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Pursuant to RMC 96-2018, premiums paid for group health insurance shall not be considered taxable compensation. Director’s fees, on the other hand, shall not be subject to business tax (VAT or percentage tax).
This Accounting Alert is issued to provide guidance relating to the Securities and Exchange Commission's (SEC or the Commission) resolution regarding some implementation issues affecting the real estate industry brought about by the adoption of PFRS 15, Revenue from Contracts with Customers, as discussed in the Memorandum Circular (MC) No. 2018-14 issued by the Commission on October 29, 2018.
The Department of Labor and Employment (DOLE) has signed Wage Order No. NCR-22 which mandates the P25 increase in daily basic pay in the National Capital Region (NCR) and the integration of the P10 cost of living allowance (COLA) in the minimum wage, thus raising the daily pay in Metro Manila to P537.
Click on the attachment below to download the 2018 issue of Doing Business in the Philippines.
This Accounting Alert is issued to provide guidance on "client money".