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 […]
2023 YEAR END and 2024 1st QUARTER Reportorial Requirements
A number of information returns and other compliance requirements for taxpayers in the first ninety (90) days or so of every year are mandated to be submitted. There are relative penalties imposed on non-compliance. We are issuing this reminder to ensure our compliance and to avoid any unwanted fines and penalties. Here’s a reminder that […]
Charting the New Frontier: How the 43rd ASEAN Summit Paves the Way for an Unprecedented Era of Trade and Innovation in Southeast Asia.
The 43rd ASEAN Summit is set to take place in Jakarta, Indonesia, from September 5 to 7, 2023. This summit will bring global leaders together to address critical issues, mainly focusing on security and trade within Southeast Asia. Among the attendees is the Philippines, a dedicated member of ASEAN. President Marcos Jr. will emphasize various […]
Nine-dash line: An insight into the “Barbie” movie controversy, compliance, and taxation in the Philippines
The recent “Barbie” movie controversy sparked international dialogue, entangling entertainment and geopolitics into a heated discussion about the contentious “nine-dash line” claim by China in the South China Sea. While Vietnam decided to keep the film’s magic away from its screens, the Philippines, after a meticulous review process, opened its cinemas to welcome Barbie’s adventure. […]
CRYPTO TAXES DECODED: UNDERSTANDING YOUR DIGITAL DUTIES
In the era of globalization, the world is witnessing a profound transformation in the way financial transactions are conducted. Cryptocurrency has emerged as a disruptive force with the ability to transform the global economy as it opens up new channels for cross-border transactions, investment opportunities, and financial inclusion as old barriers to commerce and finance […]