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21
November
(Post viewed 363 times)

AD.HOC Shirts Phils Yolanda Victims Fund Raising

By: Ad.Hoc Philippines Shirts AD.HOC: For this advocacy. Youth on the Move. Blasting in the news, Typhoon Yolanda’s unimaginable strength struck the Philippines, Nov. 8, 2013. The strongest typhoon in the whole world for this year, and one of the deadliest ever recorded in the history, has brought drastic damages

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16
November
(Post viewed 619 times)

My Relief to Guiuan Samar Victims of Typhoon Yolanda Haiyan

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.

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07
November
(Post viewed 362 times)

What input VAT is allowed for VAT refund or tax credit in Philippines?

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

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06
November
(Post viewed 379 times)

Mandatory TIN of Foreigners on SEC Papers in Philippines

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.

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04
November
(Post viewed 705 times)

How to apply Excess Input VAT Refund or Credits in Philippines?

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

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30
October
(Post viewed 352 times)

Accounting and Withholding Taxes on Philhealth Fees

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

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29
October
(Post viewed 3420 times)

Withholding Tax Obligations of Philhealth or PHIC

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

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25
October
(Post viewed 333 times)

Changes to 2012 VAT Audit Program in Philippines

By: Tax and Accounting Center Philippines Under Revenue Memorandum Order No. 20-2012 (RMO 20-2012) the Bureau of Internal Revenue (BIR) has created a VAT Audit Program for 2012 VAT returns where they would concentrate in the examination of quarterly VAT returns starting 2012. Seeing the potential revenue to be generated

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16
October
(Post viewed 404 times)

Tax Compliance under Functional Currency in Philippines

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

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14
October
(Post viewed 1133 times)

2013 Minimum Wage Increase in Philippines

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

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10
October
(Post viewed 352 times)

BIR Tax Compliance of Privilege Stores in Philippines

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

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08
October
(Post viewed 472 times)

Preservation of Books of Accounts and Accounting Records in 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

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07
October
(Post viewed 1134 times)

List of 2014 Philippines Holidays Under Proclamation No. 655

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,

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04
October
(Post viewed 305 times)

Tax Incentives of Tourism Economic Zone Enterprise in Philippines

By: Tax and Accounting Center Philippines Under Philippine Economic Zone Authority (PEZA) rules, a Tourism Economic Zone Locator Enterprise is an establishment and operation within PEZA Tourism Special Economic Zone of sports and recreation centers, accommodation, convention, and cultural facilities and their special interest attraction activities / establishments, with foreign

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