Lessor’s Mandatory Submission of Lessee Information Sheet as Prescribed by RR 12-2011 – Due Every 31st Day after the Close of Every Semester

by Greg Aquino | Jan 15, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

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

by Greg Aquino | Jan 14, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

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...

Christmas Bonus, is it taxable or exempt from tax?

by Greg Aquino | Dec 12, 2014 | Lets Talk Tax, Tax Updates

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

by Greg Aquino | Dec 11, 2014 | Accounting Best Practices, Lets Talk Tax

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

by Greg Aquino | Dec 11, 2014 | Accounting Best Practices

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?

by Greg Aquino | Dec 9, 2014 | Tax Updates

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,...