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.

Resumed processing of VAT claims filed before RMC 54-2014

26 Jan 2017

This Tax Alert is issued to inform all concerned that VAT claims filed and pending prior to the effectivity of RMC 54-2014 (June 11, 2014) shall continue to be processed administratively.

New Regional and Assistant Regional Directors

26 Jan 2017

This Tax Alert is issued to inform all concerned on the new assignments of revenue officials to effect on January 30, 2017.

eFPS unavailable on Jan 28-29

26 Jan 2017

This Tax Alert is issued to inform all concerned that eFPS will be unavailable from January 28, 2017 (Saturday) 1:00 a.m. until January 29, 2017 (Sunday) 5:00 p.m.

VAT treatment of Japanese contractors of OECF-funded projects

19 Jan 2017

This Tax Alert is issued to inform all concerned on the prescribed VAT treatment of government projects funded by the OECF.