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The 25% surcharge for amended tax returns

Recently, the Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 21-2018. It circularizes the imposition of 25% surcharge, in addition to the...

The 8% tax for self-employed individuals

Now that the tax filing deadline has passed, many taxpayers can breathe a sigh of relief. Taxpayers have gone through one of the most...

Taxpayer’s checklist for boarding the TRAIN

The much-awaited promise to the Filipino taxpayers and one of the government’s crown jewels, the Tax Reform for Acceleration and Inclusion (TRAIN), took effect...

Amendments on compensation tax

My employed friend recently requested me to compute her annual income tax due for the prior year 2017. Her gross compensation from her lone...

Withholding taxes made easier?

We are about to enter the fourth month of implementation of the TRAIN law and, to this day, taxpayers still have questions about withholding...

Status quo on VAT zero-rating of sales to PEZA entities

The Philippine Economic Zone Authority (PEZA) director-general announced that sales of goods and services to PEZA-registered entities shall continue to be subject to 0%...

Tax amnesty to widen the tax net

The term “tax net” refers to “the mechanism for ensuring that people and companies pay their taxes.” A wider tax net means better revenue...

‘Tap on a keyboard and make a living’

According to the October 2000 Awake! magazine article, “Is It Wise to Invest in the Stock Market?,” “the apparent ease of trading stocks online...

Revenue Regulations No. 08-2018 for individual taxpayers

The passage of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) law is considered by many a welcome change, particularly to...

Dealing with tax filing advisories

Since Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect on Jan. 1, the implementation of certain...

Restoration of the Notice of Informal Conference

The start of the year has been good for taxpayers who are under investigation, as new tax rules introduced some changes that will benefit...

Taxpayers’ prayer on Philippine tax reforms

Dear Heavenly Father, We praise You, we glorify You, and we thank You for the countless blessings and guidance that You continuously provide us.  In...

Wish list for tax assessment

Everyone has a wish list. The Merriam-Webster Dictionary defines “wish list” as “a list of desired but often realistically unobtainable items.” I have my...

Hoping for the best on VAT refunds under TRAIN

One of the concerns of corporate taxpayers is how to optimize their assets, including input value-added tax (VAT), for day-to-day operations. When the input...

TRAIN upon death

For individual taxpayers, the offshoot of the approval (and line item veto) of Republic Act No. 10963 or the Tax Reform for Acceleration and...

A promising 2018 with VAT TRAIN

New Year, perhaps, is the most celebrated occasion around the globe. People stay awake to greet midnight, most often, with fireworks and loud noises...

Welcoming 2018 with TRAIN

THE TRAIN stayed on track and reached its destination in time to take effect yesterday, Jan. 1, as targeted.  Republic Act (RA) 10963, otherwise known...

Fewer tax returns to file under TRAIN

Giving gifts on special occasions like Christmas, Valentine’s, birthdays, etc., is a tradition.  Most of us have sent or received lots of Christmas gifts....

The people’s clamor — A loss for a loss

For a long time now, recovering from a loss as massive as being denied of their right to claim a refund for the creditable...

New Year reminders

The holidays are upon us! Homes, offices, shopping centers, and places of worship are adorned with sparkling decorations. Gifts for family, friends, and colleagues...

Year-ender list: Things to keep in mind

It’s that time of the year again —twenty-six days before Christmas. Every year, I look forward to the holiday season — when we have to...

Unintentional falsity not a false return

In one of the seminars I attended, a participant asked about the seemingly unbridled right of the Bureau of Internal Revenue (BIR) to assess...

Improving the quality of tax assessments

Recently, I had a meeting with a client regarding pending tax assessments. He was flying in from his office in another Asian country and...

To CAS or not to CAS?

Can you imagine an Information Technology (IT) company using manual books of account? The Philippines is seen as a hub of global services. In recent...

Let’s keep pace

“The scene of this world is changing. I can’t live in the past. Please help me to keep running because we’re moving fast…” The quote...

Is your company ready for tax reform?

Tax reform has been in the headlines lately. After almost two decades, we are about to see more concrete action towards the much-awaited comprehensive...

Understanding interest on intercompany foreign loans

Our fast-growing economy presents a wide array of opportunities for entrepreneurs. This is especially true with the unveiling of the “Dutertenomics” program by the...

The overlooked part: related party transactions

Time flies — in three months, we will bid 2017 goodbye. For us accountants, the end of the year means the start of busy...

Tax Reform for individuals: Fairer, but is it simpler?

Various portions of the Tax Code of 1997 will be deemed obsolete once the President approves the first package of the Tax Reform and...

How tax-healthy is your company?

I have been hearing interesting stories about how some taxpayers are too afraid of receiving tax assessment notices right at their doorsteps. A colleague of...

Handling your tax assessment: DIY or with a tax agent

It would not come as a surprise if many taxpayers receive tax assessments these days. If they are to stand a chance, it is...

Imposition of value-added tax on tax-free exchanges

Mergers and acquisitions have become popular business strategies for companies looking to expand into new markets or territories, to achieve economies of scale, to...

Like a basketball import, a bargain is not always a good...

Basketball-crazy Filipinos watched the Philippine Gilas team fall short during the recently-concluded 2017 FIBA Asia Championships in Lebanon. The all-Filipino line up fought with...

Tax issues on management fees to foreign corporations

In the arena of international transactions, management and service agreements between interrelated companies within a multinational corporation is an inevitable consequence of globalization. The...