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.
Several youth groups are currently pushing for Congress to pass Senate Bill (SB) No. 1074 into law, a bill that seeks to raise excise taxes on alcohol, heated tobacco products, vapes, and e-cigarettes.
The salary differential under Republic Act No. 11210, otherwise known as “The Expanded Maternity Leave Law” is now tax-free because it is considered a benefit, according to the Bureau of Internal Revenue (BIR).
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.