Revenue Memorandum Order (RMO) No. 21-2020: New and improved policy on inventory/asset destruction/disposal allowing third party witness and virtual witnessing
RMO NO. 21-2020 prescribes the policies, guidelines and procedures for the inspection or supervision of the destruction or disposal and determination of deductible expense pertaining to inventory of goods or assets which have been declared as waste or obsolete. The Revised guidelines now allows a third party to be the BIR’s authorized representative to witness […]
Revenue Regulation (RR) No.21-2020 Voluntary Assessment and Payment Program
The Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) has issued on August 18, 2020 RR No. 21-2020 which prescribes the policies, procedures and guidelines in the implementation of Voluntary Assessment and Payment Program (VAPP) that allows taxpayers to settle their unpaid 2018 dues through voluntary assessment in lieu of audit. It […]
Transfer – Pricing Substance and New Form
The Bureau of Internal Revenue released rules and new issuances covering the related-party transactions and enforcing the arm’s length principle as a way of determining transfer prices of associated enterprises as it is applied internationally. TRANSFER PRICING A transfer price is the price charged for goods and or services between associated enterprises that should be at […]
Update in Fair Market Value of Unlisted Shares.
Revenue Regulations (RR) No. 20-2020 amends the way the fair market value (FMV) of unlisted shares are computed for purposes of sale, barter, exchange, or other dispositions. FMV shall now be based on the book value of a Company’s latest Audited Financial Statements. Prior to this issuance, FMV was based on the adjusted values of […]
Updates in Intellectual Property
The Philippine Innovation Act (RA 11293) signed into law in July 2019 provides support and enhances the competitiveness of the micro, small and medium enterprises (MSME’s) which champions technological advancements in the country. It also mandates the Intellectual Property Office to promote and streamline the registration and protection of intellectual property. The Personal Property Security […]