Reversion of Regular Corporate Income Tax to 10% for proprietary educational institutions and non-profit hospitals, Percentage Tax to 3%, and Minimum Corporate Income Tax to 2%, effective July 1, 2023

27 Jun 2023

This Tax Alert is issued to inform all concerned on the reversion of the reduced rates of Regular Corporate Income Tax (RCIT) of proprietary educations institutions and non-profit hospitals, Percentage Tax (PT), and Minimum Corporate Income Tax (MCIT) to original rates, pursuant to Republic Act (RA) No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

List of additional and delisted Top Withholding Agents on June 22, 2023

27 Jun 2023

This Tax Alert is issued to inform all concerned on the latest published lists of additional and delisted Top Withholding Agents (TWAs) who are required to deduct and remit the one percent (1%) or two percent (2%) Creditable Withholding Tax (CWT) from the income payments to regular suppliers of goods and services, respectively.

Updated guidelines on late filing and out-of-district filing of tax returns

27 Jun 2023

This Tax Alert is issued to inform all concerned on the amendment of certain provisions prescribed by Revenue Regulations (RR) No. 13-2010, regarding late filing and out-of-district filing of tax returns.

IASB amends PAS 12 to help entities respond to the Pillar Two Tax Rules

13 Jun 2023

This Accounting Alert is issued to circulate the IFRS alert regarding the amendment of IAS 12, Income Tax, to help entities respond to the Pillar Two Tax Rules.

Supplier finance arrangements

13 Jun 2023

This Accounting Alert is issued to circulate the IFRS alert on the Supplier finance arrangements.