Clarifications and streamlined procedures in the issuance of Tax Residency Certificate by the BIR

15 Dec 2020

This Tax Alert is issued to inform all concerned on the streamlined procedures in the issuance of Tax Residency Certificate (TRC) by the Bureau of Internal Revenue (BIR) and other clarifications regarding the requirement of securing TRC by concerned taxpayers.

Discussion Paper 'Business Combination under Common Control'

10 Dec 2020

This Accounting Alert is issued to circulate the discussion paper by the International Accounting Standards Board (IASB) on 'Business Combination under Common Control' for public consultation on possible accounting requirements of acquisitions involving the same group. These acquisitions are commonly known as business combination under common control (BCUCC).

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.