Category Archives: Blog

As a business owner in the Philippines, it is important to understand the concept of beneficial ownership. In simple terms, a beneficial owner is someone who has the right to enjoy the benefits of ownership of an asset, even though the legal title is held by someone else. In this guide, we will discuss the […]

The golden sands and emerald waves of Phuket’s SAII Laguna Resort provided the picturesque backdrop for our enlightening journey – the UHY Regional Meeting from July 12 to 14, 2023. Hosted by UHY Yongyuth Accounting & Son Co. Ltd & UHY International Executive Office, encompassing the theme “UHY Re-building Good Working Relationships in the Asia […]

In accordance with Republic Act (RA) No. 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, government agencies now use technology to improve accessibility for the general public and streamline processes. Consistent with the law, the BIR’s journey toward digital transformation has now advanced with the implementation […]

The Value Added Tax (VAT) refund application process is now more convenient for the taxpayer through the recent issuance of Revenue Memorandum Circular (RMC) No. 71-2023 and Revenue Memorandum Order (RMO) No. 23-2023 both effective July 1, 2023.  The following are notable changes in the filing of VAT refunds:  Before RMC No. 71-2023 and RMO […]

When a non-resident investor is planning to purchase foreign exchange (FX) from the Philippine banking system for repatriation and remittance of earnings from duly registered investments, they are required to obtain a Bangko Sentral Registration Document (BSRD).  The BSRD is issued by the Bangko Sentral ng Pilipinas (BSP), evidencing the registration of foreign investments by […]

Environmental, Social, and Governance (ESG) is a strategic framework that allows companies to assess and address institutional goals and objectives in terms of reducing harm and protecting the environment, advocating for sustainability, maintaining a healthy work environment, and creating impactful changes in their management and overall organizational policies. ESG investing uses a criterion to determine […]

In the Philippines, a sales tax known as value-added tax (VAT) is levied on commodities purchased, bartered, exchanged, or leased and imported products. The Bureau of Internal Revenue (BIR) has reduced the standards taxpayers must meet to receive a VAT refund. In a revenue memorandum circular, BIR commissioner Romeo Lumagui ordered simplifying documentation requirements and […]

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 69-2023 to inform taxpayers on the reverted percentage tax, minimum corporate income tax, and average corporate income tax rates for selected institutions effective July 1. The percentage tax, temporarily reduced to 1%, will return to its original rate of 3%. This change will impact […]

Unveiling Practical Tips and Common Error-Free Understanding of Philippine Taxation In the realm of tax compliance, this means learning from past mistakes, both yours and others, and continually improving tax habits. Please refer to the file below to guide you on a voyage of discovery, where you’ll find the joy of understanding taxation and overcome […]

UHY MAC Doing Business in the Philippines Guide Investing in the Philippines can lead to lucrative opportunities, thanks to its strong economic growth and favorable business environment. With a growing population and a robust legal framework, the country offers a promising destination for foreign investors. In this blog, we will explore the potential of investing […]