12 August 2015
Aimee writes: "Under the Corporation Code, no corporate name may be allowed by the Securities and Exchange Commission (SEC/Commission) if the proposed name is identical, patently deceptive, confusing or contrary to existing laws.
5 August 2015
Last June, no less than the Court of Tax Appeals (CTA) reminded us of the truth and application of this time-honored doctrine of law in an action for recovery of erroneously paid taxes (CTA Case No. 8147 dated 22 October 2014 as amended on 10 June 2015). In this case, the taxpayer was issued a Preliminary Assessment Notice (PAN) in connection with a tax investigation covering the taxable year 2002. Due to the execution of four consecutive waivers, the PAN was issued only in 2008, or five years after the filing of the tax return.
3 August 2015
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (‘the Boards’) have proposed to require all leases to be reported on balance sheet. The impact on lessee financial reporting, asset financing, IT, systems and controls could be substantial.
29 July 2015
For people who know each other well, non-verbal communication may transcend the limits of words. One can choose to be silent, and still be understood. This, however, may not hold true for all occasions. Sometimes, we need to speak up in order to be heard and understood.
22 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
8 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
Availability of eBIRForms Package Version 5.0
1 July 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”.
30 June 2015
Tax Managing Partner Malou Lim shared her insights on the concerns raised by business sectors on the proposed Tax Incentives Management and Transparency Act (TIMTA) in a focus group discussion (FGD) last 1 July at the Senate.
24 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
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 (www.peza.gov.ph) by clicking the icon “e-ARS” or going directly to the URL http://ears.peza.gov.ph.
16 June 2015
Tax Director Brando Cabalsi talked about fundamentals of taxation and the issues that have a direct impact on the profitability of Public-Private Partnership (PPP) projects in the Philippines.
10 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
Availability of eBIRForms Package Version 5.0
9 June 2015
Provisional Permit to Use CRM/POS machine/other sales machine/receipting software
8 June 2015
Amendment on the Guidelines and Procedures on the Use of Corporate and Partnership Names
3 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
Profile of Assurance Partner, Rodel C. Acosta
2 June 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 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
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
Extension of the period of optional use by PEZA enterprises of the BOC's e2m Transshipment System for Import Cargoes
22 May 2015
Implementation and use of LRA's PHILARIS for automated verification of eCARs
20 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.