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25 February 2015

BIR eases importer/broker accreditation process (Taxwise, 26 February 2015)

AROUND this time last year, in a bid to combat smuggling, the Department of Finance (DoF) issued Department Order (DO) No. 12-2014 requiring importers to secure an Importer Clearance Certificate (ICC) from the Bureau of Internal Revenue (BIR) as a pre-requisite for accreditation with the Bureau of Customs (BoC). The DO was later amended by DO No.18-2014 to include custom brokers in its coverage.

24 February 2015

Tax Alert No. 7 (24 February 2015)

Inaction of the CIR within 120 day period is already a denial of the refund claim, thus taxpayer must file an appeal within 30 days from the lapse of the 120-day waiting period.

18 February 2015

Incentives are more than just hospitable gestures (Taxwise, 19 February 2015)

“IT IS UNSOUND practice and uncouth behaviour to invite over guests to dinner at home, then charge them for use of the silverware before allowing them to dine.”

13 February 2015

Tax Alert No. 6 (13 February 2015)

Adjustment of tax exemption ceiling of bonuses

12 February 2015

Benjamin B. Azada (Consulting Principal)

Profile of Consulting Principal, Benjamin B. Azada

11 February 2015

‘No Contact Audit’ revisited (Taxwise, 12 February 2015)

THE BUREAU of Internal Revenue (BIR) has a gargantuan task of achieving its collection target for this year of P1.72 trillion (a significant increase from last year’s target of P1.456 trillion, which was not met). To achieve this goal, the BIR has identified 27 priority programs as explained in a recent circular (RMC 3-2015).

4 February 2015

Proving entitlement to VAT refund (Taxwise, 5 February 2015)

UNDER OUR value-added tax (VAT) system, services rendered in the Philippines by VAT-registered taxpayers for foreign customers engaged in business outside the Philippines which are remunerated in acceptable foreign currency are subject to 0% VAT. Because the sales are zero-rated, the input taxes on the corresponding purchases related to such export services could accumulate and remain unutilized. Fortunately, taxpayers are allowed to recover such excess input VAT credits by filing a claim for refund or tax credit certificate with the Bureau of Internal Revenue (BIR) . In case of denial or inaction by the BIR, taxpayers may file an appeal before the court.

2 February 2015

Malou Lim graces BIR's "Angat Pa, Pinas!" tax advocacy campaign launch (News, February 2015)

Tax Managing Partner Malou Lim represented the Tax Management Association of the Philippines (TMAP) at the launch of the new tax campaign of the Bureau of Internal Revenue (BIR).

1 February 2015

Lawmakers seek Alex Cabrera's views on pending tax bills at Senate hearing (News, February 2015)

Chairman and Senior Partner Alex Cabrera has been a sought-after resource person in public hearings in the Senate to discuss proponent bills touching on taxation.

1 February 2015

Added de minimis benefits (CAL January 2015)

Updates, reiterations and clarifications on selected topics

30 January 2015

Prepare for Work goes to San Beda College and PSBA-QC (News, January 2015)

As part of the series of You Version 2.0: Prepare for Work program, the Human Capital team conducted another run last 31 January 2015, this time at San Beda College - Manila. The course was attended by 65 graduating accountancy students of San Beda College and the Philippine School of Business Administration-Quezon City.

29 January 2015

Fedna Parallag inducted as ACPACI Treasurer for 2015 (News, January 2015)

Tax Partner for Global Compliance and Client Accounting Services Fedna Parallag, was recently inducted as Treasurer and Liaison Director for Meetings of the Association of Certified Public Accountants in Commerce & Industry (ACPACI). The ACPACI officers and directors for 2015 were installed at induction ceremonies held last 30 January at the Bahia Lounge of Hotel InterContinental Manila.

28 January 2015

New year reporting reminders (Taxwise, 29 January 2015)

AS THE title implies, this week’s article is all about the reminders for the upcoming filing deadlines which culminate in the corporate income tax filing deadline on April 15 (at least for taxpayers operating on a calendar year basis).

27 January 2015

Firm awards Cavite’s best and brightest in Accounting Quiz Bowl (News, January 2015)

The Philippine Institute of Certified Public Accountants (PICPA)-Cavite Chapter held its Accounting Quiz Bowl in First Cavite Industrial Estates (FCIE), Dasmarinas, Cavite last 28 January.

26 January 2015

Che Javier takes oath as ACPAPP President for 2015 (News, January 2015)

Assurance Partner Che Javier (seventh from right) was inducted as President of the Association of Certified Public Accountants in Public Practice (ACPAPP) at the 2015 Induction Ceremonies & General Membership Meeting held at the Grand Ballroom of InterContinental Manila last 27 January 2014.

22 January 2015

Prepare for Work Day goes to FEU Manila (News, January 2015)

Continuing our efforts to be distinctive in the way we attract talent, Human Capital (HC) conducted the ''You Version 2.0: Prepare for Work program" for graduating Accountancy students of Far Eastern University (FEU) last 23 January 2015. Now in its second year in FEU, the recent "Prepare for Work day" had 137 students from the FEU Manila and Makati campuses attending.

21 January 2015

Carlos Carado talks at PICPA MM and GAO Regional Conference (News, January 2015)

Tax Partner Carlos Carado was invited as a resource speaker in the 2015 Metro Manila (MM) and Geographical Area Office (GAO) Regional Conference of the Philippine Institute of Certified Public Accountants (PICPA). The event was held on 22 January at the Grand Ballroom of Hotel InterContinental Manila, Makati City.

21 January 2015

A new form for giving (Taxwise, 22 January 2015)

“YOU CAN GIVE without loving, but you can’t love without giving.”

20 January 2015

All about LBT (Taxwise, 17 December 2014)

LIKE IT OR NOT, the Christmas rush is upon us. The harried nature of the season is often characterized by inexplicable traffic, overcrowded shopping centers, work deadlines before the end of the year and calendars marked by this or that party or reunion.

14 January 2015

New update form for foreign corporations (Taxwise, 15 January 2015)

FOREIGN CORPORATIONS operating through a license to do business in the Philippines are covered by the provisions of the Corporation Code. In this respect, similar to domestic corporations, they are regulated by the Securities and Exchange Commission (SEC). Among the obligations of a foreign corporation is the duty to notify the SEC of relevant changes on a timely basis, such as changes in principal office address, accounting period, current set of officers, among others.

12 January 2015

4th Global Portfolio and Programme Management Survey

Our 2014 Portfolio and Programme Management Global Survey received input from a record 3,025 people from 110 countries, providing a truly global view.

9 January 2015

Tax Alert No. 3 (9 January 2015)

Amending Certain Provisions of RMO No. 10-2014, as Amended By RMO No. 33-2014

8 January 2015

Tax Alert No. 2 (8 January 2015)

Amending RR No. 2-98 and 3-98 with Respect to “De Minimis Benefits”

7 January 2015

Additional de minimis benefits (Taxwise, 8 January 2015)

THE HOLIDAYS and gift-giving season may be over for some but it seems it is just getting started as far as our tax officials are concerned.

7 January 2015

Tax Alert No. 1 (7 January 2015)

Amending Further provisions of Sec. 2.57.2 of RR No. 2-98, Particularly Subsection (M), (S), and (W)