THE controversial expanded Annual Income Return, or AIR, that was supposed to have been suspended is back and will be enforced in next year’s filing season.
Commissioner Kim Jacinto-Henares issued a circular sometime last month advising all Bureau of Internal Revenue officials that the more comprehensive tax forms—six pages from just one in the case of self-employed individuals, estates and trusts—will be used starting with calendar year 2011.
Strangely, the memorandum-circular no. 40 had remained missing in the BIR Web site until this weekend. Subsequent circulars numbered up to 47 dated Oct.7 were up and posted ahead on the Web.
Among the new information that the BIR wants from individuals earning purely compensation income are interests, royalties, dividends, prizes and winnings, fringe benefits, sale/exchange of real properties and shares of stocks, even though such income had already been subjected to a final withholding tax.
The AIR form also wants a listing of proceeds of life insurance policy, retirement benefits and personal and real properties received, although such receipts are already exempt from income tax.
For doctors, lawyers, artists and other self-employed professionals, the AIR form presents an even greater record-keeping and administrative challenge.
In addition to the new information asked of fixed wage-earners, the six-page form requires listing of every stock market transaction, including the number and kind of shares, certificate numbers, buying and selling prices, net capital gains, final taxes withheld and paid not only by the taxpayer but also by the spouse. –Victor Agustin, Manila Standard Today
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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