COVID-19 continues to be an economic disruptor affecting many businesses in our country and the economy as a whole. In response to this, the Government, through various regulatory agencies, made measures to cushion the impact of COVID-19 which aim to at least ease the burden felt by the business community from this economic standstill. On a taxpayer's perspective, the extension of tax filing deadlines and deferral of tax payments are few of the Government measures to ease cashflow pressures on businesses.
In relation to the Bayanihan to Heal as One Act declaring a state of national emergency over the entire country and in consideration of the Enhanced Community Quarantine (ECQ) extended until 30 April 2020, the Department of Finance (DOF), through Bureau of Internal Revenue (BIR), issued regulations enjoining the extension of statutory deadlines to file and/or pay various taxes and submit other tax applications.
The DOF and BIR have also welcomed the massive impact of donations and relief operations from various sources on the lives and livelihoods of the Filipinos. Envisioned to encourage continuous outpouring of relief and assistance to the community in true Bayanihan spirit, the DOF, through BIR, also granted tax relief on such donations to return the generous gestures of the various individuals and organizations.
First part of the session will focus on BIR issuances on extension of statutory tax deadlines. Second part of the session will touch on tax relief on donations made during the state of the national emergency. We hope that this webinar will give you more insights and valuable information regarding these issuances.