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Announcements
03
April
(Post viewed 169 times)

Penalties for Failure to Pay Tax Philippines

By: Tax and Accounting Center Philippines Philippines tax system is anchored on “voluntary compliance” where taxes are under “pay-as-you-file” where the taxpayers determines for himself what taxes to pay, when to pay taxes, where to pay taxes, how much to pay, and how to pay taxes in the Philippines. At

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24
March
(Post viewed 341 times)

New 2013 Income Tax Returns – ITR Philippines

By: Tax and Accounting Center Philippines Few months prior to the last day of filing calendar year annual income tax return for taxable year 2013, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 2-2014 dated 24 January 2014 entitled “New Income Tax Forms”. New Annual Income Tax Returns

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10
February
(Post viewed 865 times)

2014 Filing of Audited Financial Statements with SEC Philippines

By: Tax and Accounting Center Philippines For corporations and companies in the Philippines, filing of the audited financial statements with the Securities and Exchange Commission (SEC) for calendar year ending December 31, 2013 is past approaching. As such, we would wish to share some matters related to the filing of

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06
February
(Post viewed 408 times)

Van and Car for Rent Philippines

By:  Pagaspas Mini Transport  Summer time is upcoming and timely for company outing, group outing, family outing or reunion, and barkada tripping.  Going through public transportation is less costly but may not be convenient as to time and space. Cars or vans for rent in the Philippines is a good

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05
February
(Post viewed 371 times)

Requirements for BIR Tax Exemption of Non-stock, Non-profit in Philippines

By: Tax and Accounting Center Philippines Under Revenue Memorandum Order No. 20-2013 (RMO 20-2013) dated July 22, 2013 entitled “Prescribing the Policies and Guidelines in the Issuance of Tax Exemption Rulings to Qualified Non-Stock, Non-profit Corporations and Associations under Section 30 of the National Internal Revenue Code of 1997, as amended”,

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03
February
(Post viewed 700 times)

Value Added Tax Zero-rating on Sale of Services Philippines

By: Tax and Accounting Center Philippines As a rule, gross receipts from services rendered in the Philippines by a value added tax (VAT) registered or registrable seller is subject to 12% value added tax (VAT).  Such 12% value added tax in the Philippines is passed on by the seller to

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30
January
(Post viewed 396 times)

BIR Tax Exemption of Non-stock, Non-Profit Corporations Philippines

By: Garry S. Pagaspas Once again, the Bureau of Internal Revenue (BIR) has been under fire lately with the issuance of the  Revenue Memorandum Order No. 20-2013 (RMO 20-2013) dated July 22, 2013 entitled “Prescribing the Policies and Guidelines in the Issuance of Tax Exemption Rulings to Qualified Non-Stock, Non-profit

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29
January
(Post viewed 182 times)

Value Added Tax Zero Rating on Goods and Properties Philippines

By: Tax and Accounting Center Philippines As a rule, sale of goods or properties in the Philippines by a value added tax (VAT) registered or registrable seller is subject to 12% value added tax (VAT).  Such 12% value added tax in the Philippines is passed on by the seller to

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27
January
(Post viewed 300 times)

2014 AFA-PICPA Accountancy and Tax Conference – Cebu Philippines

By: Tax and Accounting Center In an effort to harmonize with internationalized accounting practice, the Philippine Institute of Certified Public Accountants (PICPA) joined hands with ASEAN Federation of Accountants (AFA) for the “2014 AFA-PICPA Accountancy and Tax Conference” under theme, “ASEAN Integration 2015:Rising the Challenge” held in last January 24-25, 2014

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20
January
(Post viewed 4187 times)

Electronic Alphalist of Employees and Payees in Philippines

By: Garry S. Pagaspas In another effort to enhance tax compliance in the Philippines, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 1-2014 dated December 17, 2013 on submission of alphabetical list or alphalist of employees and list of payees on income payments subject to withholding taxes in

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09
January
(Post viewed 243 times)

Components of Audited Financial Statements in Philippines

By: Garry S. Pagaspas For a simple layman or average entrepreneur, financial statement is just a simple document that needs to be signed by a certified public accountant in the Philippines and needs to be attached to the annual income tax return. On a technical sense, they, are not just

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08
January
(Post viewed 1193 times)

Accreditations of Independent CPA Auditors in the Philippines

By: Tax and Accounting Center Philippines Under the present rules applicable to registered and licensed certified public accountants in the Philippines, not all of them can just conduct an audit and sign in the audited financial statements. Before one could conduct an audit of the financial statements in the Philippines

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06
January
(Post viewed 635 times)

SEC Rules on Deposit for Future Subscription in the Philippines

By: Garry S. Pagaspas, CPA Fore registration of a corporation in the Philippines, capitalization is regulated as to minimum amount and is affected by nature of operations, extent of foreign ownership, targeted export market, and other factors. On top of the minimum amount, corporation should be aware of the funding

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02
January
(Post viewed 412 times)

Mandatory Audited Financial Statement with SEC Accredited CPA

By: Tax and Accounting Center Philippines An independent certified public accountant (CPA) in the Philippines may not be able to conduct an audit on any and all entities, corporations, and organizations. This would mean that an independent CPA auditor in the Philippines should be qualified and accredited in order for

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