Kodak. Today’s top brands may face the same fate if they do not continuously innovate.
ABOUT two months ago, the weather bureau, PAGASA, officially announced the start of the rainy season. Despite sufficient warnings and precautionary measures by the government, these tropical cyclones often bring widespread damage to the country’s infrastructure, disrupt electricity and communication services, destroy crops, and leave behind human casualties.
We live in a technological system of connections. Innovative approaches in our daily pursuits have made our identities more accessible, and, concomitantly, our lives more exposed. This statement holds true for everyone. In this age of convenience, every transaction allows for a window to compromise our often personal, sensitive, or privileged information.
Over the last decade, technology’s role in an organization has changed significantly from being a support function to a strategic enabler driving business growth and differentiation. In the case of digital-born companies, their business model is anchored on new technologies which enable them to be more agile and responsive to customer needs.
Over the past few months, two “trains” have been in the news. One of them is a literal train, Metro Manila’s poorly-maintained commuter rail line. The other is TRAIN, or the Tax Reform for Acceleration and Inclusion Law, which promises to raise take-home pay of most Filipinos.
The real estate industry is rapidly changing. Shared workspaces and serviced offices are sprouting to meet demand for mobility, connectivity, and flexibility. Townships and mixed-use developments are sprawling inside and outside Metro Manila. Aggressive government infrastructure projects and road network expansions advance real estate development.
“At last!” I exclaimed in relief twice. First, upon hearing last year about the plans for online registration to be implemented the Securities and Exchange Commission (SEC), and then again upon the signing of Republic Act (RA) No. 11032 or the Ease of Doing Business Act recently.
The release of the updated Enterprise Risk Management (ERM) Framework by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2017 formally heralded the evolution of the traditional risk management mindset, wherein risks are managed as a consequence of business operations, towards a more proactive stance for managing risks. Entitled “Enterprise Risk Management — Integrating with Strategy and Performance,” the updated Framework highlights the importance of considering risks even at the onset of strategy setting, as well as throughout the process of driving organizational performance.
As the main revenue-collecting agency, the Bureau of Internal Revenue (BIR) is tasked to collect a total of P2.039 trillion in tax revenue this year to fund the government’s “Build, Build, Build” program. It was able to surpass its first-quarter collection target by approximately 17%, collecting P422.587 billion above its target of P361.767 billion.
Software licenses comprise a huge chunk of the annual IT costs of an organization. However, in most cases, they are also investments that are improperly managed and tracked. As a consequence, a majority of organizations fails to realize the optimum benefits from these software licenses. In fact, due to their intangible nature, software licenses are often neglected or utilized only for their basic purpose.
Often times when we meet business leaders, our discussions end up on the topic of how to improve their business operations. They quickly want to know how digitization, robotic process automation (RPA), the Internet of Things (IoT) or business process reengineering (BPR) could transform their business to become more customer-focused, efficient and effective. While these innovations could produce great gains in any organization, they represent only one side of the coin. The flip side is that employee behaviors play a substantial role in an organization’s productivity and effectiveness. It is rather unfortunate that 90% of leaders fail to recognize this.
Compliance with tax filing and payment obligations in the Philippines is tedious and often stressful for any business. In one taxable year, even a...
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