Philippine taxation

Latest issues

Simplified tax exemption for nonprofit schools

29 Sep 2016

Nonstock, nonprofit educational institutions may have reason to be upbeat this school year with the issuance of Revenue Memorandum Order (RMO) No. 44-2016, excluding them from the renewal requirements of their tax exemption status. Readers may recall that in 2013, the Bureau of Internal Revenue (BIR) issued RMO No. 20-2013, requiring nonstock, nonprofit organizations under Section 30 of the National Internal Revenue Code (NIRC) to secure confirmatory BIR rulings or certificates of tax exemption by submitting an application and supporting documents for evaluation. However, this requirement was declared null and void as far as nonprofit schools were concerned when a Regional Trial Court in 2014 cited the constitutional protections enjoyed by such institutions.

Amendment to IFRS 2 – Share-based payment

28 Sep 2016

On 20 June 2016, the IASB issued an amendment to IFRS 2, ‘Share-based Payment’, addressing three classification and measurement issues. The amendment addresses the accounting for cashsettled, share-based payments and equity-settled awards that include a ‘net settlement’ feature in respect of withholding taxes.

Obey or pay: Implications for personal information controllers and processors

22 Sep 2016

A couple of months ago, I wrote about the draft Implementing Rules and Regulations (IRR) of the Data Privacy Act (DPA) of 2012 and the rights of the data subject. As promised, here is the second part where I will share my thoughts on how the IRR will impact organizations as either personal information controllers (PICs) or personal information processors (PIPs).

Tax Alert No. 38 [Revenue Memorandum Circular No. 85-2016 dated 3 August 2016]

18 Aug 2016

Further Clarification on the Suspension of Audit Pursuant to Revenue Memorandum Circular No. 70-2016

Read all Tax Alerts

Simplified tax exemption for nonprofit schools

29 Sep 2016

Nonstock, nonprofit educational institutions may have reason to be upbeat this school year with the issuance of Revenue Memorandum Order (RMO) No. 44-2016, excluding them from the renewal requirements of their tax exemption status. Readers may recall that in 2013, the Bureau of Internal Revenue (BIR) issued RMO No. 20-2013, requiring nonstock, nonprofit organizations under Section 30 of the National Internal Revenue Code (NIRC) to secure confirmatory BIR rulings or certificates of tax exemption by submitting an application and supporting documents for evaluation. However, this requirement was declared null and void as far as nonprofit schools were concerned when a Regional Trial Court in 2014 cited the constitutional protections enjoyed by such institutions.

Read all Taxwise or Otherwise

Amendment to IFRS 2 – Share-based payment

28 Sep 2016

On 20 June 2016, the IASB issued an amendment to IFRS 2, ‘Share-based Payment’, addressing three classification and measurement issues. The amendment addresses the accounting for cashsettled, share-based payments and equity-settled awards that include a ‘net settlement’ feature in respect of withholding taxes.

Read all Client Advisory Letters

2016 Tax calendar

28 Dec 2012

This calendar lists all important payments and registration schedules from the BIR, SEC and other agencies.

National Internal Revenue Code of 1997

06 Sep 2007

A codal version of National Internal Revenue Code of 1997 (Tax Code). Including RR 10-2008, RR 16-2008,Consolidated Withholding Tax Regulations, Consolidated Fringe Benefits Tax Regulations

CWT and FBT Regulations Handbook: Philippines 2006

13 Aug 2013

Consolidated Withholding Tax (CWT) and Fringe Benefits Tax (FBT) Regulations Handbook: Philippines 2006