Suspension of income tax incentives of RBEs for violating WFH threshold/guidelines prescribed by FIRB

10 Mar 2022

This Tax Alert is issued to inform all concerned on the possible suspension of income tax incentives granted to Registered Business Enterprises (RBEs) in the IT-BPM sector for violating Work-From-Home (WFH) threshold requirements and conditions prescribed by the Fiscal Incentives Review Board (FIRB) in FIRB Resolution Nos. 19-21 and 23-21.

Application of PFRS 17 for Health Maintenance Organizations

10 Mar 2022

This Accounting Alert is issued to circulate Insurance Commission (IC/Commission) Circular Letter (CL) No. 2022-12 dated March 7, 2022 applicable to all health maintenance organizations (HMOs) on the application of Philippine Financial Reporting Standards (PFRS) 17, Insurance Contracts.

Implementation of the 4% Contribution Rate and Salary Cap for the Year 2022

08 Mar 2022

With reference to the request for guidance on the implementation of the PhilHealth premium increase of 4% for Calendar Year 2022, with an income floor of P10,000 and income ceiling of P80,000, it is advised that pursuant to Section 10 of Republic Act (RA) No. 11223 or the "Universal Health Care Act", the increase in the rates of contribution and income ceiling shall carry on as scheduled.

Work-around procedures on reporting of input VAT on purchases or importations of capital goods in the VAT returns

03 Mar 2022

This Tax Alert is issued to inform all concerned on the workaround procedures in claiming of input VAT on purchases or importations of capital goods in the Monthly VAT declaration (BIR Form 2550M) and Quarterly VAT declaration (BIR Form 2550Q) pursuant to the provisions of Tax Reform for Acceleration Law (TRAIN Law) or Republic Act No. 10963.

Clarifications on filing of Request for Confirmation, Tax Treaty Relief Applications and tax sparing applications

03 Mar 2022

This Tax Alert is issued to inform all concerned on the clarifications and guidance in filing of Requests for Confirmation (RFC), Tax Treaty Relief Applications (TTRA) and Tax Sparing Applications.