Author Archives: Michael Aguirre

HEADNOTE: Encapsulating highlights of National Payment Systems Act, the rules andregulations on registration of operators of payment systems (OPS), directives onoperating payment system without registration, and defines the violations, fines,and penalties under the Act. ATTENTION: Any person who is treated as an operator by providing clearing and settlement services in a payment system and those who define […]

This issuance covers the tax liability of social media influencers, allowable deductions, tax compliance, and effects of taxes withheld in other countries of which they can opt to report under EITR (8% Income Tax Rate), 40% OSD (Optional Standard Deduction), and GITR (Graduated Income Tax Rate) regime. WHO ARE SOCIAL MEDIA INFLUENCERS The term “social […]

Dear Valued Clients, Specialists and Partners in the Industry, Our platform, Babylon2k has undergone major improvements over the past 6 months. Soon we shall launch key features that will enhance your needs for your respective businesses in a touch of a button. In line with this, please be advised that starting August 21, 2021 – 4PM […]

By Rene A. Martin Billionaires like Richard Branson, Jeff Bezos, and Elon Musk have shown everyone that space travel can be safe and commercially possible. Given its fiscal potential, it is a fact that there’s money and business in space tourism– and when there’s profit, taxes will necessarily come into play. Starting from US$250,000, people […]

While it would be easy to assume that there’s a high demand for accounting services and assistance during these difficult times, the truth is that there are still many CPAs out there who are in dire need of jobs. According to industry veteran Mike Aguirre via the recent Usapang Business online session on Saturday, July 31, the […]

This IRR covers the tax and duty incentives period for availment of incentives, rules and criteria of SIPP, creation of the FIRB, reporting requirements, roles and function of FIRB and other Agencies in implementing the IRR, among others The salient portions of the Implementing Rules and Regulations (IRR) include: RULE 1. – SCOPE AND COVERAGE These […]

Deferred implementation of RR No. 9-2021 which imposed a 12% value-added tax (VAT) on specified exporter transactions that were previously subjected to 0% The Bureau of Internal Revenue (BIR) has recently issued RR No. 15-2021 deferring the implementation of RR No. 9-2021 until the issuance of an amendatory revenue regulations. With the deferral of RR […]

After much concern from the country’s export sector, the Department of Finance (DOF), and the Bureau of Internal Revenue (BIR) have agreed to suspend the latter’s Rules and Regulations (RR) 9-2021 which imposed a 12% value-added tax (VAT) on specified exporter transactions that were previously subjected to 0%. The suspension came after further discussions were […]

The BIR reverts back to a single form of application for the application of tax treaty benefits. These issuances cover the rules, procedures, documentary requirements, refund, denials and penalty, and clarifications for the availment of Tax Treaty Benefits. The issuances abolished the use of the CORTT Form and introduced a request for confirmation on returns […]

‘Wave of entrepreneurialism’ as 76,000 new Filipino startups open in Covid year‘ The number of new businesses in the Philippines increased by 152% last year despite the impact of the Covid-19 pandemic, the highest rate of all major economies. The Philippines outpaced the global average of a 6% increase in business start-ups, shows a new […]