December 2015 - Philippine Accounting Updates

Deficiency interest not applicable to VAT, expanded and withholding tax on compensation – CTA

Posted on December 18, 2015 by Orlando Calundan | 0 Comments

We are sharing with you an article written by Wendy C. Go with regards to a Court of Tax Appeals (CTA) decision ruling that deficiency interest is not applicable to value-added tax (VAT), expanded withholding tax and withholding tax on compensation, published…

Banks will no longer accept checks with erasure/alteration effective January 4, 2016

Posted on December 9, 2015 by Orlando Calundan | 2 Comments

Oh, yes, you read it right! Starting January 4, 2015, non-acceptance of checks with erasures, alterations, or deficiencies will be fully implemented by all banks based on Philippine Clearing House Corporation (PCHC) Memo Circular 15-460. This is pursuant to the…

Reminder: Old banknotes good up to December 31, 2015

Posted on December 2, 2015 by Orlando Calundan | 0 Comments

Do you still have old banknotes? You can still be used for daily transactions up to December 31, 2015. From January 1, 2016 up to December 31, 2016, the old banknotes can still be exchanged in authorized agent banks and the…

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Philippine Accounting Updates

Your reliable source of accounting, tax and related updates

Month: December 2015

Deficiency interest not applicable to VAT, expanded and withholding tax on compensation – CTA

Banks will no longer accept checks with erasure/alteration effective January 4, 2016

Reminder: Old banknotes good up to December 31, 2015