Governments worldwide could do more to help tourism industry by cutting taxes
The Philippines could do more to help its struggling tourism industry by cutting taxes /extending tax cuts. Cuts to taxes on tourist related goods and services could help the Philippine tourism sector recover. The Philippine government could cut VAT and other taxes to attract visitors to the country when travel bans are lifted. So far, […]
Revenue Memorandum Circular No. 5-2021 : Simplified Policies on the Application for Registration of Computerized Accounting System (CAS), Computerized Book of Accounts (CBA), or on its components, including the Electronic Storage System (ESS), Middleware and other Similar Systems
All taxpayers intending to use the above-mentioned accounting system are required to be registered and subject to the following policies: 1. Register the “system” by submitting the documentary requirements stated on “Checklist of Documentary Requirements (CDR.)” 2. The system shall comply with the technical and functional standards. 3. An acknowledgment Certificate shall be issued within […]
2020/2021 TAX INCENTIVES AND RELIEFS UNDER CREATE BILL (BICAM VERSION): CREATE BILL’s KEY FEATURES (20%~25% CIT, 1% MCIT, 20% Interest Arbitrage, Introduction of FIRB and 5% SCIT on Gross Income, 5 years NOLCO, Tax Free Exchange Availment sans BIR Ruling, among others.
The key features of the reforms for corporate and Tax Incentives were highlighted under Senate Bill No. 1357 and House Bill No. 4157, otherwise known as CREATE (Corporate Recovery and Tax Incentives for Enterprises) Bill, are: 1. LOWER CORPORATE INCOME TAX (CIT) – An income tax rate of 35% is reduced to 25% effective July 1,2020 is imposed upon a Taxable income derived during each taxable […]
SEC Memorandum Circular 6-2020: Guidelines on Remote or Electronic Communication or in Absentia
The Revised Corporation Code of the Philippines (R.A. No. 11232) and SEC Memorandum Circular No. 6 series of 2020 provides that a Corporation may authorize in its by-laws or through the majority vote of the Board of Directors or Trustees, the conduct regular and/or special meetings in absentia or through the use of remote communication […]
Securities and Exchange Commission (SEC) Memorandum Circular 37-2020: Regulatory Reliefs to Net worth, Investments and Government Period Requirements
SEC issued MC No. 37-2020 extending the regulatory reliefs to duly registered and licensed Financing and Lending Companies in accordance with R. A. 11494 (Bayanihan to Recover As One Act). The following are the regulatory reliefs available: 1. Relaxation of the required maintaining net worth of Financial Companies (FC) under Sec. 11 of Financing Company […]