In the heart of Luzon stands the Sierra Madre, the longest mountain range in the Philippines. Admired not only for its breathtaking beauty but also for its role as a natural shield, it protects communities from typhoons and ecological collapse.

In the intricate landscape of Philippine taxation, the Value-Added Tax (VAT) system stands out as one of the most technical and rigorously enforced. For businesses engaged in zero-rated sales, the ability to claim a refund of input VAT is not merely a matter of financial prudence but it is essential for maintaining competitiveness and healthy cash flow.

It is often said that the only constant in life is change. Last week, the Bureau of Internal Revenue (BIR) witnessed a significant leadership transition with the appointment of Commissioner Charlito Martin Mendoza, succeeding Romeo Lumagui Jr.

Financial statements are the cornerstone of informed decision-making – but beneath the numbers often lie layers of uncertainty. Whether it's the valuation of assets, recognition of revenue, or assessment of liabilities, ambiguity is inherent in financial reporting.