Be updated on our latest insights

The Department of Labor and Employment (DOLE) recently issued Labor Advisory No. 03, Series of 2018, providing the rules for pay during the special non-working days on February 16 and 25, 2018, pursuant to Proclamation No. 269, which covers companies that are observing the “no work, no pay” policy or the equivalent of 250 to 252 factor days in a year.

THE Securities and Exchange Commission (SEC) issued Memorandum Circular No. 03 dated Jan. 22, setting the due dates for submitting the annual financial statements (AFS) and general information sheets (GIS).

THE Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 6-2018 revoking RR No. 12-2013, relative to the deductibility of certain expenses.

AMONG the changes brought about by the implementation of Republic Act No. 10963 or the TRAIN Law are the revised tax rates for final tax and percentage tax. However, the tax returns/forms for these taxes have not yet been updated and reflected in the electronic Filing and Payment System (eFPS) and electronic BIR (eBIR) forms. Pending the revision or enhancement of the returns/forms, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 2-2018 on Jan. 8.

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No.1-2018, lowering the expanded withholding tax (EWT) rate on income payments to self-employed individuals and professionals to eight percent from 10 percent or 15 percent, regardless of the amount of income payment.

IN line with Republic Act (RA) No. 10963, also known as the “Tax Reform for Acceleration and Inclusion (TRAIN)”, the Bureau of Internal Revenue (BIR) has circularized the revised withholding tax table through its Revenue Memorandum Circular (RMC) No. 105-2017.

TO ease the burden of common taxpayers and to provide additional resources for funding social and economic infrastructure that will benefit the poor, President Rodrigo R. Duterte signed into law on Dec. 19 Republic Act (RA) No. 10963. Also known as the “Tax Reform for Acceleration and Inclusion (TRAIN),” the Act amends and repeals certain provisions of the previously amended RA No. 8424, otherwise known as the National Internal Revenue Code of 1997.

THE Bureau of Internal Revenue issued Revenue Regulations (RR) No. 7-2017 to amend certain provisions covering taxation on sale of gold and other metallic mineral products to the Bangko Sentral ng Pilipinas (BSP). RR No. 7-2017 reduces the BSP’s obligation as withholding agent of the creditable withholding tax on mineral sales from a withholding tax rate of five percent to one percent.