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RMC 9-2013: Clarifying the taxability of association dues, membership fees and other assessments/charges

On January 29, 2013, BIR issued Revenue Memorandum Circular (RMC) No. 9-2013.  The circular is issued to clarify the taxability of ...
0

RMC No. 2-2013: Clarification on Deductibility of Expenses Relating to Purchase of Vehicles

On December 28, 2012, the Bureau of Internal Revenue issued Revenue Memorandum Circular No. 2-2013 clarifying certain provisions of ...
0

Revenue Regulations (RR) No. 2-2013: Transfer Pricing Guidelines

Last January 23, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 2-2013 providing guidelines to transfer ...
0

SEC List of Standards and Interpretations Effective as of December 31, 2012

SEC release an update on the Financial Reporting Bulettin, which is Financial Reporting Bulletin No. 16 on List of Effective Standards ...
0

SEC Memo Circular No. 12: Guidelines on the Disclosure of Transactions with Retirement Benefit Funds

Background Last year, we published about an exposure draft on Disclosure Guidelines on Retirement Benefit Funds.  Recently, on January ...
6

Deductibility of Interest Expense/Allowable Interest Expense

It’s tax season and business and individuals with taxable year ending December 31 are starting to work on financial statements ...
0

Bootstrapping: A technique used in converting coupon rates to zero-coupon rates for PAS 19

I want to share something i learned about bootstrapping.  I want you to be familiar of this concept as it can be applied in determining ...
0

Philippines ‘sin tax’ introduced (revised tax rates on cigarettes and alcohols)

On December 26, 2012, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 17-2012 Prescribing the Implementing Guidelines ...
13

RR No. 14-2012 Proper Tax Treatment of Interest Income Earnings on Financial Instruments and Other Related Transactions

In doing business, individuals and companies usually earn interest income.  These interests income may be derived from investments ...
0

Electronic BIR Forms (eBIRForms) are Now Available

Not so long ago after the release of the Bureau of Internal Revenue (BIR) Interactive Forms, now, the BIR released the Electronic ...
0

Wage Order No. 17 & RMC No. 76-2012: Daily Minimum Wage Rates in the National Capital Region

Wage Order No. 17 was issued on May 17, 2012 to providing a Cost of Living Allowance (COLA) and integrating the existing COLA of P22.00 ...
0

ED: Disclosure Guidelines on Retirement Benefit Funds

The Securities and Exchange Commission has issued an Exposure Draft (ED) on disclosure guidelines on retirement benefit funds which ...