Be updated on our latest insights

In August 2015, the Cebu Chamber of Commerce and Industry (CCCI) together with the Financial Executives Institute of Cebu, Inc. (FINEX Cebu), the Confederation of Philippine Exporters Foundation (Cebu), Inc. (PHILEXPORT Cebu), and the Philippine Institute of Certified Public Accountants -- Cebu Chapter (PICPA -- Cebu) submitted a position paper to the Department of Finance (DoF) requesting amendments to the Bureau of Internal Revenue Importer Clearance Certificate (BIR-ICC) and BIR Customs Broker Clearance Certificate (BIR-BCC) requirements in relation to the accreditation of the importer and customs broker, respectively. To date, the petitioners have not received feedback from the DoF. Hence, I reprint below the significant parts of the position paper.

Tax rules seem to be constantly changing. Unless the taxpayer regularly looks up the latest issuances from the Bureau of Internal Revenue (BIR) and court decisions, or has a battery of tax advisors to do these for him, or attends periodic tax seminars, keeping track of developments in the rules can be difficult.

Does your company have an on-going tax assessment covering tax year 2012? If yes, then it is likely that you have already been asked to execute a waiver on the statute of limitations.

It is day 12 of 2016. Corporations, partnerships, professionals and sole proprietorships should already be working on the renewal of their respective business registration/permits with the local government units (LGUs). I’m sharing in this article some issues that business establishments may encounter in the renewal of their business registration.

As the New Year sets in, tax investigations which were suspended by virtue of RMC 75-2015 will also resume. Fortunately before 2015 ended, the Court of Tax Appeals (CTA) promulgated a decision which may give hope to taxpayers under investigation.

Now that the gifts have been unwrapped and the countless Christmas parties are done, we now look to the preparations for the new year. Some of us are probably still enjoying the much needed vacation while some of us are back at the office looking forward to the next set of holidays which start tomorrow. Soon after, we will bid adieu to 2015 and welcome the new year -- what better time to look back at the events that shaped our lives in the past year?

The Asia-Pacific Economic Cooperation promotes free and open trade and investment thereby increasing competition throughout the Asia-Pacific region. This makes it an opportune time to offer an attractive business environment to foreign investors.

India’s young, growing workforce and China’s ageing population put Asia’s two great economies at either end of the age dividend. In this article we explore how businesses will need to respond. Harish HV, a partner at Grant Thornton India, says giving young workers the freedom to be creative can drive innovation and growth The figures tell the story: India’s population today is around 1.3 billion, and it’s projected to reach 1.4 billion before long. More than half of that population is under 25 and with over 200 million of that segment between the ages of 18 and 25, India has a strikingly young workforce.