Companies follow a common set of accounting principles to ensure the accuracy of their financial statements and books of accounts. However, some businesses still face several challenges with their accounting processes.
The Bureau of Internal Revenue (BIR) released the guidelines for the issuance of a Tax Residency Certificate (TRC). This measure prevents unqualified taxpayers from availing tax treaty benefits and mandates the creation of a database of Filipino residents with foreign-sourced income.
The Bureau of Internal Revenue (BIR) launched a competition meant for the creation of a convenient mobile taxpayer service to streamline the current procedure for registration, filing, and payment of taxes. BIR launched the competition on October 16, 2019.
As instructed by the Department of Finance (DOF), the Bureau of Internal Revenue (BIR) is currently exploring methods to properly tax activities under the digital economy and enhance revenue collections by closing tax leakages.
The Philippines, despite the on-going Comprehensive Tax Reform Program (CTRP) of the “Corporate Income Tax and Incentives Reform Act” or CITIRA, can still convince local and foreign investors not to move out of the country.
The Philippine Economic Zone Authority (PEZA) requested for their exclusion from the rationalization of fiscal incentives under House Bill (HB) No. 4157, also known as the “Corporate Income Tax and Incentives Reform Act (CITIRA).”
The Bureau of Internal Revenue (BIR) will amend Revenue Regulation (RR) No. 5-2017, granting Persons With Disabilities (PWD) a discount for select products that may fall under necessities and prime commodities starting in September 2019.
The Bureau of Internal Revenue (BIR) revealed its latest tax payment system that will allow Filipinos to settle their final obligations quickly. To expedite the payment of tax dues, BIR unveiled PESONet as its latest bank-to-bank payment platform.
The Bureau of Internal Revenue (BIR) instructed Philippine Offshore Gaming Operators (POGO) to remit their monthly withholding taxes on or before August 10, 2019. Under the mandated modes of filing and payment, employers have to remit withholding taxes from their employees on the 10th day after the end of the previous month.
The future of the Philippines and our Economic Zones (Ecozones) from different parts of the country is bright as the Philippine Economic Zone Authority (PEZA) recently partnered with the Mindanao Development Authority (MinDA) and signed a memorandum of understanding with ENECO. Both developments will introduce significant improvements to PEZA ecozones covered by these upcoming projects in the countryside despite the reported moratorium for ecozone applications in Metro Manila last month to focus efforts in promoting economic activity in the countryside.