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 […]
Registration for digital business transactions: EXTENDED
RMC 60-2020 reminds those who are conducting business transactions, especially through digital or electronic media, of their obligation to file and pay the right taxes. There will be no penalty for those who will update their registration or those who will register late not later than July 31, 2020. The deadline is further extended up […]
Home buyers in the Philippines pay almost twice the global average tax on property purchases
Spain, Belgium and Japan all tax more than 10% on house purchases Pressure to increase property taxes to address costs of coronavirus Homebuyers in the US pay virtually zero tax Homebuyers in the Philippines now pay almost twice the global average tax on property purchases, at 8.13% compared to 4.51% worldwide, shows a new study
Inheritance Tax rates in G7 and EU countries ten times higher than emerging economies
No inheritance tax in emerging economies such as China, India and Russia Major economies under pressure to abolish unfair ‘death tax’ Emerging economies resist introducing IHT in order to attract investment Inheritance tax rates in G7 and EU countries are ten times higher than those in emerging economies*, according to a new study by UHY, […]