Monthly Archives: February 2024
Foreign Currency Transactions Treatment for Financial Reporting and Tax Reporting Purposes
Revenue Memorandum Circular (RMC) No. 12-2024 RMC No. 12-2024, which was issued on 22 January 2024, intends to clarify the treatment of foreign currency transactions for financial reporting and internal revenue tax purposes. The Circular excludes banks and other financial institutions and those using functional currencies other than Philippine peso. Below is the summary of […]