Category Archives: Blog

An Act affording more protection to consumers of financial products and services to promote transparency, fair and sound market conduct, reasonable, and effective handling of financial consumer disputes On May 6, 2022, Republic Act (RA) No. 11765, also known as Financial Products and Services Consumer Protection Act, was signed by President Rodrigo Duterte providing more […]

Even long before the COVID-19 pandemic forced global companies to adopt digital transformation and stay afloat in their respective industries, digitalization has been on a steady upward trajectory since the 1990s. Today, when data is considered one of the biggest commodities in business, more Philippine companies are shifting their focus online to drive robust growth […]

Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 36-2022 to establish a uniform template for VAT Zero Percent (0%) Certification to be issued by Investment Promotion Agencies (IPA) annually as presented to the Q and A No. 34 of RMC No. 24-2022 I. VAT Zero Percent Certification to Registered Export Enterprises contains: […]

CETI is a requirement for all RBE in availing of the Income Tax Holiday (ITH) or preferential rate provided by CREATE Revenue Memorandum Circular (RMC) No. 28-2022 mandates all Registered Business Enterprises (RBE) to apply for a Certificate of Entitlement to Income Tax Incentives (CETI) formerly Certificate for Entitlement to Income Tax Holiday, to the […]

Tentative AITR may be filed on or before April 18, 2022 which can be amended on or before May 16, 2022, without the imposition of interest, surcharge, and penalties while overpayment can be carried over as tax credit in the succeeding periods Revenue Memorandum Circular (RMC) No. 42-2022 was issued by the Bureau of Internal […]

VAT treatment of transactions by Registered Business Enterprises (RBE)from June 2021 onwards under CREATE Revenue Memorandum Circular (RMC) No. 24-2022 addresses concerns raised by Revenue Regulation (RR) No. 21-2021 which took effect on December 10, 2021, specifically the VAT treatment of transactions by Registered Business Enterprises (RBE) particularly on the Registered Export Enterprises (REE) where […]

The 13th edition of UHY Global magazine is now available to read online. UHY Global draws on the knowledge of UHY’s network of member firms to provide insight and expertise for today’s global business community in a thought-provoking, upbeat and engaging read Topically wide ranging, many features demonstrate the breadth of expertise of UHY colleagues […]

Reduction of capitalization and relaxation of pre-qualification requirements for foreign retail enterprises under R.A. No. 8762 as amended by R.A. No. 11595 R.A. No. 11595, signed into law on December 10, 2021 and took effect on January 21, 2022, introduced the amendments to the original Retail Trade Liberalization Act under R.A. No. 8762, the salient […]

Tax relief by claiming casualty losses incurred Natural disasters are events that are caused by environmental factors. The recent Typhoon Odette (Rai internationally), for example, was a powerful and catastrophic tropical cyclone that struck the Philippine area of responsibility from December 12 to 22, 2021. Damage to infrastructure and agriculture was estimated at Php 23.4 […]

Dear Clients, Partners and Colleagues in the Accounting Industry, We cordially invite you to attend our upcoming webinar entitled “The 2022 ‘New Normal’ Webinar – NIRC + TRAIN + CREATE: Administrative Provisions / Reforms & Year End Reporting for 2021” this coming February 4, 2022 – Friday, via zoom. This event will feature meaningful insights […]