Tax Alert 2015: Mandatory Use and Online Enrollment of EBIRForms as prescribed by RR 5-2015 for NON-EFPS filers or Manual Filers
Philippines - The Bureau of Internal Revenue has released a memorandum mandating Non-EFPS Filers or Manual Filers to use the eBIRForms through the issuance of an amendment of the Revenue Regulation 6-2014 under the Revenue Regulations 5-2015 dated March 17, 2015. The...
Statutory Cap Exemption on 13th Month and Other Bonuses From 30k to 82k Is Now A Law Effective CY 2015
Philippines – Another mark on the history of Philippine Taxes is the amendment of Section 32(B)(7)(E) of the National Internal Revenue Code (NIRC) of 1997 where the former statutory allowance of Thirty Thousand Pesos (P 30,000.00) was increased to Eighty Two Thousand...
Philippine CPA’S Code of Governance: A BIG Responsibility
COMMITMENT TO PUBLIC INTEREST, OBJECTIVITY AND TRANSPARENCY As Certified Public Accountants, we shall always remember that we do not live for ourselves and our family alone. We are part of society to which we owe definite responsibilities. Therefore, we shall always...
Lessor’s Mandatory Submission of Lessee Information Sheet as Prescribed by RR 12-2011 – Due Every 31st Day after the Close of Every Semester
Lessors are reminded to monitor and submit to BIR a semi-annual Lessee Information Sheet (see image below) as prescribed by Revenue Regulations No. 12-2011 issued on July 25, 2011. BIR Lessee Information Sheet RR 12-2011 The required Lessee Information Sheet...
Mandatory Submission Of Copies of BIR Form 2316 Certificate of Withholding Tax or Compensation Tax Payment on or Before February 28th
Philippines - The Bureau of Internal Revenue has mandated all employers to submit duplicate copies of its "employee certificate of withholding taxes/payments (BIR Forms 2316)" through the issuance of BIR Revenue Regulations (RR) 11-2013. The ruling only specified...
Christmas Bonus, is it taxable or exempt from tax?
Holiday Greetings! Merry Christmas and a Happy New Year! 🙂 Its holiday season and most organizations are now releasing Christmas bonuses or gifts to its employees. However, did we ever asked ourselves if the Christmas bonus we receive should be taxed or not? If not,...
Common Problems in the Preparation of The Employee Alphalists (BIR Form 1604CF) and How to Possibly Solve Them
The Dilemma Every year, an Annual Alphalist of Employees are prepared and submitted to the Bureau of Internal Revenue on or before January 31st after the close of each year. The business world preparers of the alphalist encounters several issues that occurs year after...
SEC Schedule Dates or Deadlines For the 2015 Submission Of Annual Audited Financial Statements for 2014
Philippines – The Securities and Exchange Commission has passed the SEC Memo Circular Number 23 series of 2014 prescribing the 2015 dates of filing an Audited Financial Statements (AFS) as of and for the year ending December 31, 2014 .
Tax Alert: BIR Downtime starts after December 12, 2014, resumes on January 5, 2015 – What taxpayers need to do?
A BIR System Downtime The Bureau of Internal Revenue issued an interoffice memorandum addressed to all BIR employees and all others concerned about its system downtime due to BIR records purging and archiving that will commence after the working hours of December 12,...