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Upward and forward… the cloud way

The Philippine business ecosystem today is at an interesting crossroads. What makes the “Philippine story” unique is the presence of numerous mid- to large-sized...

Why not make FQ like EQ?

With the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) law, tax forms have been revised and new tax forms have been...

Technology and tax

We live in a time of automation, paperless transactions, online shopping and online booking services, and there are no signs the development of such...

Closing smarter — not harder

I transferred recently from PwC US to PwC Philippines in October 2017. Since then, I have gotten to know many talented and highly skilled...

Global guide for fighting tax crimes

One of the key indicators of how progressive a tax system is in any jurisdiction is its ability to address and prosecute tax crimes....

A whistle-blower’s dilemma

What could happen to an organization if a trusted person is in fact the thief himself -- a wolf in sheep’s clothing? To conceal...

Forgive and follow through

For Christians, Easter is the culmination of the Lenten Season when the faithful are called to repent for sins committed. Everyone needs a second chance,...

Making a choice — for good

Before the enactment of the Tax Reform for Acceleration and Inclusion (TRAIN) bill, the income tax of self-employed and/or professionals was subject to graduated...

Unraveling the secrets of ERM

If we liken businesses to machines, risk management would probably be those cogs scattered throughout that are so tiny one cannot help but overlook...

Revisiting the privacy requirements

People, especially the youth, are said to measure their worth based on the number of likes that they get from their posts on social...

Inconsistencies in the IAET

The concept of improperly accumulated earnings tax (IAET) has been present in our jurisdiction even prior to the 1939 Tax Code. Although it was...

No love withheld with RR No. 6-2018

Love is a concept we do not usually associate with taxation. In fact, one could say that the two are quite the opposite: while...

Superfluous tax incentives: Make it real

2018 opened with a bang as the effects of the first package of the government’s comprehensive tax reform program (also known as the TRAIN)...

Doing away with unintended gifts

What is it that evokes a childlike delight in us when we receive a gift? Personally, I think it is the absence of any...

Of alphabets and alphalists

Once in a while, especially in moments of stress, we find ourselves looking back to our childhoods. Back then, life was simple, and one...

Zeroing in on the vetoed VAT provisions

When the Tax Reform for Acceleration and Inclusion (TRAIN) bill was signed into law, one of the more notable provisions was the shortening of...

VAT refunds from this day forward

MOST PEOPLE are delighted to jump-start 2018 with their new set of bucket lists such as #travelgoals, #fitnessgoals, and of course, #relationshipgoals. On the corporate...

Finally, the TRAIN passes

On Dec. 19, President Rodrigo Duterte signed into law Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN), to...

Wrapping up the year

The year is almost over but the compliance obligations of taxpayers and businesses continue until May. In addition to the periodic reportorial requirements of...

Regarding independent consultants

IN THE CURRENT WORLD of advanced technology, when work can be done wherever you are at a time most convenient to you in the...

Due process in a tax assessment

As a democratic nation, every Filipino is entitled to due process as enshrined in Section 1, Article III of the 1987 Philippine Constitution. When a motorist...

That piece of paper

In filing a value-added tax (VAT) refund claim, the law provides two stages — the first is at the administrative level and the second...

Organizational soul searching (Part 2)

As we continue our organizational introspection, we cover the foundational components of enterprise risk management (ERM) and their supporting principles: Governance & Culture and...

Organizational soul searching (Part 1)

The past few days have allowed most of us a break from the daily grind: to visit and remember our dearly departed, spend more...

The finality of the expanded withholding tax return

Compliance with tax filing and payment obligations in the Philippines is tedious and often stressful for any business. In one taxable year, even a...

More ease on the loose

Most taxpayers are familiar with two types of books or accounting records — those that are prepared manually, and those that are generated by...

The new COSO ERM framework

Whenever we talk about risk management, what often comes to mind are worst-case scenarios, additional capital requirements, and crisis-management plans; the kind of things...

House Bill No. 5636 vs Senate Bill No. 1592: Which is...

On Sept. 20, the Senate Committee on Ways and Means filed its version of the Tax Reform for Acceleration and Inclusion (TRAIN) bill. There...

Doing our share: Collecting and paying the correct taxes

“The Golden Age of Infrastructure” is one of the key economic programs of the Duterte administration. To finance these massive infrastructure projects, the government...

Property investment not subject to VAT

Riding a favorable economic landscape, the Philippines is projected to sustain a 6.5% growth rate this year fueled by the government’s aggressive spending on...

Tax assumption is not a tax exemption

When tax laws are implemented stringently, the Exchange of Notes between two governments could provide investors relief from tax liability. This agreement avoids double...

Seeing the future by overturning conventional wisdom

People today take automobiles for granted. In the early 1900’s, people thought it was a remarkable thing to replace the horse and buggy. Today,...

Maximizing benefits from ASEAN Free Trade Agreements

THE Association of the Southeast Asian Nations (ASEAN) celebrated a milestone on Aug. 8 with its 50th anniversary, with the Philippines as the chairman...

Tax holiday for inclusive business models

Package two of the country’s tax reform initiatives will take a look at how to rationalize fiscal incentives. Certain factors that are being considered...

Another look at the tax-exempt status of charitable institutions

Tax exemptions are often met with reservations and must withstand the strict scrutiny of revenue collectors. After all, taxes are the driving fuel that...

What the legislature grants, it can take away

Taxwise Or Otherwise By Abigael Demdam While queuing for more than an hour just to catch a ride home, I noticed commuters in front of me...

A Letter Notice cannot substitute for a Letter of Authority

 Taxation is the lifeblood of the government. Through the collected taxes, the government is able to fund the increasing need of its people for...