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22 July 2015

Refund of overpaid creditable withholding taxes (Taxwise, 23 July 2015)

Since the issuance of Revenue Regulations No. 12-2013, withholding the correct taxes has become a matter of paramount importance. Under the regulations, failure to withhold the proper tax would result in the disallowance of the related expenses or deductions for income tax purposes, even if the withholding tax is paid in the course of a tax audit.

14 July 2015

Isla Lipana & Co./PwC Philippines promotes new partners (News, July 2015)

Isla Lipana & Co./PwC Philippines promotes new partners

8 July 2015

Liberating the professions: A look at the negative list (Taxwise, 9 July 2015)

The 10th Regular Foreign Investment Negative List (FINL) recently signed by President Benigno S. C. Aquino III prescribes areas of economic activity reserved exclusively to Filipinos and those in which foreigners may participate. The list is comparably shorter to its predecessor, with the bulk of the changes occurring in the section pertaining to the practice of professions. While the Ninth FINL restricted foreigners from engaging in any of the 26 listed professions within the Philippines, the current list cites only five professions reserved for Filipino professionals, namely: Pharmacy, Radiologic and X-ray technology, Criminology, Forestry, and Law. All other professions are now conditionally opened to foreign individuals.

2 July 2015

Tax Alert No. 34 (1 July 2015)

Availability of eBIRForms Package Version 5.0

1 July 2015

New rules: accounting for ‘bearer’ plants (CAL June 2015)

Prior to 2014, IAS 41, Agriculture, required all ‘bearer’ biological assets and the produce growing on the bearer plant (or ‘consumable’) related to agricultural activity to be measured generally at fair value less cost to sell. This is based on the principle that the biological transformation of biological assets is best reflected by fair value measurement. IAS 41 further defines biological transformation as “the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset”.

24 June 2015

ITRs not required in CWT Refunds (Taxwise, 25 June 2015)

The burden of proof to establish entitlement to a refund lies with the claimant, who must positively show compliance with the statutory requirements provided under the Tax Code. d.

17 June 2015

Your PEZA registration (Taxwise, 18 June 2015)

To attract investors to our economic zones, the Philippine Economic Zone Authority (PEZA) recently launched the PEZA Electronic Application for Registration System (e-ARS). This system can be accessed thru the PEZA Web site ( by clicking the icon “e-ARS” or going directly to the URL

10 June 2015

Money laundering in high places (Taxwise, 11 June 2015)

The Insurance Commission recently issued Circular Letter No. 2015-18 to disseminate the United States Financial Crimes and Enforcement Network’s (FinCEN) findings in connection with Banca Privada d’Andorra (BPA), a private banking institution in the Principality of Andorra.

9 June 2015

Tax Alert No. 33 (9 June 2015)

Availability of eBIRForms Package Version 5.0

9 June 2015

Tax Alert No. 32 (9 June 2015)

Provisional Permit to Use CRM/POS machine/other sales machine/receipting software

8 June 2015

Tax Alert No. 31 (8 June 2015)

Amendment on the Guidelines and Procedures on the Use of Corporate and Partnership Names

3 June 2015

Regional integration, capital requirements drive insurance mergers (Taxwise, 7 June 2015)

Mergers and consolidations are becoming a key item to consider for senior insurance executives. According to data from the Insurance Commission, the number of life insurance players has decreased to 31 in 2014 from 33 in 2011. In nonlife, the decline is more apparent, with 70 firms last year compared with 83 in 2011.

2 June 2015

Rodel C. Acosta (Assurance Partner)

Profile of Assurance Partner, Rodel C. Acosta

2 June 2015

Accounting for investments in other entities in separate FS (CAL May 2015)

Investments in other entities would include investments in subsidiaries, associates and joint ventures. Under PAS 27 – Separate Financial Statements (FS), the current applicable standard, these investments should be accounted for atcost, or in accordance with PFRS 9, as long as an entity would apply the same accounting for each category of investments.

29 May 2015

Toastmasters demo meeting jump-starts Communicate with Impact campaign (News, May 2015)

Toastmasters International held a demonstration meeting for PwC last Friday, 29 May at the Learning Room. The limited-slot only event, organized by our Learning & Development (L&E) group, was attended by 25 participants from various groups across the firm.

27 May 2015

Due process in the constructive service of BIR notices (Taxwise, 28 May 2015)

In an En Banc decision last March 2015, the Court of Tax Appeals (CTA) ruled that even if a taxpayer or his duly authorized representative refuses to acknowledge receipt of assessment notices for deficiency taxes issued by the Bureau of Internal Revenue (BIR), personal delivery shall be considered “constructive service” provided that such notices are left at the premises of the taxpayer and such fact is attested to by at least two revenue officers other than the revenue officer who constructively served them.

25 May 2015

Tax Alert No. 30 (25 May 2015)

Extension of the period of optional use by PEZA enterprises of the BOC's e2m Transshipment System for Import Cargoes

22 May 2015

Tax Alert No. 29 (22 May 2015)

Implementation and use of LRA's PHILARIS for automated verification of eCARs

20 May 2015

BIR’s power to interpret tax laws is not absolute (Taxwise, 21 May 2015)

Inherent in the three branches of our government are three core powers granted by the 1987 Philippine Constitution. The authority to make laws and to alter or repeal them is conferred on the Legislative Department. The implementation of laws is charged to the Executive Department. The power to interpret laws, to hear and decide cases when disputes arise, lies with the Judiciary. The existence of these independent co-equal bodies is a fundamental characteristic of a democratic government.

19 May 2015

Rose Javier presents on the R!SE Initiative at ADB Knowledge Partnership Forum (News, May 2015)

PwC Consulting Partner Rose Javier (in photo seated right) gave a presentation on the R!SE Initiative at the Asian Development Bank (ADB) Knowledge Partnership Forum on Innovative Technology and Solutions held last 20 May at the ADB Multi-Function Hall.

18 May 2015

Maria Elisa Elviña-De Lara (Alumni profile)

Alumni profile: Maria Elisa Elviña-De Lara

16 May 2015

Tax - CAS brings joy to kids in Boracay (Corporate responsibility news, May 2015)

Tagged as one of the country’s most famous tourists sites, Boracay Island became the chosen destination of Tax-Client Accounting Services (CAS) for its 2015 summer outing. The group brought with them school bags containing school supplies and slippers which they handed out randomly to children roaming the beaches during the group’s island-hopping activity. The gift-giving served as the group’s Tourism with a Purpose (TwP) activity.

13 May 2015

Culture works (Taxwise, 14 May 2015)

The sun feels closer to us in the summer. The life-giving sun brings about the summer splendor of the Philippines. It also sparks insights for this sequel to the article “Finding the core of an ethics program” I wrote under this column last year.

7 May 2015

Tax Alert No. 27 (7 May 2015)

Clarifying provisions of RR No. 2-2015 on Submission of Copies of BIR Form Nos. 2307 and 2316

7 May 2015

Tax Alert No. 28 (7 May 2015)

Alternative Mode in filing several BIR Forms using the Electronic Platforms of BIR and Re-efiling of all other forms