THE Bureau of Internal Revenue recently issued Revenue Memorandum Circular (RMC) No. 85-2017, reiterating the value-added tax (VAT) treatment of sales to government, particularly on the preparation of the approved budget for the contracts (ABC) of government projects, pursuant to existing regulations.
WITH the primary purpose of providing timely social security benefits to employees who are unable to work due to sickness, injury, child birth, or miscarriage, SSS Circular No. 2017-006 reminds employers to pay the following benefits in advance:
TO make transactions with the Home Development Mutual Fund (Pag-ibig) more convenient and secure for its members, Pag-ibig can now release short term loan (STL) proceeds to its members through the Development Bank of the Philippines (DBP) prepaid card starting Sept. 21, aside from the existing means through checks, Citibank’s prepaid cards and Landbank cash cards.
TO uphold social welfare for the disadvantaged or indigent communities, Batas Pambansa Bilang 702, as amended by Republic Act No. 10932, prohibits the demand or acceptance of deposits or advance payments as prerequisite for administering basic emergency patient care and medical treatment, including confinement; and the refusal to administer emergency medical treatment or support to a patient in a hospital or medical clinic.
THE Supervision and Examination Sector (SES) of the BSP is responsible for determining the sound operation of banks and other BSP-supervised financial institutions (BSFIs).
THE Bangko Sentral ng Pilipinas (BSP) recently issued Memorandum M-2017-025 which reminds all banks and non-stock savings and loans associations (NSSLAs) on the compliance with the regulations governing fees on dormant deposit accounts. Read more: http://www.sunstar.com.ph/cebu/business/2017/09/19/tax-notes-regulations-governing-fees-dormant-deposit-accounts-564783 Follow us: @sunstaronline on Twitter | SunStar Philippines on Facebook
The Securities and Exchange Commission (SEC) approved the adoption of the following pronouncements as part of its rules and regulations on financial reporting:
ALL persons engaged in trade or business, or in the practice of profession registered with the Bureau of Internal Revenue (BIR) are required to maintain books of accounts. The registered taxpayer determines which type to adopt as allowed by BIR – (1) manual books of accounts, (2) computerized books of accounts/computerized accounting systems (CAS), or (3) loose-leaf books of accounts. Should the taxpayer opt to use either the computerized or loose-leaf books of accounts, he must file an application for permit to use (PTU) with the BIR.
