Category Archives: Blog

Revenue Regulation No. 3-2023 removes the requirement for BIR prior approval for VAT zero rating, simplifying the process for taxpayers and reducing administrative burden The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulation (RR) No. 03-2023, amending certain provisions of RR No.16-2005, as amended by RR No. 21-2021. In accordance with the regulation, […]

Grant of Amnesty for Non-Filing and Late filing of the General Information Sheet (GIS) and Annual Financial Statement (AFS), and Non-Compliance with Memorandum Circular No. 28, S. 2020 SEC Memorandum Circular NO. 2, Series of 2023 was released by the Securities and Exchange Commission (SEC) on March 16, 2023. It provides a set of rules […]

MC No. 15 s.2019 – Amendment of SEC Memorandum Circular No. 17, Series of 2018 on the Revision of the General Information Sheet (GIS) to include Beneficial Ownership Information (“2019 Revision of the GIS”) In preparing a General Information Sheet to be submitted with the Securities and Exchange Commission, we should be truly mindful of […]

When the status of the employment is in dispute, the employer bears the burden to prove that the person whose service it pays for is an independent contractor rather than a regular employee with or without fixed terms. This came from the decision penned by J. Leonen in the case of Ditiangkin, Molines, Juanio, Verde, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]