REVENUE REGULATIONS (RR) No. 15-2021
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 […]
DOF Chief Reverts Zero-tax Incentive for Exporters With RR 9-2021 Suspension
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 […]
Revenue Memorandum Order (RMO) No.14-2021 and Revenue Memorandum Circular (RMC) No.77-2021
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 […]
Number of new businesses in the Philippines more than doubles despite impact of pandemic – outpacing all major economies
‘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 […]
The global economy is waking from its COVID slumber, but what will drive recovery? we suggest three post-pandemic drivers of growth
BY: Rhys Madoc, CEO, UHY International According to the Organisation for Economic Cooperation and Development (OECD), many national economies will recover to pre-pandemic levels in 2022. Globally, gross domestic product (GDP) will grow 5.8% this year, the OECD forecasts. This is more promising than its previous forecast in December, which predicted GDP growth of 4.2%. […]