Local Supplier’s VAT Zero-Rated Sales as per BIR RR No. 21-2021 and RMC 24-2022
Frequently Asked Questions (FAQs): 1. What is a Registered Export Enterprise (REE)? Answer: Any entity existing under Philippines laws and registered with an IPA to engage in manufacturing, assembling, processing, and services such as information technology activities, assembling or processing activities and business process and outsourcing (BPO) and resulting in a direct exportation or sale […]
Spotlight shines bright on companies that push for country’s digital breakthroughs in first P-Innovator Summit Awards
The first P-Innovator Summit, organized by the revolutionary accounting platform BABYLON2K.org (B2K) in partnership with premier training and resource center the Institute for Leadership, Entrepreneurship, and Development, Inc. (iLEAD), UHY Philippines, and other B2K Partners, recently recognized three rising companies in the country’s ongoing digital transformation roadmap. Aiming to showcase innovative companies that operate in […]
Annual Establishment Report on Wages (Labor Advisory No. 09 Series of 2022)
Annual submission of a verified itemized listing of their labor component below managerial level of all private establishments Pursuant to Article 124 of the Labor Code, as amended by Republic Act No. 6727, all private establishments are required to submit an annual report on “a verified itemized listing of their labor component, specifying the names […]
RMC 49-2022: Amendment of Q and A in RMC 24-2022 (Numbers 10, 17, 31 and 33)
Aligning provisions of RMC 24-2022 with the provisions of CREATE Act Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 49-2022 was issued on April 19, 2022 amending RMC No. 24-2022 to align the provisions with the CREATE Act and its Implementing Rules and Regulations (IRR). I. Deferment of RR No. 09-2021 (Answer […]
Introducing the New Electronic Invoicing Systems (EIS)
E-invoicing/ E-receipting requirement that affects businesses that are engaged in e-commerce and export and those classified as large taxpayers Section 237-A of the National Internal Revenue Code (NIRC), as amended through Republic Act (RA) 10963 or the “TRAIN” Law is a talking point nowadays as the BIR tapped the country’s top 100 large taxpayers to […]