The Bottomline
The official publication of PICPA Negros Oriental Chapter
Third quarter issue series of FY 2022-2023
Business News
Latest updates from different government agencies, and more!
EGov PH Super App
Simplifying transactions between the government and its citizens
eGov App
(Excerpts from e.gov.ph and pia.gov.ph)
The eGov PH, also known as the e-Government Philippines, is a mobile application that simplifies transactions between the government and citizens. With a vision to build a connected nation, this platform integrates the multi-sectoral government through a one-stop online system that will minimize economic cost for the citizens.
Through the Super App, Filipinos will be able to access and avail of highly desirable government services such as valid personal identification in digital format; essential day-to-day core government services; e-tourism and e-travel services; e-payments and banking services; and, even access to useful news and information about various subjects.
Learn more: e.gov.ph
Government Updates
What's the latest updates from our key government agencies?
FILE AND PAY YOUR 2022 AITR ANYWHERE
Per Revenue Memorandum Circular (RMC) No. 32-2023, taxpayers may file their 2022 Income Tax Return (ITR) and pay the taxes due thereon to any Authorized Agent Bank (AAB) or BIR Revenue Collection Officer nearest them without the imposition of penalties for wrong venue filing.
Learn more: https://bit.ly/FilePayAnywhere2023
The period for availment of the tax amnesty has been extended until June 14, 2023 per Revenue Regulations (RR) No. 17-2021 issued by the BIR on August 3, 2021.
Learn more: bir.gov.ph/images/bir_files/internal_communications_1/Full Text RR 2021/RR No. 17-2021.pdf
The Estate Tax Amnesty shall cover the estate of decedent/s who died on or before December 31, 2017, with or without assessments duly issued therefor, whose Estate Tax/es have remained unpaid or have accrued as of December 31, 2017.
Tax rates back to normal
Starting July 1, 2023, the following rates will revert to its normal rates pursuant to RA No. 11534, known as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE):
Percentage tax (PT) = 3%
Minimum Corporate Income Tax (MCIT) = 2%
Regular Corporate Income Tax on proprietary educational institutions and not for profit hospitals = 10%
For more details:
BIR RMC No. 69-2023
https://www.bir.gov.ph/.../202.../RMC%20No.%2069-2023.pdf...
Economy Updates in Negros Oriental
In recent economic developments, the Philippines witnessed a further slowdown in the inflation rate, reaching 6.1 percent in May 2023 compared to 6.6 percent in April 2023. Despite the decline, it is worth noting that the inflation rate in May 2022 was lower at 5.4 percent. The year-to-date average inflation rate from January to May 2023 stood at 7.5 percent, indicating ongoing price pressures in the country.
However, the province of Negros Oriental in the Central Visayas region saw an upward trend in headline inflation. In May 2023, the inflation rate rose to 7.3 percent, up from 6.4 percent in April 2023. Compared to May 2022, the inflation rate in Negros Oriental was notably higher at 4.9 percent. The province's inflation rate exceeded that of the broader region, indicating specific factors influencing price movements in Negros Oriental.
Among the various commodity groups, the upward trend in headline inflation in Negros Oriental was primarily driven by Housing, Water, Electricity, Gas, and Other Fuels, which experienced a higher inflation rate of 11.7 percent compared to 7.3 percent in the previous month. Furnishings, Household Equipment, and Routine Household Maintenance were the second top contributors, with an inflation rate of 6.9 percent. Restaurants and Accommodation Services also played a significant role in the province's inflation, recording a 9.7 percent inflation rate in May 2023.