News and Updates
Welcome to our news and updates section!
Read the latest accounting and bookkeeping news and information here. In this section, we also post updates on the taxation system in the Philippines and its technicalities.
On Monday, June 14, the Bangko Sentral ng Pilipinas (BSP) announced an increase in applications from entities seeking to enter the newly created digital banking space in the Philippines as more consumers shift from traditional to electronic channels.
The Philippine Congress recently passed a measure that extends the estate tax amnesty deadline by two years. Senator Juan Edgardo Angara welcomed the House of Representatives’ adoption of the Senate Bill (SB) No. 2208, which carries the amendments to Republic Act (RA) No. 11213, also known as the Tax Amnesty Act of 2019.
The Bangko Sentral ng Pilipinas (BSP) is seen to maintain low interest rates until the end of 2021 as loan disbursements of banks continue to shrink due to the persisting COVID-19 pandemic.
The Department of Finance (DOF) announced on Monday, May 3, its plans to complete the passage of the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill by mid-2022.
The Bureau of Internal Revenue (BIR), in an advisory published on April 28, released the deadlines for the filing of amended Annual Income Tax Returns (AITRs) and required attachments in the electronically-filed AITR of the taxable period ending on December 31, 2020. The Bureau strictly reminds taxpayers the due dates for filing to avoid penalties.
Deputy Speaker Rufus Rodriguez calls the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) to extend the deadline for the filing of annual income tax return (AITR) by at least 30 days.