Format for approval/denial of applications for compromise settlement and abatement of penalties

03 Feb 2017

This Tax Alert is issued to inform all concerned on the format of the Certificate of Availment and Notice of Denial

Merging of RDOs 43A and B - East and West Pasig

01 Feb 2017

This Tax Alert is issued to inform all concerned on the merging of the RDO No. 43A and RDO No. 43B

Revised Statement of Management's Responsibility (SMR) Over the Financial Statements

01 Feb 2017

On January 30, 2017, the Securities and Exchange Commission (SEC) issued a Notice stating that the SEC en Banc resolved to issue Financial Reporting Bulletin (FRB) No. 20, Revised Statement of Management’s Responsibility, on January 26, 2017. The SMR was revised in line with the adoption of the new and revised auditor reporting standards, which are effective for audits of financial statements for periods ended on or after December 31, 2016, hence, shall be used when filing the annual financial statements covering such periods with the SEC.

Splitting of BIR Region 9 - San Pablo City

31 Jan 2017

Effective February 1, 2017, BIR Region 9 - San Pablo City will be divided into two. Revenue Region 9A will service Cavite, Batangas, Mindoro and Romblon (CABAMIRO). Revenue Region 9B will cover Laguna, Quezon and Marinduque (LAQUEMAR). RR 9A will hold office at Liana's Junction Plaza in Sto. Tomas. RR 9B will stay at the current office on Maharlika Highway, Bgy. San Nicolas, San Pablo City.

PIC Q&A on Sale of Residential Properties under Pre-completion Contracts

26 Jan 2017

In December 2016, the Financial Reporting Standards Council (FRSC) approved the adoption of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, in the Philippines as Philippine Financial Reporting Standard (PFRS) 15, Revenue from Contracts with Customers, which will be mandatorily effective for annual reporting periods beginning on or after January 1, 2018. PFRS 15 will replace all existing revenue standards and interpretations.