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National Internal Revenue Code of 1997 5th Edition
Most companies will have financial instruments in their portfolios. Their purpose is solely for capital appreciation and income.
Taxes are the lifeblood of our government and, by paying the right taxes, we contribute what is due to society. There are instances, however, that another tax could be imposed by the government of another country on the same income; thus, the establishment of a tax resident status by a taxpayer might be necessary.
The Revenue Audit Memorandum Order (Ramo) 1-2019 was issued as supplement for Ramo 1-2000 (Updated Handbook on Audit Procedures and Techniques Volume 1) and Ramo 1-2008 (Computer Assisted Audit Tools and Techniques) and to provide standardized audit procedures and techniques in auditing taxpayers with related party and/or intra-firm transactions to ensure quality audit.
My wife will be traveling once again. Upon seeing her possible return flight schedules, an interesting, but uninspiring dilemma surfaced: would she take an earlier flight, but will be forced to face Friday night traffic from the airport to our house; or leave a day later to avoid the Friday congestion, but will not be able to spend Saturday with our kids? Such a dilemma, or some other more critical version of it, faces us constantly.
There are people who feel strongly about things—from Twitter wokes who call out people who are against their stand, to people who support the #SaveTheTurtles movement by not using single-use plastic straws; from Facebook commentators who are seen on every Facebook comment thread to political activists who barge out on the streets and protest—who go out of their way just to express how they truly feel about specific issues. And then there’s me, a regular dude who happens to trashpost memes on my social media accounts. I’m a meme lord, you might say.
Last week’s article discussed the accounting treatment for a short-term lease and a lease for low-value assets under the new Philippine Financial Reporting Standard (PFRS) 16 and taxation of operating lease as prescribed in Revenue Regulations (RR) No. 19-86 both for the lessee and the lessor. The discussion also tackled how the lessee and the lessor will record in their respective books various transactions related to leases, such as prepaid rentals and security deposits, and the proper reporting of these transactions for income tax purposes.
THE Philippines is home to individuals and corporations who enter business with other entities outside the country. As follows, Philippine residents earn income from foreign sources. Countries, otherwise called as Contracting States, have entered to tax treaties to make sure that there is no double taxation or double non-taxation on any foreign-sourced income by its residents. Needless to say, tax treaties, which allow for certain income tax benefits, are implemented in the Philippines to encourage foreign trade and investments.
Philippine Financial Reporting Standard (PFRS) 16 is the new accounting standard for lease of assets or arrangements that contain a lease. It became effective on Jan. 1. It replaces Philippine Accounting Standard (PAS) 17, which means that entities reporting under PFRS shall apply this new standard in their lease transactions starting on the effectivity date.
