By: Garry S. Pagaspas, CPA I had been hearing about the strength of Super Typhoon Yolanda (international name – Haiyan) and was confident as Eastern Samar and Leyte are favorite routes of 19 to 20 typhoons a year so people are used to it based on experiences of past years.
By: Garry S. Pagaspas Under Section 1, Article III – Bill of Rights of the Philippine Constitution and hereunder quoted: “No person shall be deprived of life, liberty, or property without due process of law, nor shall any person be denied equal protection of the laws” The above provision could
By: Garry S. Pagaspas, CPA Securities and Exchange Commission (SEC) in the Philippines issued Memorandum Circular No. 1-2013 (SEC MC 1-2013) dated January 7, 2013 entitled “Mandatory Incorporation of the Tax Identification Number (TIN) of Foreign Investors in All Forms, Papers and Documents Filed with the SEC”. This SEC MC.
By: Garry S. Pagaspas, CPA Value added tax (VAT) rules in the Philippines allows recovery of excess input VAT of taxpayers engaged on certain transactions specified in the National Internal Revenue Code (NIRC or Tax Code), as amended. In this article, let us take up the process of application for
By: Tax and Accounting Center Philippines This is a sequel to our first article on Withholding Tax Obligations of Philhealth. In this article, we would wish to provide sample illustration on Philhealth withholding taxes, and sample accounting entries on the books of the hospital or clinic. Illustration of Philhealth withholding
By: Tax and Accounting Center Philippines This article is tribute to one of our certified public accountant participants in the past seminar who come all the way from Cabanatuan City to participate and enhance her knowledge on withholding tax and value added tax in the Philippines. By this article, we
By: Tax and Accounting Center Philippines Under Revenue Regulations No. 6 – 2006 dated March 16, 2006, the use of functional currency other than Philippine Peso in Financial Statements in the Philippines that will be submitted and in the books of accounts that will be maintained for tax compliance purposes
By: Tax and Accounting Center Philippines The Regional Tripartite Wages and Productivity Board of the National Capital Regions (RTWPB-NCR) issued Wage Order No. 18 dated September 6, 2013 providing for an increase of the 2013 minimum wage increase in the Philippines, and restructuring of cost of living allowance (COLA) for
By: Tax and Accounting Center Philippines Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 16 – 2013 dated August 22, 2013 (RR No. 16-2013) revoking Revenue Regulations Nos. 16-2003 and 24-2003 relating to taxation of privilege stores in the Philippines. Under RR No. 16-2013, privilege stores in the Philippines
By: Tax and Accounting Center Philippines The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 17 – 2013 dated September 27, 2013 (RR No. 17-2013) prescribing the guidelines on the preservation of books of accounts and other accounting records in the Philippines. Preservation within ten (10) years from last
By: Tax and Accounting Center Philippines The President of the Philippines issued Proclamation No. 655 dated September 25, 2013 declaring the regular holidays, special (non-working) days, and special holidays for calendar year 2014 as follows: 2014 Regular Holidays Philippines January 1, 2014 (Wednesday) – New Year’s Day April 9,