Risks of Penalty for not Disclosing the Company’s Beneficial Ownership under the SEC MC No. 15, Series of 2019
MC No. 15 s.2019 – Amendment of SEC Memorandum Circular No. 17, Series of 2018 on the Revision of the General Information Sheet (GIS) to include Beneficial Ownership Information (“2019 Revision of the GIS”) In preparing a General Information Sheet to be submitted with the Securities and Exchange Commission, we should be truly mindful of […]
Lazada Riders as Employees Under the Four-Fold Test
When the status of the employment is in dispute, the employer bears the burden to prove that the person whose service it pays for is an independent contractor rather than a regular employee with or without fixed terms. This came from the decision penned by J. Leonen in the case of Ditiangkin, Molines, Juanio, Verde, […]
New and Revised PFRSs for Annual Periods beginning on or after January 01,2023
Amendments to Philippine Accounting Standards (PAS) I. Effective beginning on or after January 1, 2023 The following amendments to Philippine Accounting Standards (PAS) are effective for annual periods beginning on or after January 1, 2023: Amendments to PAS 1, Presentation of Financial Statements and PFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies Amendments […]
Further clarification of issues raised in transitory provisions for the VAT Zero-rate Incentives
VAT treatment for the local purchases of Registered Export Enterprises (REEs) and change of its status from VAT to Non-VAT The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 152-2022 on December 7, 2022, to further clarify some of the issues raised in previously issued Revenue Regulation (RR) No. 21-2021 as clarified […]
Significant Amendment to Glean from Revenue Memorandum Circular (RMC) No. 3-2023
Policies and Guidelines on the Online Registration of Books of Accounts (BAs) On digitalizing its operations, the Bureau of Internal Revenue (BIR) alerted the taxpayers regarding RMC No.3-2023, amending Section 2 of RMC No.29-2019, which prescribes the policies and guidelines on the online registration of Book of Accounts (BAs). All BAs shall be registered online […]