The arrival of COVID-19 epidemic has had a tremendous negative impact on economies and individuals from all countries of all ages and aspects of life.

In an effort to maintain the sense of normalcy in the face of pandemic limitations and restrictions, social media and virtual gatherings played a big role in emerging “new normal” both locally and internationally. Accordingly, consumers are turning more to internet buying, business owners have embraced this digital phenomena for online shopping even more.

Legality of Online Businesses

Online business transactions have already been converted by technology into an infinite marketplace where doing business has become more practical and effective for both sellers and vendees. The COVID-19 pandemic has increased the clear need for this industry.

As per the Bureau of Internal Revenue (BIR) with the increase in online sales and business activity, it was issued a Revenue Memorandum Circular (RMC), which states the obligations of people engaging in business by means of electronic media of any kind and notice to unregistered Businesses. This was issued to remind online sellers of their tax obligations in the government. Under this RMC, online business firms and stakeholders are urged to register their companies.

Categories: BusinessTechnology