Technical Alerts

17 Nov 2016

This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS).

16 Nov 2016

Reduced surcharge of 25% for taxpayers under 3rd consecutive audit (Revenue Memorandum Order No. 64-2016, November 15, 2016) This Tax Alert is issued to inform all concerned on the latest amendments in the policies and procedures to implement the BIR audit program. Under RMO 19-2015, if a taxpayer has been selected for audit for the third consecutive year, the RDO/LTD/LTAD has to submit a written justification to the Commissioner, unless it has been established that the taxpayer has underdeclartion/overdeclaration of income/expense by at least 30%. The deficiency assessment shall be subject to 50% surcharge. Under RMO 64-2016, the surcharge for deficiency assessment is lowered to 25%. The 50% surcharge shall apply only if there is underdeclaration of income or overstatement of expenses/deductions reaching 30%.The RDO/LTD/LTAD can now directly encode the requested audit in eLAMS/eTIS-CMS to be approved by the regional director/assistant commissioner (previously, by the Commissioner). Selection code shall depend on the reason by the taxpayer has been selected.

11 Nov 2016

This Tax Alert is issued to inform all concerned on the latest BIR policy on the issuance of tax clearance where there is pending application for compromise settlement/abatement.

11 Nov 2016

IFRS 15, Revenue from Contracts with Customers represents the culmination of more than five years of cooperation between the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), and will affect almost every revenue-generating business that applies International Financial Reporting Standards (IFRS). While achieving convergence has been challenging and sometimes controversial, the new standard will provide a major boost for investors looking to compare company performance across borders.

10 Nov 2016

This Tax Alert is issued to inform all concerned of BIR’s latest issuance addressing the issue on the unavailability of the Bureau’s eFPS’ to read: