As the country enters the second half of the year, we brace ourselves for the familiar rhythms of the rainy season. This period brings not only cooler temperatures but also relentless rains, unpredictable weather, and, worse, flooding that disrupts daily life. Beyond the inconvenience lies a deeper struggle: homes...
A common guiding principle across accounting, law, and tax is the concept of “substance over form.” That is, the economic reality of a transaction must prevail over its legal form. While this may be the case, tax investigations in the Philippines generally apply a stricter measure in reviewing expenses....
Digital services have become essential in today’s fast-paced world. For businesses, companies increasingly rely on cloud-based tools or enterprise software to enhance efficiency and aid in data-driven decision making, despite the significant investment these technologies often require. Multinational companies (MNCs)...
The CREATE MORE Act ushered in changes to certain documentary requirements for VAT refund claims. Beyond compliance lies a jungle of possibilities and challenges — where does your business stand? Dive into this article to uncover recent updates and explore the intricacies of securing VAT refunds amidst a sea of change.
At first, I was afraid of the complications artificial intelligence (AI) could bring to the practice of transfer pricing (TP). I kept thinking about how TP professionals could adapt with the growing influence of AI. AI is no longer a far-fetched phenomenon; it has transformed and continues to transform how...
The deadline to avail of the estate tax amnesty lapsed on June 16, marking the end of a generous window of opportunity granted under Republic Act (RA) No. 11213, as amended by RA No. 11569 and extended further through RA No. 11956. This three-tiered legislation allowed heirs of decedents who died on or before May 31,...
Software is a cornerstone of modern business innovation and efficiency. From streamlining operations to enhancing the customer experience, it enables organizations to scale, adapt, and thrive. The dynamic nature of software — whether through cloud-based solutions, enterprise applications, or specialized tools — has...
As we enter the second half of 2025, a new and timely tax reform has arrived — one that could influence how Filipinos invest and grow their wealth. On May 30, President Ferdinand R. Marcos, Jr. signed Republic Act No. 12214, or the Capital Market Efficiency Promotion Act (CMEPA). As the name suggests, the law is...
The rules governing procurement have changed significantly over the past three years. In 2022, the Implementing Rules & Regulations (IRR) for the Build-Operate-and-Transfer (BOT) Law underwent two revisions — in March and September, respectively. In April 2023, the National Economic and Development Authority’s (NEDA)...
More than a year has passed since the Philippines became part of the OECD BEPS Inclusive Framework. While the tax authorities here had issued several transfer pricing regulations prior to this, at this time, the country has yet to completely formalize its alignment with some of the requirements provided under the BEPS...
As the digital economy continues to expand, governments worldwide are adapting their tax systems to keep pace. The Philippines is no exception. Starting on June 2, digital services consumed within the country will be subject to a 12% Value-Added Tax (VAT), following the signing of Republic Act (RA) No. 12023 and its...
Tax assessments can be a significant source of worry and concern for taxpayers. The process, from submitting the required documents to dealing with the multiple notices from the Bureau of Internal Revenue (BIR), can feel overwhelming. Certain provisions of the law, particularly regarding due process, can also be...
