Philippine Taxation

Tax Alert No. 45 (20 November 2015)

Further extending the deadline under Revenue Regulation No. 12-2015, for adjusting CRM/POS/other similar machines

Defined benefit plans: Amendments to PAS 19, ‘Employee contributions’ (CAL October 2015)

This amendment clarifies the application of PAS 19, ‘Employee contributions’ (2011) - referred to as ‘PAS 19R’, to plans that require employees or third parties to contribute towards the cost of benefits. The amendment does not affect the accounting for voluntary contributions.

Tax Alert No. 44 (5 November 2015)

Entry into Force, Effectivity and Applicability of the Philippines-Qatar Double Taxation Agreement

Tax Alert No. 43 (3 November 2015)

BIR-accreditation of sales machines/receipting software

Tax Alert No. 42 (16 October 2015)

Circularizing the Protocol Amending the Philippines-France Double Taxation Agreement

Tax Alert No. 41 (12 October 2015)

Amending RR No. 10-2015 on the use of non-thermal paper for invoice/receipt generating machines/software

Clarifying depreciation and amortization methods (CAL September 2015)

Over the years, there are questions on acceptable accounting methods for depreciation and amortization. IAS 16, Property, plant and equipment, and IAS 38, Intangible assets, define depreciation and amortization, respectively, as the systematic allocation of the cost of the asset after deducting its residual value over its expected useful life.

Tax Alert No. 40 (5 October 2015)

Reiterating the information that must be shown on receipts/invoices/other commercial invoices

Tax Alert No. 39 (2 October 2015)

Amending RR No. 7-2010 on the implementation of RA No. 9994

Tax Alert No. 38 (1 October 2015)

Extending the deadline for submission of inventory lists and other requirements under RMC No. 57-2015