Why I Support Revenue Regulations No. 6-2022

The picture above is from the official Facebook page of the Bureau of Internal Revenue (BIR). I would be thinking about myself not questioning it. But as said, any democracy requires a critical mind to correct any flaws from the authorities. One of the issues I had in the past was the need to renew the Authority to Print (ATP) every five years. It's not like expired canned goods that wouldn't be validated. I have no problem with cash registers that need to be registered with the BIR. Cash registers, after all, produce the receipts which is the basis for the taxable income. Bookkeepers will need to take a look at the receipts, and write down the income for the month, businesses will end up paying value-added tax (VAT) if they reach a certain amount, and there are times that income taxes have to be increased or decreased depending on the situation.

I think I could pose a number of problems with the five-years expiry date after the pandemic had struck. It's time to name the following:

People will print plenty of receipts because nobody knows when it will run out. However, time will come when people end up having to surrender bulks of receipt that were unused after the five-year ATP has ended. You can imagine the hassle that will create.
Tenant profiling can be a lot more tedious than it has to be. Lessors will have to keep asking for the new ATP of tenants every five years. Renewing of contracts is one thing. I think making lessors have to collect new ATPs every five years from their tenants can be an unnecessary step.
I think having so many unused receipts will cause more trees to be cut down. We need to work for environmentally sustainable business environments. Penalizing or even shutting down businesses that don't obey environmental rules is one thing. I think having to keep printing new receipts every five years and leaving a lot of unused receipts, unused, will make tree-cutting more necessary than it should.

Meanwhile, here is a few stuff that I believe will make it beneficial to get rid of the expiration of ATPS for good:

Having the same ATP for a lifetime is the same as having the same driver's license for a lifetime. The difference is the driver's license expires after ten years. If a receipt is still legible, clear, and registered then why have the ATP expire after five years? It's not like a business permit that must be renewed yearly. The only time receipts should be surrendered is when a business closes or when a new receipt format is issued. Other than that, ATPs should remain as long as possible to avoid overcomplicating things.
If there are fewer unused receipts surrendered then there will be fewer trees that need to be cut. As said, the only receipts that need to be surrendered are of businesses that are closing down for a reason. We need to focus on environmental conservation.
There would be smoother work processes. The only thing entrepreneurs need to be concerned more about is our sales and if they have enough receipts to declare to the BIR. I think renewing ATPs would complicate the process. I believe this new revenue regulation will allow the BIR to focus on taxable income as well.
I think the only time that the BIR has to be informed is when the business runs out of receipts. This isn't about issuing a new ATP but registering a new batch of freshly printed receipts to the BIR. I believe that only new batches of receipts need to be registered and not unused receipts getting surrendered because the ATP expired.

Pretty much, I hope we can find more hurdles to make business in the Philippines better. I salute the BIR for actually making this new revenue regulation.

Comments

Don't Complain About the PHP 500.00 Noche Buena Remark While Supporting the Filipino First Policy

It's that stupid when I read the remarks of DTI secretary Cristina Roque made a really tactless remark . Sure, the remark had people angry because, in reality, the whole noche buena at PHP 500.00 for a family of four will not match, given these ingredients: ham, P170 to P945; fruit cocktail, P61.76 to P94.41; all-purpose cream, P36.00 to P72; “nata de coco,” P52.50 to P62.50; “kaong,” P76.50 to P84; “queso de bola,” P210 to P470; cheese, P16.50 to P310; and mayonnaise, P20.40 to P245.85. /dda As I read through the list above, I'm reminded of how much I don't like December because it's the season of abounding toxic positivity . The song "It's the Most Wonderful Time of the Year" is in full blast, even after Andy Williams died of old age in 2012 . I tend to drive the road and when traffic hits, I always think about the problem of last-minute Christmas shopping , and scream it, "Isn't it any wonder why the Philippines doesn't improve?" It...

Accepting Foreign Investments Isn't About Relying Solely on Foreigners

One of the biggest common mistakes about foreign investments is that it's all about "relying solely on foreigners" or "it's not going to develop the national industry". I agree that relying solely on foreign investments is not good. It's because if there are no local suppliers of local raw materials--foreign investments may have to rely purely on importation which isn't a good thing. Meanwhile, a nation will develop its agriculture and the like to provide raw materials for all kinds of buyers. It's pretty much a two-way street when it comes to investment. The late Lee Kuan Yew also talked about greening up Singapore along the way before it progressed. Singapore accepted foreign investments while it was still a third-world. However, it didn't neglect its own local industries. Reading through Chapter 4 of From Third World to First will tell us lessons about foreign investments. Lee saw them as the opportunity to bring in jobs, teach new skill...

Profood International Corporation's Calamansi Ginger Grean Tea Concentrate

I'm someone who always buys local and imported food products. However, I tend to buy local where I go because eating local is usually more beneficial. I was buying some stuff last Sunday. I found this product which I haven't heard of yet. It's called Calamansi Ginger Green Tea. If South Koreans have their Honey Citron, then maybe we can say Filipinos have Calamansi Ginger Green Tea concentrate, which also contains honey. I gave it a shot, and it gives some relief for the throat. I drank Ginga Ginger Brew after I caught Omicron. That was the time when COVID-19 would eventually "get us all". I was looking for Ginga ginger powder but I wasn't able to find it. Fortunately, this food product ws available and it's helping me. I tend to get throat problems whenever the weather changes too much! I would drink it either lukewarm or cold, due to the weather conditions. The combination of ginger and calamansi helped me feel better. I would like to recommend this foo...

Are People Complaining About Inflation in the Philippines Because They Feel the Need to Celebrate Christmas LAVISHLY?

Philippine Star Christmas is just in a few days, right? I'm reading Facebook comments about the ongoing inflation. There are those so-called thought leaders like Silent No More PH that have been putting, "Merry Christmas" while addressing inflation. It's no secret that the prices of noche buena (Christmas dinner) items have been increasing. There are a lot of virtue signals on Facebook which makes me wonder, "Do they realize that inflation has many factors ?" Do those whiners realize that prices in the grocery are more expensive than if you bought in the public market? I feel that those people complaining over social media about price inflation may have felt the need to make their Christmas celebrations lavish or it ain't Christmas. I could remember how prices soared after the Odette disaster. The simple answer is all on supply and demand . The prices of distilled water increased. The prices of vegetables increased. The storm destroyed a good supply of i...

Kabataan Partylist Seriously Needs to Learn ECONOMICS from the Ho Chi Minh Communist Youth Union

Vietnam National University, Hanoi Kabataan Partylist, is that you? No, it's actually the Ho Chi Minh Communist Youth Union (Đoàn Thanh niên Cộng sản Hồ Chí Minh), or alternatively, it can be called the Vietnam Youth Union . The color blue may remind some of Kabataan Partylist. Both Kabataan Partylist and the Vietnam Youth Union are involved with recruiting youths into the organization. However, there's a crucial difference between Kabataan Partylist and the Youth Union in how they view economics. The Kabataan Partylist Laguna's blog even writes this: It believes that the Philippines, as a semi-colonial and semi-feudal country, is plagued by a system which allows foreign and big business interests to dominate, while the majority of our countrymen are left poor and hungry . We are living in a society where foreign subservience, peasant landlessness, and rampant corruption are the top three ills. To that end, Kabataan Party-list strives to galvanize the Filipino youth in u...

Four Basic Chinese Conversational Questions, Grade 1 Style

I could remember how useless the Chinese classes were, not because Chinese is a useless language (there are actually over a billion speakers worldwide), not because the Chinese teachers were stereotypically very strict (Grade 2 was strict, Grade 3 was even stricter than Grade 2, Grade 6 was said to be the strictest ), but because of the way Chinese was to be taught. That's why I got encouraged to write about learning Chinese through meaningful conversations, not parroting . Fortunately, those old Sinjiang textbooks are no longer available except for museum purposes (read here ). Just looking at this question and answer sweet from Ling Ling Mandarin's Instagram account--I remember what my Grade 4 Chinese teacher said, "If you want only one bon toi (question and answer), go back to Grade 1. But I don't think Grade 1 only has one bon toi." The problem with the old class was that we had to learn Hokkien before learning Mandarin. I confess my Hokkien is really bad. Th...

My Personal Opinion on the Recent Universal Robina Incident

I was doing some news readings and I found out about the death of a certain Stephen Corilla. The incident happened in the Universal Robina Corporation's factory in Mandaue a few days ago. It really chilled my bones to read these details which I'll share from Sunstar : POLICE are set to investigate a food and beverage plant in Barangay Tabok, Mandaue City after one of its workers was killed on duty while cleaning a pulverizer machine Thursday afternoon, June 2, 2022. Cpl. Glenn Bordalba of the Mandaue City Police Office Station 3 in Barangay Basak who is leading the investigation told SunStar Cebu Monday, June 6, that they will visit the Universal Robina Corp. (URC) Mandaue City plant in Tabok on Tuesday, June 7, to investigate the matter. Bordalba added that they have not started the investigation yet as they were not allowed entry to the site by the URC management after the incident was reported to them. An approval from the corporation’s consultant is needed for the police to...

Instead of Hating Successful Chinese-Filipinos, Why Not LEARN from Their SUCCESS Instead?

It's Chinese New Year and I can remember some crazy stuff back in my childhood. Right now though, there are still some Filipinos of brown descent (either Malay or Indonesian) who still have their typical bitter attitude towards successful people. I was reminded of someone who blamed the rich, rather than their poor attitude towards money, as to why she had to work as a working student. There are still some who have their attitude of hating the rich for simply being rich . I don't deny that some rich people deserve hate. But why hate the rich person who has gotten rich through honest gain and hard work? Why not learn from good rich people who can offer sound advice instead of being bitter about their success? Some Filipinos of non-Chinese origin may feel too proud about their being "Pure Filipino". However, any study of Filipino history will reveal that their brown skin isn't too unique. We can see Malaysians and Indonesians tend to have brown skin. Some of the ea...

Using Controversial Bamban Mayor Alice Leal Guo as a Reason to Say #NoToEconChaCha is Logically Fallacious

I can't be sure if Alice Leal Guo (if that's ever her real name) is either a spy for the Chinese Communist Party (CCP) or a criminal hiding from Chinese justice. As much as I'm now wary of the Philippines doing business with the CCP-- I believe that the POGO operations are actually run by Chinese criminals hiding from the CCP. The CCP isn't just notorious for its brutal policies on its citizens but also for crime . Do drug dealing in China and you may face the same fate as the three Filipino drug mules last 2011 . In my own speculation , Alice is actually an illegal migrant hiding from the long arms of the CCP. Either way, she's getting very suspicious. My stand will always be if a Filipino does wrong abroad--the law of that country will deal with that Filipino. The same applies to any foreigner who breaks the law in the Philippines--the Philippine law will deal with that foreigner. However, it's no surprise some people take advantage of the Alice Leal Guo issu...

Talking Economics with an Overeating Glutton

Two years ago, I wrote an entry about why discussing economics with an overspender is frustrating . Now, I was looking at certain fat people who say really dumb things about economics. Just recently, I was looking at a certain fat idiot (fortunately, he only has 1K+ followers) who posted on Facebook that not only will the parliamentary system cause the Philippines to become a dictatorship, but he also says that changing economic provisions will cause the Philippines to collapse and the country to fall into the hands of foreigners. I won't name the person out to avoid getting personal. However, the person is apparently very fat and he blames capitalism day in and day out. The person even says that businessmen do nothing and it's the employers that do everything. Has that fat slob ever heard that businesses are run by bosses and that if the bosses do screw up, they're the ones who are the most answerable? The employees are the cogs and the boss runs the cogs. I was looking at...

Business & Economics Perspective Blogger

Search This Blog