IC Extension of Periods for Filing of the 2021 Audited Financial Statements and Other Requirements of Non-life Insurance and Professional Reinsurance Companies

29 Mar 2022

This Accounting Alert is issued to circulate Insurance Commission (IC) Advisory No RS-2022-005-A on the Extension of Periods for Filing of the 2021 Annual Statement (AS), Audited Financial Statements (AFS) and Other Attachments of Non-life Insurance and Professional Reinsurance Companies.

Submission of Certificate of Entitlement to Incentives (CETI) as attachment to Registered Business Enterprise’s annual ITR

18 Mar 2022

This Tax Alert is issued to inform all concerned on the submission of Certificate of Entitlement to Tax Incentives (CETI) in lieu of the former Certificate for Entitle to Income Tax Holiday (ITH) to the Bureau of Internal Revenue (BIR).

New list of additional and delisted Top Withholding Agents now available

18 Mar 2022

This Tax Alert is issued to inform all concerned on the latest published lists of additional and delisted Top Withholding Agents (TWAs) who are required to deduct and remit the one percent (1%) or two percent (2%) creditable/expanded withholding tax (CWT) from the income payments to suppliers of goods and services, respectively.

Financial Reporting Bulletins (Revised as of 2022)

18 Mar 2022

This Accounting Alert is issued to circulate the Revised Financial Reporting Bulletins of Securities and Exchange Commission.

Clarifications on the VAT rules for Registered Business Enterprises (RBEs) under the CREATE Law

16 Mar 2022

This Tax Alert is issued to inform all concerned on the clarifications on the VAT rules applicable to Registered Business Enterprises (RBEs) pursuant to Revenue Regulations No. 21-2021, implementing Sections 106 and 108 of the Tax Code, in relation to Sections 294(E) and 295(D), Title XIII of the Tax Code as introduced by Republic Act No. 11534, also known as the CREATE Act and its Implementing Rules and Regulations.