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The Basics of Beneficial Ownership in the Philippines

As a business owner in the Philippines, it is important to understand the concept of beneficial ownership. In simple terms, a beneficial owner is someone who has the right to enjoy the benefits of ownership of an asset, even though the legal title is held by someone else. In this guide, we will discuss the […]

Untangling the Tax Puzzle: POGO in the Philippines – Uncovering the Dark Side of Globalization, Illegal Employment, and Lost Gaming Revenues

The proliferation of illegal gaming activities is one issue the Philippine government is dealing with as a result of increased globalization. Consequently, these illegal online gaming activities are not properly regulated, resulting in the illegal employment of approximately eighty thousand (80,000) overseas and Filipino workers, and gaming revenues are not properly remitted to the government. […]

UHYMAC Empowers Employees with Global Best Practices at the UHY Regional Meeting

The golden sands and emerald waves of Phuket’s SAII Laguna Resort provided the picturesque backdrop for our enlightening journey – the UHY Regional Meeting from July 12 to 14, 2023. Hosted by UHY Yongyuth Accounting & Son Co. Ltd & UHY International Executive Office, encompassing the theme “UHY Re-building Good Working Relationships in the Asia […]

Looking Ahead: The Future of Tax Returns and eCAR Requests Using the oNETT System

In accordance with Republic Act (RA) No. 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, government agencies now use technology to improve accessibility for the general public and streamline processes. Consistent with the law, the BIR’s journey toward digital transformation has now advanced with the implementation […]

Streamlining VAT Refund Process for Enhanced Efficiency and Compliance

The Value Added Tax (VAT) refund application process is now more convenient for the taxpayer through the recent issuance of Revenue Memorandum Circular (RMC) No. 71-2023 and Revenue Memorandum Order (RMO) No. 23-2023 both effective July 1, 2023.  The following are notable changes in the filing of VAT refunds:  Before RMC No. 71-2023 and RMO […]

Obtaining a Repatriation-Ready Certification for Foreign Investment at BSP

When a non-resident investor is planning to purchase foreign exchange (FX) from the Philippine banking system for repatriation and remittance of earnings from duly registered investments, they are required to obtain a Bangko Sentral Registration Document (BSRD).  The BSRD is issued by the Bangko Sentral ng Pilipinas (BSP), evidencing the registration of foreign investments by […]

Embarking on the Transition to ESG

Environmental, Social, and Governance (ESG) is a strategic framework that allows companies to assess and address institutional goals and objectives in terms of reducing harm and protecting the environment, advocating for sustainability, maintaining a healthy work environment, and creating impactful changes in their management and overall organizational policies. ESG investing uses a criterion to determine […]