Tax and Accounting Center, Inc. has been honored to partner with the Philippine College of Physicians (PCP) in its advocacy towards 100% tax compliance of its medical doctors members in the recently held “BIR Compliance and Taxation Workshop” held at Astoria Plaza, Ortigas, Pasig City last 12 October 2014. The program was initiated by the Philippine College of Physician (PCP) National Head Office with the representatives and participants from the PCP branches nationwide. It has been a continuing objective of the PCP for its members to be well equipped with a technical working knowledge on how tax compliance would operate on its practice of professions with varying revenues from their respective clinics, affiliations with hospitals, health maintenance organizations, medical schools, and other institutions of involvement. The following are the major learning sessions that the PCP settled for discussion and it was a fun of learning with our young and experienced
By: Pagaspas Mini Transport As the long weekend unfolds, the team decided for a scouting trip to Laiya, Sun Juan, Batangas, Philippines, a reknowned nearby-the-Metro place to go for weekend beach outing and get-away for a groups of friends, office team, or family. Laiya, San Juan, Batangas Philippines Beaches is a less white sand compared to other white sand beaches in the Philippines such as in Boracay, Bohol, Palawan, and other parts. However, its a place we strongly suggest to include in your annual itinerary. How to go to Laiya, San Juan, Batangas, Philippines From Metro Manila, going to Laiya, San Juan, Batangas is an approximately a three-hour drive. You may take the South Luzon Expressway (SLEX) all the way to Southern Tagalog Artillery Road (STAR). You may exit either at Ibaan, Batangas taking the road passing through Rosario, Batangas, or taking STAR Toll exit at Batangas City then driving
By: Tax and Accounting Center Philippines A Regional Operating Headquarters (ROHQ) in Philippine branch office is form of a resident foreign corporation in the Philippines where the legal entity of a foreign corporation is being brought into the Philippines to engage in qualifying services allowed by law only to its branches, subsidiaries, or affiliate. Below is the list of those qualifying services allowed by Philippine law to be rendered by a regional operating headquarter in Philippines to its branches, subsidiaries, or affiliates in the Asia Pacific Region or abroad: general administrative and planning; business planning and coordination; sourcing and procurement of raw materials and components; corporate finance advisory services; marketing control and sales promotion; training and personnel development; logistics services; research and development service and product development; technical support and maintenance; data processing and communication; and, business development. For the purpose, a foreign corporation is required to secure a License
By: Tax and Accounting Center Philippines Business process outsourcing (BPO), knowledge process outsourcing (KPO) or back support operations in Philippines is a stronghold industry in the Philippines taking into account the qualifications of Filipino manpower, the English speaking, work quality, the culture, and the work environment, among others. For the purpose, there could be some options on the type of legal entity to set-up for the purpose and one of which is the Philippine Branch where the legal entity of the foreign company abroad (e.g. Australia, Singapore, United States of America, etc.) is secured a License to Do Business in the Philippines as a Branch Office. Taxation of BPO under Branch Office set-up in Philippines A Philippine branch office is by nature a profit oriented entity that could operate similar to a local company in the Philippines. For tax purposes, it is subject to the following: 30% income tax based
By: Tax and Accounting Center Philippines Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 5-2014 dated 30 July 2014 entitled “Amending Revenue Regulations No. 17-2013 dealing with “Preservation of Books of Accounts and Other Accounting Records” Under Revenue Regulations No. 17-2013, books of accounts and other accounting records in the Philippines are required to be preserved within ten (10) years reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the date of filing the return, for the taxable when the last entry was made in the books of accounts in the Philippines. Under this regulations, the ten-year period refers to preserving hard copies of the books of accounts and other accounting records. Under Revenue Regulations No. 5-2014 (RR No. 5-2014), the ten-year period of preservation of books of accounts and other accounting records in the Philippines has been modified and
By: Garry S. Pagaspas Under Executive Order No. 782 series of 2009 (EO No. 782) entitled “Instituting Measures to Assist Workers Affected by Global Financial Crisis and Temporary Filling Up of Vacant Positions in the Government”, all departments and agencies of the government are authorized to set-aside 1.5% of their Maintenance and Other Operating Expenses (MOOE) for temporary hiring of qualified Department of Labor and Employment (DOLE) registered displaced workers and their dependents on a job order basis. As I browse the internet, tax compliance of job order basis personnel had been a common topic for discussion both by the personnel involved and the government agency employee in charge for withholding. Accordingly, this article is an attempt to reach them out and guide them on their tax compliance, though; this is neither equivalent to an expert opinion, nor, a formal ruling on the matter. The author strongly suggest that the
By: Tax and Accounting Center Philippines The President of the Philippines issued Proclamation No. 831 dated July 17, 2014 declaring the regular holidays, special (non-working) days, and special holidays for calendar year 2015. Luckily, there are at least twelve (12) long weekends that each of us could maximize such as going for a land travel, tour overseas, make family vacations, and more. Below are the list of 2015 holidays in the Philippines: 2015 Regular Holidays Philippines January 1, 2014 (Thursday) – New Year’s Day April 2, 2015 (Thursday) – Maundy Thursday April 3, 2015 (Friday) – Good friday April 9, 2015 (Thursday) – Araw ng Kagitingan May 1, 2015 (Friday) – Labor Day June 12, 2015 (Thursday) – Philippine Independence Day August 31, 2015 (Last Monday of August) – National Heroes Day November 30, 2015 (Monday) – Bonifacio Day December 25, 2015 (Friday) – Christmas Day December 30, 2015 (Wednesday) – Rizal
By: Tax and Accounting Center Philippines In the present day business, basic business accounting for non-accountants in the Philippines is a must learn topic as a root for compliance. Non-accountants in the Philippines maintain the belief that learning basic business accounting would take much time and effort, if not resources, and would just leave it all to their retainer paid accountants or bookkeepers in the Philippines. Unfortunately, while this may have worked in the past decade, the current circumstances of accounting and tax compliance would disfavor such mindset of small and medium entrepreneurs in the Philippines. In most worst instances, the entrepreneur would end up headaches on missed compliance blaming none other than themselves for entrusting everything to their retainer paid accountants or bookkeepers in the Philippines. By this present, let us give a simple overview of what basic business accounting is all about. Going through this before attending any
By; Tax and Accounting Center Philippines As the group of affiliated companies celebrate its second year of successful operations, the group finally decided to go for its annual company outing, an Ilocos, Philippines tour: Vigan-Laog-Pagudpud Tours. Everyone in the group is quite excited as they would travel for a company sponsored outing for a look back at history and a witness of the unique tourist attractions in Vigan-Laoag-Pagudpud, Ilocos, Philippines. The Vigan-Laoag-Pagudpud Ilocos Philippines Tour has lot to offer but with the time constraint and the number of the group, we simply made the most of what we could enjoy. Life is not about work and work should be a joyful life activity. The Vigan-Laoag-Pagudpud Ilocos Tour The Vigan-Laoag-Pagudpud Ilocos Philippines Tour is a joyful four (4) days, three (3) nights (4D/3N) tour bound to leave Makati Philippines at 9PM on Thursday and will leave Pagudpud, Ilocos, Philippines on Sunday 9AM. To
By: Tax and Accounting Center Philippines As we have been aware, certain tax exemptions have been provided by law on some agricultural food products for basic commodities. On top of this exemption on primary agricultural products, Section 109(1)(B) of the National Internal Revenue Code, as amended, states that livestock and poultry feeds in the Philippines are exempted from value added tax (VAT) and hereunder: “Section 109 – Exempt transaction (1)(B) – Sale or importation of fertilizers, seeds, seedlings and fingerlings, fish, prawn, livestock and poultry feeds, including ingredients, whether locally produced or imported, used in the manufacture of finished feeds (except specialty feeds for race horses, fighting cocks, aquarium fish, zoo animals and other animals generally considered as pets)” (Emphasis supplied only) In Revenue Regulations No. 16-2005 – Consolidated Value Added Tax (VAT) regulations, as amended, “specialty feeds” is defined as follows: “Specialty feeds” refers to non-agricultural feeds or food for
Tax and Accounting Webinar Philippines 2026_Withholding Tax (Expanded and Final)
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