Last 23 May 2024, the German-Philippine Chamber of Commerce and Industry (GPCCI) hosted its event entitled “Ease of Paying Taxes” at the STI Holdings Center with the support of its long-standing member, SGV & Co.
The seminar was opened by Mr. Henry Tan, Country Leader, Global Compliance Reporting and Business Tax Compliance of SGV & Co. Mr. Tan provided an overview of SGV & Co.’s mission to share knowledge in tax compliance. GPCCI also presented the certificate of appreciation for SGV’s partnership over the years since the Chamber started in 2008.
The event featured presentations from industry speakers, Mr. Erickson Errol Sabile, CPA and Ms. Hanna Sanchez Rojo, CPA from SGV & Co., who provided in-depth discussions on the nuances of the Ease of Paying Taxes Act.
Notable insights from the discussion detailed the key outline of Revenue Memorandum Circular (RMC) No. 42-2024, explaining initiatives aimed at enhancing tax administration and taxpayer service. These initiatives range from improving taxpayer service through the implementation of the Ease of Paying Taxes (EOPT) Act or RA No. 11976, the Ease of Doing Business, and Taxpayer Awareness Program to developing digital processes such as electronic invoicing/receipting and sales reporting system (EIS), online withholding system, and electronic filing and payment.
Additionally, efforts are directed towards fortifying the integrity and professionalism of employees and the institution through integrity management programs and capacity-building enhancements. Moreover, audit and enforcement processes are set to be intensified through programs like Run After Tax Fake Transactions (RAFT), Run After Tax Evaders (RATE), intensified audit and investigation, Oplan Kandado, and the establishment of a Transfer Pricing Office.
With this, the signing of the Ease of Paying Taxes Act marks a pivotal step towards modernizing tax administration as it promotes efficiency, effectiveness, and encourages increased tax compliance. This legislative milestone signifies a commitment to creating a more streamlined and transparent tax system, ultimately benefiting both taxpayers and the broader economy.
