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BRP Opinion Anatomy of Philippine Poverty
At this modern time of general abundance in the world and, particularly, in our part of the world, we find our country with an incongrous incidence of widespread poverty.
A Hopeful Journey Ahead P&A Foundation Inc., PICPA and ACPACI, commence the 25th Search for Outstanding Accounting Students of the Philippines
The journey begins now, and it is a promising path ahead. The Search for Outstanding Accounting Students of the Philippines (SOASP) enters its 25th year to another momentous milestone as it celebrates and highlights outstanding accounting students nationwide.
Tax Notes BIR clarifies tax treatment of interest on borrowings
Several issues and concerns emerged for taxpayers due to the disparity in computing interest expenses for presentation in tax returns and financial statements. With this, the BIR issued Revenue Memorandum Circular No. 19-2024 on February 5, 2024, which aims to provide clarification on how interest expenses related to the taxpayer’s profession, trade or business, and other related matters should be treated for tax purposes.
Let's Talk Tax New rules for tax treatment of foreign currency transactions
It is common for taxpayers dealing with foreign entities, whether for purchases or sales, to have transactions in foreign currency. Therefore, it is important for taxpayers to be guided by the rules governing the use of forex rates in business transactions.
Tax Notes Cross-border transactions subject to tax
The Supreme Court, through its decision in Aces Philippines Cellular Satellite Corp. (Aces Philippines) vs. Commissioner of Internal Revenue (G.R. No. 226680, August 30, 2022), ruled that the airtime fees Aces Philippines paid to its related party, Aces Bermuda, under an airtime purchase agreement are considered sourced from the Philippines and are therefore subject to withholding tax.