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DOF to Fund UHC Law Despite PhilHealth Allegations
WebDOF To Fully Fund the UHC Law Despite PhilHealth Issues. The Department of Finance (DOF) assures the public that the government will fund the Universal Health Care (UHC) law despite corruption allegations against the Philippine Health Insurance Corporation (PhilHealth). Finance Secretary Carlos G. Dominguez III states …
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URL: https://ahcaccounting.com/dof-to-fully-fund-the-uhc-law-despite-philhealth-issues/
BIR Allows Incentives For Imports of COVID-19 Essentials
WebBIR Offers Tax Incentives For Production and Imports of COVID-19 Essentials. The Bureau of Internal Revenue (BIR) allows manufacturers and importers of COVID-19 essentials to enjoy fiscal incentives during the COVID-19 pandemic. Finance Secretary Carlos Dominguez III and Revenue Commissioner Ceasar Dulay signed the …
Salary Differential for Maternity Benefits Now Tax-Free
WebSalary Differential Now Tax-Free Under Expanded Maternity Leave Law. The salary differential under Republic Act No. 11210, otherwise known as “The Expanded Maternity Leave Law” is now tax-free because it is considered a benefit, according to the Bureau of Internal Revenue (BIR).. BIR’s Revenue Memorandum Circular (RMC) No. …
Accounting Challenges That Startups Face and How to Avoid Them
WebRunning a small business entails a lot of paperwork. Keeping track of all the bills, receipts, and invoices can be a challenge. Transitioning to a paperless system can make your records more accurate, timely, and organized. Two solutions are available to modernize your accounting: smartphone apps and computer software.
Leandro, Author at AHC Certified Public Accountants
Web29 Oct: BIR Releases Tax Residency Issuance Guidelines. The Bureau of Internal Revenue (BIR) released the guidelines for the issuance of a Tax Residency Certificate (TRC). This measure prevents unqualified taxpayers from availing tax treaty benefits and mandates the creation of a database of Filipino residents with foreign-sourced income.
Financial Reporting
WebFinancial reporting allows Clients to present transparency and legitimacy on behalf of the business. The following documents disclosed for financial reports are curated and presented to clients for review and approval: Trial Balance. A trial balance report is created to list down all ledger accounts and their respective balances.
DOF Expects Implementation of Tax-Related Digitization Projects
WebDOF Expects Implementation of Tax-Related Digitization Projects in the Philippines. The Department of Finance (DOF) is expecting a nationwide implementation of the fuel marking program along with several digitization projects to improve tax administration in the Philippines in 2021.. The measure aims to utilize new technologies …
3 Ways to Make the Most Out of Your Accountants in the Philippines
WebAccording to Forbes, a good accountant can effectively map and draw the relevant information and incorporate some questions, but focusing more on the basics will give you less time to receive an informed opinion on your business health from a tax point-of-view. Ask about constructive insights too. They are ideal for creating a well-detailed
Guide on the Salient Features of CREATE Act in the Philippines
Web22% -2025. 21% – 2026. 20% – 2027 onwards. CIT rates for other entities shall also be reduced from 30% to the following: 20% for domestic corporations with total assets of ₱100M and below, and with net taxable income of ₱5M and below (effective July 1, 2020) 25% for non-resident foreign corporations (NRFCs) (effective January 1, 2021
BSP and DOF Supports Bill Adjusting Deposit Insurance Limits
WebThe Bankers Association of the Philippines President Jose Veloso added that “When indexed to inflation the ₱500,000 [deposit insurance] should be adjusted to ₱675,000. Determining the limit should be left to the board of the PDIC to allow for timely adjustments. Maximum limits should reflect the depositor profile and seek to protect the
BIR Releases Rules on VAT Zero-Rating of Goods and Services
WebBIR’s RR 3-2023 was released on April 2023. It states that “in all instances in issuing the VAT zero-rating certification, the concerned IPA shall be guided by the rule that such local purchases of services are directly attributable to the registered project or activity without which such registered project or activity cannot be carried out
Lawmaker Urges Extension of AITR Filing Deadline Amid ECQ
WebLawmaker Urges DOF and BIR For Extension of AITR Filing Deadline Amid ECQ. Deputy Speaker Rufus Rodriguez calls the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) to extend the deadline for the filing of annual income tax return (AITR) by at least 30 days.. At present, the deadline for the filing of AITR for the …
DOF Pushes To Complete GUIDE Bill by Mid 2022
WebDOF Vows to Push the Passage of GUIDE Bill by Mid 2022. The Department of Finance (DOF) announced on Monday, May 3, its plans to complete the passage of the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill by mid-2022. DOF Finance Secretary Carlos G. Dominguez …
Types of Outsourced Accounting Services in the Philippines
WebCPAs compile and maintain accounting books by recording and updating all pertinent information while ensuring the accuracy of the client’s financial data. They create financial reports for clients looking to disclose their financial performance with board members, stakeholders or the general public. They also analyze adjusting entries at the
BIR Released Tax Regulations for Offshore Gaming Operators
WebBIR Released Tax Rule Mandating Increased Taxes on Offshore Gaming Operators. The Bureau of Internal Revenue (BIR) has released regulations imposing higher taxes on offshore gaming operators in the Philippines.. Under the Republic Act (RA) 11590, those offshore gaming licenses substantially Chinese operated that failed to comply with …
The Administration OKs VAT Refund Program for Foreign Tourists
WebThe Administration Approves VAT Refund Program for Foreign Tourists by 2024. The administration gave the go signal for the Value-Added Tax (VAT) Refund Program for foreign tourists by 2024 to further improve tourist arrivals in the country.. This program would allow foreign visitors to get a refund on the VAT for the products they …
Frequently Asked Questions (FAQ) Accounting and Bookkeeping …
WebThe BIR also requires annual income tax returns to be accompanied by audited financial statements. The SEC and BIR may impose penalties for failure to submit financial statements and tax returns on time. Frequently Asked Questions for Accounting/Bookkeeping and Financial Services in the Philippines | AHC Certified Public …
BIR Releases Guidelines on Filing and Payment of Income Tax …
WebThe Bureau of Internal Revenue (BIR) releases Revenue Regulations (RR) No. 11-2020, pursuant to section 4(z) of the Republic Act No. 11469, otherwise known as “Bayanihan to Heal as One Act”, amending Section 2 of the RR No. 7-2020 further extending the deadlines for submission, filing, and payment of significant documents and/or taxes …
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