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Gearing Towards a BETter Philippines: Where Your Investments Flourish

UHY MAC Doing Business in the Philippines Guide Investing in the Philippines can lead to lucrative opportunities, thanks to its strong economic growth and favorable business environment. With a growing population and a robust legal framework, the country offers a promising destination for foreign investors. In this blog, we will explore the potential of investing […]

Removal of BIR Prior Approval for VAT Zero Rating Status of Registered Export Enterprises

Revenue Regulation No. 3-2023 removes the requirement for BIR prior approval for VAT zero rating, simplifying the process for taxpayers and reducing administrative burden The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulation (RR) No. 03-2023, amending certain provisions of RR No.16-2005, as amended by RR No. 21-2021. In accordance with the regulation, […]

The Wonder of OSD and EITR for Digitally-Ready Entrepreneurs and Self-Employed | AI + Future of Accountants

Are you an accounting professional or entrepreneur looking to stay ahead of the curve in the fast-evolving world of finance and technology? Then look no further! Our exciting webinar on “Artificial Intelligence + the Future of Accountants” is designed to provide you with the tools and knowledge you need to thrive in the future of […]

Application for SEC’s Grant of Amnesty on or before April 30, 2023

Grant of Amnesty for Non-Filing and Late filing of the General Information Sheet (GIS) and Annual Financial Statement (AFS), and Non-Compliance with Memorandum Circular No. 28, S. 2020 SEC Memorandum Circular NO. 2, Series of 2023 was released by the Securities and Exchange Commission (SEC) on March 16, 2023. It provides a set of rules […]

Risks of Penalty for not Disclosing the Company’s Beneficial Ownership under the SEC MC No. 15, Series of 2019

MC No. 15 s.2019 – Amendment of SEC Memorandum Circular No. 17, Series of 2018 on the Revision of the General Information Sheet (GIS) to include Beneficial Ownership Information (“2019 Revision of the GIS”) In preparing a General Information Sheet to be submitted with the Securities and Exchange Commission, we should be truly mindful of […]

Lazada Riders as Employees Under the Four-Fold Test

When the status of the employment is in dispute, the employer bears the burden to prove that the person whose service it pays for is an independent contractor rather than a regular employee with or without fixed terms. This came from the decision penned by J. Leonen in the case of Ditiangkin, Molines, Juanio, Verde, […]


The Philippine government imposes different types of withholding taxes that businesses should remit to the BIR. One of the common issues that the BIR includes in their tax assessment is deficiency withholding tax due to alleged non-compliance to withholding tax rules. But worry no more as we will help you navigate the world of withholding […]

New and Revised PFRSs for Annual Periods beginning on or after January 01,2023

Amendments to Philippine Accounting Standards (PAS) I. Effective beginning on or after January 1, 2023 The following amendments to Philippine Accounting Standards (PAS) are effective for annual periods beginning on or after January 1, 2023: Amendments to PAS 1, Presentation of Financial Statements and PFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies Amendments […]

Further clarification of issues raised in transitory provisions for the VAT Zero-rate Incentives

VAT treatment for the local purchases of Registered Export Enterprises (REEs) and change of its status from VAT to Non-VAT The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 152-2022 on December 7, 2022, to further clarify some of the issues raised in previously issued Revenue Regulation (RR) No. 21-2021 as clarified […]

Significant Amendment to Glean from Revenue Memorandum Circular (RMC) No. 3-2023

Policies and Guidelines on the Online Registration of Books of Accounts (BAs) On digitalizing its operations, the Bureau of Internal Revenue (BIR) alerted the taxpayers regarding RMC No.3-2023, amending Section 2 of RMC No.29-2019, which prescribes the policies and guidelines on the online registration of Book of Accounts (BAs).  All BAs shall be registered online […]