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Clarifications to Revenue Regulation (RR) No. 21-2021

VAT treatment of transactions by Registered Business Enterprises (RBE)from June 2021 onwards under CREATE Revenue Memorandum Circular (RMC) No. 24-2022 addresses concerns raised by Revenue Regulation (RR) No. 21-2021 which took effect on December 10, 2021, specifically the VAT treatment of transactions by Registered Business Enterprises (RBE) particularly on the Registered Export Enterprises (REE) where […]

Claiming casualty losses (Typhoon Odette)

Tax relief by claiming casualty losses incurred Natural disasters are events that are caused by environmental factors. The recent Typhoon Odette (Rai internationally), for example, was a powerful and catastrophic tropical cyclone that struck the Philippine area of responsibility from December 12 to 22, 2021. Damage to infrastructure and agriculture was estimated at Php 23.4 […]

FREE INFORMATIVE & TIMELY WEBINAR on NIRC + TRAIN + CREATE: Administrative Provisions / Reforms & Year End Reporting for 2021

Dear Clients, Partners and Colleagues in the Accounting Industry, We cordially invite you to attend our upcoming webinar entitled “The 2022 ‘New Normal’ Webinar – NIRC + TRAIN + CREATE: Administrative Provisions / Reforms & Year End Reporting for 2021” this coming February 4, 2022 – Friday, via zoom. This event will feature meaningful insights […]

VAT ZERO-RATING INCENTIVES FOR REGISTERED BUSINESS ENTERPRISES

Amendments on the VAT zero-rating of local purchases of goods andservices by Registered Business Enterprises (RBEs) which should be useddirectly and exclusively for the registered project or activity Revenue Regulations (RR) No. 21-2021 issued on December 07, 2021 VAT zero-rating on local purchases shall be coterminous with the income tax incentives of Registered Business Enterprise […]

Global tax receipts fall by nearly half a trillion dollars during pandemic

Tax receipts from around the world have fallen by nearly $500bn in real terms to $11.7tn during the Covid-19 pandemic, down from $12.1tn the year before*, which may force Governments to make unprecedented tax increases to make up for losses, reveals a new study of tax revenues worldwide by UHY, the international accountancy network. UHY’s […]

Here’s What You Need to Know About Axie Infinity Taxes.

Creator of BABYLON2k.org to recognize digital movers in inaugural Innovation Summit

by: Renton Martinez Revolutionary accounting platform Babylon2k.org (B2k), developed by the Institute of Leadership, Entrepreneurship and Development Inc. (i-LEaD),  shall gather digital movers and disruptors in an event dubbed as the “P-Innovator Summit” to be slated this December of 2021. i-LEaD is an organization created with the purpose of initiating advanced practices and the pursuit […]

PEZA Memorandum Circular No. 2021-051

Guidelines Monitoring the Compliance with the Conditions Prescribed Under Fiscal Incentives Review Board (FIRB) Resolution No. 19-21 on the Work from Home Arrangement for Registered Business Enterprises (RBES) in the IT-BPM Sector The Fiscal Incentives Review Board (FIRB) issued a Memorandum dated 09 September 2021 to all Investment Promotion Agencies (IPAs) and Registered Business Enterprises […]

SEC Memorandum Circular No. 28, Series of 2020

Extended submission of Company’s official email and mobile numbers in compliance with SEC MC 28-2020 until Nov. 11, 2021 In order to facilitate the Commission’s effort to support the economic recovery of the business sector during the pandemic, the SEC has decided to extend the deadline for Corporations, Partnerships, and Individuals under the jurisdiction and […]

Revenue Memorandum Circular (RMC) 97-2021

What are the tax obligations of social media influencers (SMIs)? What if their income is received from overseas? What happens if they fail to pay their taxes? Read below and learn more about RMC 97-2021 and find out how the tax residency certificate of SMIs can ease their tax burden: