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 […]
The Crux of R.A. 11934 or the SIM Registration Act
General Rules and Guidelines for Registration of SIMs The Republic Act 11934 or also known as the “Subscriber Identity Module (SIM) Card Registration Act,” was signed into law on October 10, 2022, requiring end-users to register their new or existing SIM cards with their respective Public Telecommunications Entities (PTEs) within 180 days from the law’s […]
Heads up on new revisions from the Insurance Commission re: On-site Examination and Off-site Verification Rules and Procedures
In case you’re not yet familiar with the latest business and financial news, the Insurance Commission in charge of regulating insurance companies in the Philippines has recently issued substantial alterations that need the attention of its stakeholders. Recently, the Commission issued a new set of rules and procedures called IC CL No. 2021-65, otherwise known […]