The Basics of Beneficial Ownership in the Philippines
As a business owner in the Philippines, it is important to understand the concept of beneficial ownership. In simple terms, a beneficial owner is someone who has the right to enjoy the benefits of ownership of an asset, even though the legal title is held by someone else. In this guide, we will discuss the […]
UHYMAC Empowers Employees with Global Best Practices at the UHY Regional Meeting
The golden sands and emerald waves of Phuket’s SAII Laguna Resort provided the picturesque backdrop for our enlightening journey – the UHY Regional Meeting from July 12 to 14, 2023. Hosted by UHY Yongyuth Accounting & Son Co. Ltd & UHY International Executive Office, encompassing the theme “UHY Re-building Good Working Relationships in the Asia […]
Looking Ahead: The Future of Tax Returns and eCAR Requests Using the oNETT System
In accordance with Republic Act (RA) No. 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, government agencies now use technology to improve accessibility for the general public and streamline processes. Consistent with the law, the BIR’s journey toward digital transformation has now advanced with the implementation […]
Streamlining VAT Refund Process for Enhanced Efficiency and Compliance
The Value Added Tax (VAT) refund application process is now more convenient for the taxpayer through the recent issuance of Revenue Memorandum Circular (RMC) No. 71-2023 and Revenue Memorandum Order (RMO) No. 23-2023 both effective July 1, 2023. The following are notable changes in the filing of VAT refunds: Before RMC No. 71-2023 and RMO […]
Obtaining a Repatriation-Ready Certification for Foreign Investment at BSP
When a non-resident investor is planning to purchase foreign exchange (FX) from the Philippine banking system for repatriation and remittance of earnings from duly registered investments, they are required to obtain a Bangko Sentral Registration Document (BSRD). The BSRD is issued by the Bangko Sentral ng Pilipinas (BSP), evidencing the registration of foreign investments by […]