Clarifications Regarding the Deadline for Filing of Annual Income Tax Returns (AITR) and Non-Imposition of Increments on Amended Returns
Tentative AITR may be filed on or before April 18, 2022 which can be amended on or before May 16, 2022, without the imposition of interest, surcharge, and penalties while overpayment can be carried over as tax credit in the succeeding periods Revenue Memorandum Circular (RMC) No. 42-2022 was issued by the Bureau of Internal […]
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 […]
UHY Global Magazine Issue 13 Available Now Expert Insight and Analysis for World Business
The 13th edition of UHY Global magazine is now available to read online. UHY Global draws on the knowledge of UHY’s network of member firms to provide insight and expertise for today’s global business community in a thought-provoking, upbeat and engaging read Topically wide ranging, many features demonstrate the breadth of expertise of UHY colleagues […]
Amendments to the Retail Trade Liberalization Act of 2000
Reduction of capitalization and relaxation of pre-qualification requirements for foreign retail enterprises under R.A. No. 8762 as amended by R.A. No. 11595 R.A. No. 11595, signed into law on December 10, 2021 and took effect on January 21, 2022, introduced the amendments to the original Retail Trade Liberalization Act under R.A. No. 8762, the salient […]
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 […]