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For years, taxpayers have been wishfully thinking of simple and practical yet comprehensive tax laws and regulations for better compliance. With this, our legislators heeded the call, embraced the convenience brought about by digitalization, and introduced changes adapting to the current taxpayer’s situation.

Is there a flow of wealth when there is a reimbursement at cost? Is there an income to speak of when repaying a cost allocated by a related party?

The evolving narratives of personal growth and determination at the start of the new year bear a striking parallel to the transformative changes unfolding in the digital commerce landscape. Just as people face a crucial checkpoint in the fourth week of 2024, electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) are also navigating a pivotal moment.

It is a well-settled rule that decisions of the Supreme Court (SC) form part of the law of the land. Only the SC decisions applying and interpreting the Constitution and the laws establish jurisprudence and form part of the Philippine legal system.

In this day of modern technology, online transactions are a part of daily life. One can easily shop at online marketplaces, request food delivery, and book resort or hotel accommodations without being physically present at the merchant store. Hence, due to the increasing number of sales transactions conducted through online platforms, there is a need to create fair competition and equitable tax collection between physical stores and those operating on digital platforms.

The new year symbolizes a new lease in life and an opportunity to start fresh from the mistakes we’ve learned in the previous year. Surely, a lot of people are looking forward to kickstarting 2024 with a bang.

“I hope that in this year to come, you make mistakes. Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world. You're doing things you've never done before, and more importantly, you're doing something.” from The Sandman, by Neil Gaiman. I personally agree with the said quote from my favorite book, but when dealing with the Bureau of Internal Revenue (BIR), mistakes in computing your tax dues and filing your returns, are the last thing you want to commit as they are tantamount to deficiency taxes and penalties for the BIR.

Since the pandemic, there have been an increasing number of Filipinos using the internet for their shopping needs. Buying and selling online is now becoming a trend in our country. Unfortunately, some people are also taking advantage of this season to boost their sales or income by resorting to false advertising, especially on social media. Hence, consumers should be vigilant when buying online.