2020/2021 TAX INCENTIVES AND RELIEFS UNDER CREATE BILL (BICAM VERSION): CREATE BILL’s KEY FEATURES (20%~25% CIT, 1% MCIT, 20% Interest Arbitrage, Introduction of FIRB and 5% SCIT on Gross Income, 5 years NOLCO, Tax Free Exchange Availment sans BIR Ruling, among others.
The key features of the reforms for corporate and Tax Incentives were highlighted under Senate Bill No. 1357 and House Bill No. 4157, otherwise known as CREATE (Corporate Recovery and Tax Incentives for Enterprises) Bill, are: 1. LOWER CORPORATE INCOME TAX (CIT) – An income tax rate of 35% is reduced to 25% effective July 1,2020 is imposed upon a Taxable income derived during each taxable […]
Revenue Memorandum Circular No. 5-2021 : Simplified Policies on the Application for Registration of Computerized Accounting System (CAS), Computerized Book of Accounts (CBA), or on its components, including the Electronic Storage System (ESS), Middleware and other Similar Systems
All taxpayers intending to use the above-mentioned accounting system are required to be registered and subject to the following policies: 1. Register the “system” by submitting the documentary requirements stated on “Checklist of Documentary Requirements (CDR.)” 2. The system shall comply with the technical and functional standards. 3. An acknowledgment Certificate shall be issued within […]
Financial Institutions Strategic Transfer (FIST) Act: Relief to Financial Institutions on their Non-Performing Assets (NPAs) and the Applicability of Five (5) Year Tax Exemption from Income Tax, DST, and NOLCO
R.A. No. 11523 otherwise known as the Financial Institutions Strategic Transfer (FIST) Act or the “FIST LAW” was enacted to ensure that banks and other financial institutions are able to maintain their financial health in order to cushion the adverse economic impact of the Covid-19 pandemic. It allow financial institutions to tap asset management companies to manage, operate, […]
Joint force on Fuel Marking Program: Introducing Fuel Marking Program for the use and sale of Petroleum Products
BIR Revenue Memorandum Circular No. 94-2020 Circulating the Joint Memorandum Circular (JMO) No. 1-2020 prescribing the Implementing Guidelines for the Collection and Disbursement of Marking Fees Pursuant to DOF-DBM-COA Permanent Committee Joint Circular 001.2018 and Payment of Fuel Marking Fee Using BIR Form No. 0623 DOF (Department of Finance) Joint Memorandum Order No. 1-2020 Prescribing […]
The Philippines increased bank lending by 1% to help businesses through the pandemic– bucking a global trend of increased loans to businesses
Banks in the Philippines have increased lending by 1% since the start of the Covid-19 pandemic to help businesses survive- bucking a global trend of increased loans to businesses. Our new study shows the Philippines added USD 2 billion in loans to business. In comparison, banks worldwide increased overall lending to businesses by 10%, adding […]