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.
The Philippine Economic Zone Authority (PEZA) will hire an independent auditing firm to determine the impact of their tax incentives towards the Philippine economy. This comes after claims of revenue loss caused by PEZA”s Income Tax Holidays (ITH) and other benefits according to the Department of Finance (DOF).
The Bureau of Internal Revenue (BIR) started accepting applications from heirs who have to pay for the estate tax dues accumulated by their deceased loved ones. The issuance provides taxpayers with an estate tax amnesty program that gives reasonable tax relief to the outstanding liabilities of heirs from the inheritance of the decedent’s estate.
The Bureau of Internal Revenue (BIR) released its latest issuance for heirs of decedents with outstanding estate tax liabilities on May 29, 2019. Under the latest regulations, the BIR will impose a 6% estate tax amnesty rate for the decedent’s total net taxable estate at the time of their deaths without any penalties.
The Bureau of Internal Revenue (BIR) reminds all political bets and parties of the 2019 midterm elections to submit their Statement of Contributions and Expenditures (SOCE) to the Commission on Elections (COMELEC) and their Revenue District Office (RDO) on or before June 13.
The Philippine Economic Zone Authority (PEZA) currently explores “new frontiers in ecozone development” to revolutionize the agency while inviting private companies to take part in these ecozone projects.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 47-2019 which prescribes the revised documentary requirements for the processing and granting of VAT refund claims.