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PH-US at 75: Strengthening ties through sustainable recovery Finance Secretary Carlos Dominguez 3rd © Provided by The Manila Times First of 2 parts (Remarks were delivered at a virtual economic briefing for senior executives of Philippine companies in the US and American companies in the Philippines and Philippine and US officials on April 15, 2021.) THIS pandemic is a test of fiscal stamina, and it was fortunate that when it hit us, the Philippines was financially ready. The fact that the Philippines managed to maintain its solid financial footing over the past year confirm...

Create law in the calendar year 2020 FLOYD PAGUIO APRIL is the busiest month for most accountants, if not all, as the deadline for filing of the annual income tax return (AITR) of registered entities falls on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year (April 15) for entities reporting on a calendar year (December 31). Adding to the heavy workload of accountants are certain recent critical developments affecting the completion of financial statements and audit such as the implementation of a stricter community quarantine status,...

SunStar + April 08, 2021 THE Philippine Economic Zone Authority (Peza) has warned that locators may leave the country because of one of the items vetoed by President Rodrigo Duterte which may have a big effect on the country’s existing foreign direct investors. This was the removal of the extension of availment of tax incentives by existing registered business enterprises (RBEs) given that the “extension of incentives for existing projects is unfair to ordinary taxpayers / unincentivized enterprises and further, only new activities and projects deserve fresh incentives.” Un...

SunStar + April 06, 2021 On March 31, 2021, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprise (Create) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes. The following are the salient provisions of the Create Law, which amends some provisions outlined under the National Internal Revenue Code of 1997: A. Lower corporate income tax Effective July 1, 2020, the CIT rate for corporations will be reduced as follows for t...