COVID-19 Accounting Implications for CFOs - Debt Modifications

10 Dec 2020

This Accounting Alert is issued to discuss the requirements of PFRS 9, Financial Instruments, and the judgment involved in determining the impact of COVID-19 in the debt modification.

Proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)

10 Dec 2020

This Tax Alert is issued to inform all concerned on the proposed amendments to the National Internal Revenue Code of 1997, as amended, under Senate Bill No. 1357, otherwise known as “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill. The CREATE Bill was approved on third and final reading by the Senate on 26 November 2020.

New PHIC and SSS Contributions Table Effective January 2021

07 Dec 2020

Upon effectivity of the Implementing Rules and Regulations (IRR) of the Universal Health Care (UHC) Act, the monthly premium contributions shall be in accordance with the premium rates and monthly income/ basic salary floor and ceiling prescribed in the said Act.

SEC Memorandum Circular No. 32 series of 2020

20 Nov 2020

This Accounting Alert is issued to circulate the new circular by the Securities and Exchange Commission (SEC/Commission) on the basis of preparation of audited financial statements for Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs) under SEC Memorandum Circular (MC) No. 32-2020.

Clarifications on the tax exemption of retirement benefits under Bayanihan II

16 Nov 2020

This Tax Alert is issued to inform all concerned on the following clarifications on the tax exemption of retirement benefits pursuant to Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II and as implemented under Revenue Regulations (RR) No. 29-2020.