Philippine Accounting Updates

Trade online and earn more during COVID-19

To start, this is an investment/trading strategy that is high risk but high return. As COVID-19 continues to spread, a lot of workers are now working from home, working on reduced work days or laid-off. You are lucky if you still have a job. That is why alternative source of income is very important, like…

Remember to file General Form Financial Statements (GFFS)

Congratulations for successfully filing your 2019 audited financial statements! But you might be missing another report for filing with Securities and Exchange Commission (SEC) – the General Form Financial Statements (GFFS) and Special Form Financial Statements (SFFS) for entities falling under specific industry/category. In this article, we’ll focus on GFFS as it’s common for stock…

Clarifications on filing of BIR Form No. 1709 or Related Party Transaction form

The Bureau of Internal Revenue recently issued Revenue Regulations (RR) No. 19-2020 introducing BIR Form No. 1709, replacing form no. 1702H series of 1992. BIR Form No. 1709 is also called Related Party Transaction (RPT) form. Various issues and questions arose from different parties related to the issuance of the RR, prompting the BIR to…

VAT on Digital Services (Netflix, Spotify, Lazada) in PH? Agree?

The government may be in dire need of revenue source as the pandemic goes on and billions of borrowing have been or are being spent to recover. While the government commits to pass a tax reform that will help the country and the economy recover, through the Corporate Recovery and Tax Incentives for Enterprises Act…

Online Businesses should Register and Comply with their Tax Obligations

As we suffer an international health crisis brought about by the COVID-19 pandemic, many businesses and companies were forced to put a halt in their operations and to lay off many of their workforces. For many, they can’t rely on the support coming from the government alone. Due to this event, many Filipinos were forced…

BIR New Income Tax Returns (1700, 1701, 1702) per RR 19-2011

On November 2011, the Bureau of Internal Revenue issued Revenue Regulations (RR) 19-2011 which prescribe the new BIR Forms that will be used for Income Tax filing covering and starting with Calendar Year 2011, and to modify Revenue Memorandum Circular…

Reporting on Information Required by Revenue Regulations (RR) 15-2010 (Q&A)

The Auditing and Assurance Standards Council (AASC) has issued AASC Alert Series 002 of 2011, Q&A on RR 15-2010. This alert was issued to answer common questions on reporting under RR 15-2011 as well as provide illustrative audit report as…

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