BIR waives TTRA requirement for interest, dividend and royalties

29 Jun 2016

This Tax Alert is issued to announce the relaxed rules in applying preferential tax rates under tax treaties.

Deadlines for filing returns and tax payments

27 Jun 2016

This Tax Alert is issued to circularize proper due dates for filing of returns and payment of taxes. Due dates for filing of return and payment of taxes shall be the exact dates stated in the law or regulations for filing or payment. Electronic returns must be received by the BIR on or before 12 midnight of the due date. However, if deadline falls on a Saturday, Sunday or a holiday, this shall be moved to the next business day. This rule applies in all cases whether for eFPS, eBIR Form, and manual filers

Accounting for netting/offsetting arrangements

23 Jun 2016

This Tax Alert is issued to circularize the prescribed accounting and recording of transactions involving “netting” or “offsetting” arrangements. Accrued receivables or payables arising from sale of goods and services shall at all times be recognized at gross for tax purposes, regardless of whether the transactions are actually settled through offsetting or through net settlement of cash flows. Hence, income tax, withholding tax and VAT/percentage tax shall be determined based on the gross amounts.

Amendments to IFRS 2 'Share-based Payment'

22 Jun 2016

The IASB has published ‘Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)'. We describe the three changes made by the Amendments in more detail

GPPC releases The Implementation of IFRS 9 Impairment Requirements by Banks

20 Jun 2016

The Global Public Policy Committee (GPPC), a global forum of representatives of the six largest international accounting networks, released The Implementation of IFRS 9 Impairment Requirement by Banks (the paper). The paper is addressed to the audit committees of systemically important financial institutions and represents the consensus views of the GPPC members regarding key matters for the implementation of the impairment requirements of IFRS 9.