Category Archives: Blog

by: Renton Martinez Revolutionary accounting platform Babylon2k.org (B2k), developed by the Institute of Leadership, Entrepreneurship and Development Inc. (i-LEaD),  shall gather digital movers and disruptors in an event dubbed as the “P-Innovator Summit” to be slated this December of 2021. i-LEaD is an organization created with the purpose of initiating advanced practices and the pursuit […]

Guidelines Monitoring the Compliance with the Conditions Prescribed Under Fiscal Incentives Review Board (FIRB) Resolution No. 19-21 on the Work from Home Arrangement for Registered Business Enterprises (RBES) in the IT-BPM Sector The Fiscal Incentives Review Board (FIRB) issued a Memorandum dated 09 September 2021 to all Investment Promotion Agencies (IPAs) and Registered Business Enterprises […]

Extended submission of Company’s official email and mobile numbers in compliance with SEC MC 28-2020 until Nov. 11, 2021 In order to facilitate the Commission’s effort to support the economic recovery of the business sector during the pandemic, the SEC has decided to extend the deadline for Corporations, Partnerships, and Individuals under the jurisdiction and […]

What are the tax obligations of social media influencers (SMIs)? What if their income is received from overseas? What happens if they fail to pay their taxes? Read below and learn more about RMC 97-2021 and find out how the tax residency certificate of SMIs can ease their tax burden:

HEADNOTE: Encapsulating highlights of National Payment Systems Act, the rules andregulations on registration of operators of payment systems (OPS), directives onoperating payment system without registration, and defines the violations, fines,and penalties under the Act. ATTENTION: Any person who is treated as an operator by providing clearing and settlement services in a payment system and those who define […]

This issuance covers the tax liability of social media influencers, allowable deductions, tax compliance, and effects of taxes withheld in other countries of which they can opt to report under EITR (8% Income Tax Rate), 40% OSD (Optional Standard Deduction), and GITR (Graduated Income Tax Rate) regime. WHO ARE SOCIAL MEDIA INFLUENCERS The term “social […]

Dear Valued Clients, Specialists and Partners in the Industry, Our platform, Babylon2k has undergone major improvements over the past 6 months. Soon we shall launch key features that will enhance your needs for your respective businesses in a touch of a button. In line with this, please be advised that starting August 21, 2021 – 4PM […]

By Rene A. Martin Billionaires like Richard Branson, Jeff Bezos, and Elon Musk have shown everyone that space travel can be safe and commercially possible. Given its fiscal potential, it is a fact that there’s money and business in space tourism– and when there’s profit, taxes will necessarily come into play. Starting from US$250,000, people […]

While it would be easy to assume that there’s a high demand for accounting services and assistance during these difficult times, the truth is that there are still many CPAs out there who are in dire need of jobs. According to industry veteran Mike Aguirre via the recent Usapang Business online session on Saturday, July 31, the […]

This IRR covers the tax and duty incentives period for availment of incentives, rules and criteria of SIPP, creation of the FIRB, reporting requirements, roles and function of FIRB and other Agencies in implementing the IRR, among others The salient portions of the Implementing Rules and Regulations (IRR) include: RULE 1. – SCOPE AND COVERAGE These […]