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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
The Philippine Economic Zone Authority (Peza) has released Memorandum Circular (MC) Nos. 2021-049 and 2021-051 to extend work-from-home (WFH) arrangements for registered business enterprises (RBEs) engaged in Information Technology – Business Process Management (IT-BPM) until March 31, 2022.
Christmas is just around the corner. This is particularly true in the Philippines where come September, the holiday spirit is very much alive and felt. Months before Christmas, Filipinos start to put up Christmas trees and spruce up their homes with decorations. Malls and retailers add to the excitement by offering big sales that are oftentimes hard to pass up.
Last month, there was a long, funny Twitter thread that reimagined “The Office” in the COVID-19 era. There can be no doubt about it — the pandemic has ushered in a new reality of work. For one, reconfigurations in the office have become so common as to become the norm.
As President, I will devote my whole six-year term to transform Philippine governance and Philippine society into an inclusive, fair and shared economy.
Across the world, it is estimated that 90% of businesses are small and medium-sized entities. These smaller, less complex entities (LCEs) make a critical contribution to the global economy and comprise the great majority of audits globally. Currently, approximately 130 jurisdictions of the International Federation of Accountants (IFAC) have adopted or partially adopted the International Standards on Auditing (ISAs). The ISAs are designed to be applied to a wide variety of entities, including those whose nature and circumstances are simpler and more straightforward (i.e., LCEs) and those with complex structures and transactions. The International Auditing and Assurance Standards Board (IAASB) recognized that this complexity arising from the application of the ISAs may pose challenges in the audit of LCEs.
On Sept. 15, 2021, the House of Representatives approved on third and final reading House Bill No. 8942, otherwise known as the Ease of Paying Taxes (EOPT) Act.
As businesses prepare to welcome the last quarter of 2021 with hope and silver linings, COVID-19 pandemic-related uncertainties and challenges persist to evolve and disrupt the balance that businesses are trying to strike. The pandemic did not spare financial accounting and reporting of all corporate entities as well. It has further elevated the use of accounting judgements and estimates due to its fluid nature and limited experience in addressing its financial impact. The COVID-19 pandemic is the first economic crisis since the Philippine Financial Reporting Standard (PFRS) 9, Financial Instruments, was adopted and applied for the first time in 2018. PFRS 9 specifies how an entity should calculate expected credit loss (ECL), the estimated expected cash shortfalls on credit exposures such as receivables and other financial assets.
Having connections with a wide array of business partners can go a long way to help your business survive, expand, or even thrive. With work-from-home setups in place, the use of technology is bringing global businesses or entities together in a smaller circle. One way or another, you may find your company associating with a non-resident foreign corporation (NRFC).
