How to Process Employer Government Web Portal Registration in SSS?

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There are two ways to process SSS employer web portal registration: online or manually. Kindly move your cursor to the lower middle option with the name “Register” and choose “RegularEmployer”. This will direct you to the online employer user ID registration. You must supply all theneeded information, preferably those with an asterisk. Below will serve as a guide for supplying the information for the initial registration. You may now click the “Submit Button” once you have successfully supplied all the needed information.The screen will show you the status of the registration, which is under validation. The company will beinformed of the result of the registration through the company’s email address. Once the company hasreceived the email, the authorized representative must access the link to proceed with the finalregistration. Below will serve as a guide for supplying the information for the final registration. The employer or representative will receive the status

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4 Advantages of eGOV, an Online Filing and Payment Facility in the Philippines

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There are plenty of ways for government agencies in the Philippines to digitize their collection processes. In fact, eGOV is one of the solutions every employer has been looking for for a very long time. Through eGOV, any employer can do the filing and payment of PhilHealth, Pag-IBIG, and SSS monthly contributions and loans online, conveniently, and without the hassle of going to the branch offices. An employer needs only an internet connection and uses either Internet Explorer, Mozilla Firefox, or Google Chrome as web browsers to access eGOV. eGOV’s availability to private employers is very timely and aligned with the government’s drive to foster electronic payments as well as PhilHealth’s policy on the use of electronic payment partners like BancNet. Manual payments have been around since the beginning of time. The physical transaction—taking goods or services in terms of monetary exchange—is how humans have processed it over centuries. This

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UNVEILING THE CHANGES IN THE STOCKHOLDERS’ MEETING UNDER THE REVISED CORPORATION CODE

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Change is inevitable, and in the corporate world, change is necessary to adapt to this fast-paced world. The Revised Corporation Code of the Philippines, also known as RA No. 11232, brought significant adjustments in the corporate landscape in 2019. With the evolving needs of the stockholders, the Revised Corporation Code aims to bring efficiency and enhance stockholders’ participation, transparency, and corporate governance. As a transformative step forward, the Revised Corporation Code brings a host of new features that modernize and enhance the corporate landscape. Here are some of the notable changes in conducting Stockholders’ Meetings under the Revised Corporation Code: Remote Participation and Electronic Communication While face-to-face meetings remain the traditional way of conducting meetings, the Revised Corporation Code introduced new ways to conduct meetings to enable the full participation of Shareholders and for them to conveniently cast their votes through electronic means. The Securities and Exchange Commission (SEC) issued

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Understanding the Payroll Register in the Philippines 

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A payroll register is a report filled with employee information and payroll figures for a specific payroll cut-off and payout period. A payroll register is composed of the following:  In every country, there are different labor rules and regulations that need to be followed. In the Philippines, to get the net pay of employees, employees’ basic rates should be identified initially using the factor suggested and determined in the Handbook on Workers’ Statutory Monetary Benefits (WSMB). The following are the common equivalent number of days per year:  First, identify the factor to be used in calculating the daily and hourly rates. Second, compute the employee’s daily and hourly basic rates by multiplying the monthly salary by 12 to get the annual salary, then divide it by the factor. Then, divide the daily rate by 8 regular working hours to get the hourly rate.  For example, A works from Monday to

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SEC AMNESTY PROGRAM DEADLINE EXTENDED!

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By: Farida B. Honrado, CPA The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28).  Eligible companies have until June 30 to finish their amnesty applications and we encourage all eligible companies to not miss the chance to avail lower fines and penalties.   Below are the reduced rates for non-compliant and suspended/revoked corporations:  To check who is eligible to avail the amnesty program, go to http://amnesty.sec.gov.ph/ and input your company name or SEC registration number.  This extension was granted through SEC Memorandum Circular No. 6, Series of 2023, entitled “Amendment of SEC Memorandum Circular No. 2, Series

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QAR, ISQM, and BIR’s RUN AFTER FAKE TRANSACTIONS (RAFT) Campaign: A Recall of Quality Audits = Playing a Sustainable Future

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The public has a high regard for accountants. In this profession, the public and the stakeholders look up to and show respect for accountants for making a difference in terms of handling business operations, management, financial matters, consultancy, advisory, and compliance services which in the end results in wise business decision making. We are in awe when the Bureau of Internal Revenue in the Philippines started its new campaign regarding the collection of taxes that should otherwise accrue to the government revenue. This BIR’s campaign is considered a bit scandalous and alarmingly affecting the public practice and we do not need to be mum on it, to say at least: Why were the professional title (as a CPA) and accreditation (as Tax Practitioners) included in the campaign? What is RAFT, the BIR Newest Campaign? BIR’s recent campaign RUN AFTER FAKE TRANSACTIONS (abbrev. “RAFT”; RMC No. 38-2023) is to investigate and

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VAT CHRONICLES: ZERO-RATING ON SALES TO PEZA REGISTERED ENTITIES PHILIPPINES

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With the enactment of the Republic Act. No. 10963, otherwise known as Tax Reform and Inclusion Law (TRAIN), and Republic Act No. 11534 otherwise known as Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) amending Republic Act No. 8424, otherwise known as the National Internal Revenue Code of 1997 (Tax Code), particularly on the imposition and treatment of Value-Added Tax on local purchase of Registered Business Enterprise (RBE) such as those with Philippine Economic Zone (PEZA), VAT zero-rating on sales to PEZA registered entities in the Philippines have drawn so much attention and debates, if not confusion. Let’s take a quick walkthrough of the significant events relative to the VAT Zero-rating of a PEZA Registered Business Enterprise to better appreciate these rules. 1. 0% VAT INCENTIVE ON EXPORT ENTERPRISES Prior to CREATE, VAT zero-rating incentive in the Philippines for purchases from local suppliers was applicable to PEZA-registered entities without

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Ways to Avoid the 3 Common Payroll Errors

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Making mistakes is normal, but making the same mistake repeatedly is unreasonable. Most payroll and HR personnel experience these common errors when preparing their company’s payroll register. Even tenured payroll and HR personnel may tend to be complacent due to the repetitive work and overlook some items when doing the payroll of employees. They may forget to check the timesheet of every employee, excluding overtime, or include undertime. They may forget the treatment of de minimis benefits or the excess of the Php 90,000 limit of the other benefits. They may incorrectly compute the net pay of employees. Payroll registers are easy to prepare, but intricate in terms of the principles or basis used to produce an accurate payroll report. Payroll-related technical knowledge from government agencies should be updated once in a while to avoid common errors in payroll preparation. In this article, we will tackle three of the most

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Helpful Tips on the Philippines  Audit of Salaries and Wages

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Perhaps, one part of the audit that needs close scrutiny is the Salaries and Wages. Why say so? As this account is material to the Income Statement, it is more than merely testing and validating the recording in the books with the payroll register when there is an accrual of wages payable or cash is paid when employee salaries are incurred. An auditor’s consideration on his audit is to look also at the tax compliance side of the payroll preparation if risks of material misstatements are present and thus, affecting the audit procedures done by the auditor. In the Philippines, various returns /information are prepared related to Salaries and Wages to be submitted to the tax authority (BIR) monthly and annually.  Aside from that, certain components of the Salaries and Wages should be identified whether it is a part of a taxable compensation or not. Since the employer is an

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HOW DO YOU SAFEGUARD YOUR CASH?

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Whatever type of financial resource your company owns—cash, money, currency, coins —must be protected from any unscrupulous activities.  Cash fraudsters have always been attracted to it, which has led to corporate losses and, in the worst cases, bankruptcy throughout history. If internal cash control is lacking or inadequate, this minor issue will cause a cascade of problems for your company. Building trust on mediocrity will not help your business grow and flourish.  As no trust issues are put on this writing, a cash misappropriation or errors are inevitable.  But if trust issues rings a bell in your company, then the following general internal cash control measures must be considered: The nature of internal control over cash in a small business set-up varies as that of a corporate business. In support of this, having the business owner with overseeing responsibilities on cash transaction cycles suffices. As a business owner or in-charge

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