About super_admin

This author has not yet filled in any details.
So far super_admin has created 50 blog entries.

No Cliffhanger Endings: Events Following the Reporting Period

2023-04-04T05:14:58+00:00

Busy as bees, words best to describe the financial statement preparers during this audit and tax season. As bookkeepers and accountants are in the process of summarizing those financial records for its presentation, interpretations are done by Ph government tax and regulatory agencies and other users of the financial statements. External auditors, on the other hand,  as part of their engagement quality control review procedures, check details in accordance with applicable financial reporting and auditing standards to ensure that the components of the financial statements are complete and contain necessary disclosure so that end users of the financial statements gain more [...]

No Cliffhanger Endings: Events Following the Reporting Period2023-04-04T05:14:58+00:00

RMC No. 40- 2023: Availability of the Offline electronic Bureau of Internal Revenue Forms (eBIRForms) Package Version 7.9.4

2023-03-30T06:04:18+00:00

BIR Issued this circular to announce the availability of the Offline eBIRForms Package Version 7.9.4 which can be downloaded from the following websites: www.bir.gov.ph  www.knowyourtaxes.ph/ebirforms The Offline eBIRForms Package v7.9.4 now includes the April 2021 version of the following forms: BIR Form No. Description Deadline for Filing and Payment 1707 Capital Gains Tax Return (For Onerous Transfer of Shares of Stock Non-Traded Through the Local Stock Exchange) Within thirty (30) days after each cash sale, carter, exchange, or other disposition of shares of stock not traded through the local stock exchange. 1707-A Annual Capital Gains Tax Return (For Onerous Transfer of [...]

RMC No. 40- 2023: Availability of the Offline electronic Bureau of Internal Revenue Forms (eBIRForms) Package Version 7.9.42023-03-30T06:04:18+00:00

RMC No. 32-2023: Guidelines in filing of the Annual Income Tax Returns for CY 2022 and payment of Taxes due thereon until April 17, 2023

2023-03-21T05:27:33+00:00

Filing of Annual Income Tax Returns for Calendar Year 2022 as well as Payment of Taxes Due Thereon Until April 17, 2023 For the information and guidance of all concerned, this Circular is being issued to provide the guidelines in the filing of Annual Income Tax Returns (AITR) for Calendar Year (CY) 2022, as well as the payment of corresponding taxes due thereon, until April 17, 2023. Taxpayers may file the AITR for CY 2022 and pay the taxes due to any Authorized Agent Banks (AABs) and Revenue Collection Officers (RCOs), notwithstanding the Revenue District Office (RDO) jurisdiction, without the imposition [...]

RMC No. 32-2023: Guidelines in filing of the Annual Income Tax Returns for CY 2022 and payment of Taxes due thereon until April 17, 20232023-03-21T05:27:33+00:00

SEC Update: Extension of Deadlines for the 2023 Filing of Annual Financial Statements

2023-03-03T02:59:28+00:00

SEC Memorandum Circular No. 1 Series of 2023 Extension of deadlines for the 2023 Filing of Annual Financial Statements To demonstrate commitment to ensuring high-quality financial reports, the Commission provides sufficient time for external auditors to complete their statutory audits of the financial statements of corporations amidst recent challenges encountered by the auditing firms. The Commission recognizes the role of external auditors as essential in safeguarding the public interest through the conduct of independent audits to provide reasonable assurance to the public that the financial statements are free from material misstatement, whether due to fraud or error, thus, establishing credibility and [...]

SEC Update: Extension of Deadlines for the 2023 Filing of Annual Financial Statements2023-03-03T02:59:28+00:00

RMC No. 24 – 2023

2023-02-27T07:19:55+00:00

On February 17, 2023, the BIR Issued the Revenue Memorandum Circular No. 24- 2023 that further clarifies the qualifications of Ecozone Logistics Service Enterprise (ELSE) to the incentives of VAT-Zero Rate on local purchases of goods and services exclusively and directly used in the registered project or activity. ELSE is a Registered Business Enterprise (RBE) supplying production-related raw materials and equipment that caters exclusively to the requirements of export manufacturing enterprises that are registered with the Philippine Economic Zone Authority (PEZA), Cark Development Corporation (CDC), Subic Bay Metropolitan Authority (SMBA), Authority of the Freeport Area of Bataan (AFAB) or other special [...]

RMC No. 24 – 20232023-02-27T07:19:55+00:00

RR No. 1-2023

2023-02-03T02:59:20+00:00

On January 18, 2023, the BIR issued RR No. 1-2023 that implements the ten percent (10%) discount and the Value-Added Tax (VAT) exemption under Republic Act (RA) No. 11861 (Expanded Solo Parents Welfare Act), to wit: Solo parents that meet all of the following conditions shall qualify for the 10% discount and VAT exemption: Solo Parent has a child/children (as defined in RA No. 11861) with the age of six (6) years or under; and Solo Parent is earning less than P 250,000.00 annually. The 10% discount and VAT exemption shall apply to a qualified Solo Parent’s purchase of the following [...]

RR No. 1-20232023-02-03T02:59:20+00:00

SEC Memorandum Circular No. 9 – 2022

2023-01-03T02:40:37+00:00

SEC Memorandum Circular No. 9 Series of 2022 2023 Filing of Annual Financial Statements and General Information Sheet To maintain an organized and orderly filing of Annual Financial Statements (AFS) and General Information Sheet (GIS), and to comply with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11302, otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”, the Securities and Exchange Commission (SEC), pursuant to its authority under Republic Act No. 11232, otherwise known as “Revise Corporation Code of the Philippines,” and Republic Act No. 8799, otherwise known as [...]

SEC Memorandum Circular No. 9 – 20222023-01-03T02:40:37+00:00

RR No. 15-2022: Relative to some changes in the rate of Creditable Withholding Tax on certain income payments

2023-01-03T01:50:46+00:00

BIR Issued RR No. 15-2022 amending certain provisions of Revenue Regulations (RR) No. 2-98 as Amended by RR No. 11-2018, which implemented the provisions of Republic Act 10963, otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law, Relative to some changes in the rate of Creditable Withholding Tax on Certain Income Payments These regulations are effective from December 3, 2022. Income payments are subject to Creditable Withholding Tax and Rates Prescribed thereon. - Except as herein otherwise provided, there shall be withheld creditable income tax at the rate herein specified for each class of payee from the following items [...]

RR No. 15-2022: Relative to some changes in the rate of Creditable Withholding Tax on certain income payments2023-01-03T01:50:46+00:00

Revenue Regulations No. 14-2022: Prescribes the rules and regulations relative to the importation, manufacture, sale, packaging, distribution, use, and communication of Vaporized Nicotine and Non-Nicotine Products, and Novel Tobacco Products

2023-01-03T01:11:43+00:00

Revenue Regulations No. 14-2022 Prescribes the rules and regulations implementing the provisions of Republic Act (RA) No. 11900, relative to the importation, manufacture, sale of packaging, distribution, use, and communication of Vaporised Nicotine and None-Nicotine Products, and Novel Tobacco Products. There shall be levied, assessed, and collected an Excise tax on Vaporized Nicotine and Non- Nicotine Products at the rate of tax prescribed under RA Nos. 11346 and 11467 as implemented by Revenue Regulations (RR) No. 7-2021, and Novel Tobacco Products under Section 144 (A)(b) of National Interna Revenue Code (NIRC) of 1997, as amended, to wit:   Heated Tobacco Products [...]

Revenue Regulations No. 14-2022: Prescribes the rules and regulations relative to the importation, manufacture, sale, packaging, distribution, use, and communication of Vaporized Nicotine and Non-Nicotine Products, and Novel Tobacco Products2023-01-03T01:11:43+00:00

Quality Assurance Review: A Navigator of Sustainable Future

2022-11-10T07:57:03+00:00

By: Joelex Cortes, CPA The world has been changing a lot and it is a challenge that poses either a  threat or opportunities in the present and future days to come. The business perspective is no exception. Since the financial statements are the product of business operations and  business transactions evolve dynamically, then there is a real need for the quality of the assurance represented through the reports attached on these financial statements. Reliance on the assurance reports of the business owners and its third party-users for business decision-making purposes is proof that the confidence level entrusted to CPAs is their [...]

Quality Assurance Review: A Navigator of Sustainable Future2022-11-10T07:57:03+00:00
Go to Top