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 […]
Boosting the Philippine Creative Industries
Republic Act 11904 or ‘The Philippine Creative Industries Development Act’ Republic Act (R.A.) 11904 or ‘The Philippine Creative Industries Development Act,’ which was passed into law on July 27, 2022, mandates the promotion and development of Philippine creative industries by protecting and strengthening the rights and capacities of creative firms, artists, artisans, creators, workers, indigenous […]
“Ask For Receipt” of existing taxpayers shall only be valid until June 30, 2023, due to Notice to Issue Invoice/Receipt (NIRI) per RMO 43-2022
The new BIR Notice to Issue Invoice/Receipt (NIRI) was introduced under Revenue Regulation (RR) No. 10-2019 which requires taxpayers to issue receipts/invoices for the sale of goods or services rendered. Now with the newly issued policies, procedures, and guidelines of BIR Revenue Memorandum Order (RMO) 43-2022, “Ask For Receipt” shall only be valid until June […]
Impact of SEC Memorandum Circular No. 1 – Series of 2022, on the Companies’ Financial Reporting and Practitioners’ Engagement Performance
SEC requires the preparers of financial statements and audit practitioners to consider and comply with the newly adopted Philippine Financial Reporting Standards (PFRS) and Philippine Standards on Auditing (PSA) On January 27, 2022, the Securities and Exchange Commission (SEC) mandated the consideration of certain Philippine Standards on Auditing (PSA) and Philippine Financial Reporting Standards (PFRS) […]
Taxation of PH Based Offshore Gaming Licensee and their Accredited Service Providers (RR No. 20-2021)
Q1: What are OGL and Accredited Service Providers? Are they considered POGO? Answer: Both are considered as POGO, however, OGL refers to an Offshore Gaming Operator, regardless of where it is organized, duly licensed, and authorized through a gaming license issued by a POGO Licensing Authority to conduct offshore gaming operations, including the acceptance of […]