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) 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.
The Philippine Economic Zone Authority (PEZA) recently approved a total of 131 IT Parks and Centers all located in Metro Manila and with investments worth P160 billion. While PEZA approved the applications for 121 IT centers and 10 IT parks from 2015 up to June 2019; the developer projects still require an endorsement to the Malacañang to officially proclaim the infrastructures as Special Economic Zones (SEZ).