1 2 3 4 5 6 7 8 9 10

Clarifications on the accounting and tax treatment of leases

06 Feb 2024

This Tax Alert is issued to inform all concerned on the clarifications on the differences between the accounting treatment of leases under Philippine Financial Reporting Standard (PFRS) 16 and the tax treatment of leases under the Tax Code of 1997, as amended, and related revenue issuances, on the part of the lessee.

Clarifications on the accounting and tax treatment of foreign currency transactions

02 Feb 2024

This Tax Alert is issued to inform all concerned on the clarifications on the differences between the treatment of foreign exchange (forex) gains/losses recognized in the financial statements prepared under the Philippine Financial Reporting Standards (PFRS) /Philippine Accounting Standards (PAS) and the forex gains/losses recognized as income or allowable deductions for income tax purposes pursuant to Tax Code of 1997, as amended, and related revenue issuances.

Submission of 2023 Alphalist of Employees extended until February 28, 2024

26 Jan 2024

This Tax Alert is issued to inform all the concerned of the extension of the deadline of submission of the alphalist of employees as attachment to BIR Form 1604-C for the taxable year 2023 from January 31, 2024 to February 28, 2024.

VAT-exempt threshold for sale of house and lot and other residential dwellings increased to P3.6M

26 Jan 2024

To ensure that you are ready when the BIR conducts tax mapping operations, please prepare your books of accounts, ensure updated recording, display your Certificate of Registration 2303, BIR form 0605 RF, NIRI (Notice to issue receipts/invoices). These must be displayed in any conspicuous place of business establishment and available for inspection.

Insights into PFRS 2 - Share-based Payments

22 Jan 2024

This accounting alert is to issue the first two articles in our new series Insights into PFRS 2 - Share-based Payments.