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National Internal Revenue Code of 1997 5th Edition
P&A Grant Thornton tax advisory and compliance head Atty. Eleanor Roque was named a Woman in Tax Leader in the Philippines by World Tax in association with the International Tax Review.
THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 122-2019, further clarifying that the submission of Semestral List of regular Suppliers (SRS) has been terminated. The BIR added that the information found under the SRS is already found in the quarterly Alphalist of Payees (formerly the monthly Alphalist of Payees) and in the annual Alphalist of Payees.
On weekends, I travel from my workplace to my province for a quick break from my busy working life. Every time I travel to my home town, I always notice the expanding industry of Philippine Economic Zone Authority (PEZA) enterprises, with special economic zones and technoparks being established in almost every city of my province, wherever I go. In fact, our province is known for its numerous economic zones. This makes me realize the rise in demand for PEZA-registered entities.
Have you ever wondered why you feel so down in the afternoon, maybe even until bedtime, on Sundays? You may be thinking about the activities in the forthcoming work week — an upcoming deadline, seeing another team member whom you don’t work well with, dealing with a demanding client, an uncomfortable working environment, among others. These feelings of anxiety are known as Sunday blues, which can be described as stress in-the-making. If you are experiencing this, you are not alone. In fact, according to a poll conducted by job site Monster, 76 percent of American workers say they get Sunday blues.
IN CONNECTION with section 4C of Bureau of Internal Revenue (BIR) Revenue Regulations (RR) 8-2018, which provides that, “All concerned employees of regional or area headquarters and regional operating headquarters of multinational companies, offshore banking units and petroleum service contractor and subcontractor shall be subject to the regular tax rate,” the BIR issued Revenue Memorandum Circular (RMC) 116-2019 on Oct. 18, 2019.
Last week, we discussed the definition of financial instrument and how it was categorized both for accounting and tax perspectives.
THERE is a widow with two teenagers. Several months have passed since her husband died after years of battling an incurable disease, which drained the family’s financial resources.
EFFECTIVE Jan. 1, 2019, entities reporting under Philippine Financial Reporting Standards (PFRS) shall follow the new PFRS 16, replacing the previous Philippine Accounting Standard (PAS) 17. PFRS 16 introduces short-term leases and low-value assets, as well as the right of use asset (ROUA) in the recognition of leases.
