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 government’s tax collections from the Philippine Offshore Gaming Operators (POGOs) are declining as they close shops and leave the Philippines to escape its COVID-19 situation.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 97-2020 establishing a standard policy/guidelines on the use of BIR Form No. 0605. The said form shall now be authorized for use on certain transactions only to avoid challenges in monitoring and reconciling the record of taxpayers.
The Department of Finance (DOF) assures the public that the government will fund the Universal Health Care (UHC) law despite corruption allegations against the Philippine Health Insurance Corporation (PhilHealth).
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 82-2020 advising taxpayers of the availability of the electronic Audit Financial Statements (eAFS) System for the submission of attachments to their 2019 filed Income Tax Returns (ITRs).
The Bangko Sentral ng Pilipinas (BSP) grants large banks the authority to extend more property loans to their borrowers.
The Bureau of Internal Revenue (BIR) issues guidelines to implement neutral tax treatment between Islamic banks and conventional banks.