Tax and Accounting Updates

Withholding Tax of Government on Job Order Personnel under EO No. 782

By: Garry S. Pagaspas Under Executive Order No. 782 series of 2009 (EO No. 782) entitled “Instituting Measures to Assist Workers Affected by Global Financial Crisis and Temporary Filling Up of Vacant Positions in the Government”, all departments and agencies of the government are authorized to set-aside 1.5% of their Maintenance and Other Operating Expenses

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List of 2015 Philippines Holidays Under Proclamation No. 831

By: Tax and Accounting Center Philippines The President of the Philippines issued Proclamation No. 831 dated July 17, 2014 declaring the regular holidays, special (non-working) days, and special holidays for calendar year 2015. Luckily, there are at least twelve (12) long weekends that each of us could maximize such as going for a land travel,

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Knowing Basic Business Accounting for Non-Accountants Philippines

By: Tax and Accounting Center Philippines In the present day business, basic business accounting for non-accountants in the Philippines is a must learn topic as a root for compliance. Non-accountants in the Philippines maintain the belief that learning basic business accounting would take much time and effort, if not resources, and would just leave it

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First Vigan-Laoag-Pagudpup Ilocos Philippines Outing

By; Tax and Accounting Center Philippines As the group of affiliated companies celebrate its second year of successful operations, the group finally decided to go for its annual company outing, an Ilocos, Philippines  tour: Vigan-Laog-Pagudpud Tours.  Everyone in the group is quite excited as they would travel for a company sponsored outing for a look

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VAT exemption of livestock and poultry feeds Philippines

By: Tax and Accounting Center Philippines  As we have been aware, certain tax exemptions have been provided by law on some agricultural food products for basic commodities. On top of this exemption on primary agricultural products, Section 109(1)(B) of the National Internal Revenue Code, as amended, states that livestock and poultry feeds in the Philippines

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Inurement Prohibition on Non-stock Corporations Philippines

By: Tax and Accounting Center Philippines Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 51-2014 dated 6 June 2014 entitled “Clarifying the Inurement Prohibition under Section 30 of the National Internal Revenue Code of 1997” In relation to the pronouncement of the Supreme Court in the Case of Commissioner of Internal Revenue (CIR)

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How to Register a Philippine Branch Office?

By: Tax and Accounting Center Philippines A Philippine branch office of a foreign corporation is a form of an operating resident foreign corporation in the Philippines where the legal entity of a foreign corporation is being brought into the Philippines to engage in some activities of its parent company abroad to the extent allowed by

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Electronic Certificate Authorizing Registration eCAR Philippines

By: Tax and Accounting Center Philippines Bureau of Internal Revenue issued Revenue Memorandum Circular No. 40-2014 dated 12 May 2014 entitled “Prescribing the Use of Electronic Certificate Authorizing Registration (BIR Form No. 2313-R For Transactions Involving Transfer of Real Properties and BIR Form No. 2313-P for Transactions Involving Transfers of Personal Properties”.   Under BIR

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Who are Resident Agents in the Philippines?

By: Tax and Accounting Center Philippines As you have noticed, foreign corporations are allowed to do business in the Philippines and deal with all of us in their day-to-day operations. When the worst case scenario comes that their Philippine operations has to terminate and leave the country, the question that could come to our mind

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How to Register Representative Office in Philippines?

By: Tax and Accounting Center Philippines A Philippine representative office is form of a resident foreign corporation in the Philippines where the legal entity of a foreign corporation is being brought into the Philippines to engage in some activities allowed by law. For the purpose, a foreign corporation is required to secure a License to

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