2025 Tax Calendar
2025 Tax Calendar. This calendar lists all important payments and registration schedules from the BIR, SEC and other agencies.
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The perks of being single
As such, Congress passed Republic Act (RA) 11861 or the Expanded Solo Parents Welfare Act to further support solo parents in rearing their children. The benefits include discounts and value-added tax (VAT) exemptions on their basic needs.
The tax treatment of equity-based compensation
With just a couple of months before the end of the year, most employers have started planning for the year-end annualization of their employees’ income. The purpose of the annualization is to determine the annual income tax due based on the total compensation earned by the employee, including those from previous...
Handling the 1% PhilHealth contribution differential — easier said than done
With the end of the year approaching, employers and other direct contributors must take on additional responsibilities related to Philippine Health Insurance Corp. (PhilHealth) coverage. PhilHealth has issued guidelines for the 1% contribution differential for the January-May 2022. In compliance with PhilHealth...
PEZA Checklist: Reporting requirements and deadlines
In the first half of 2022, the Philippine Economic Zone Authority (PEZA) and Fiscal Incentives Review Board (FIRB) introduced notable changes regarding the implementation of Republic Act (RA) No. 11534 or the CREATE Law.
Beauty and taxes
Our tourism industry is especially proud of our pristine blue waters and unspoiled beaches. Our passion for beauty pageants is such that being crowned is deemed the equivalent of boxer Manny Pacquiao’s championship belts.
Issues with retroactive PhilHealth premium rate adjustment
The Universal Health Care Act entails substantial investment, depending on available funds for the program’s maintenance; hence, the government must ensure that it has sufficient funding to provide everyone medical benefits regardless of whether or not the membership is contributory.
A sigh of relief over SSS loan penalty condonation
Last call for SSS member-borrowers: As a pandemic relief measure, those with qualified loans can still avail of the Short-Term Member Loan Penalty Condonation Program until 14 Feb 2022.
Unwrapping year-end accounting reminders
With barely a couple of weeks before the end of the year, accountants are occupied preparing their books of account and other documents for financial and tax reporting purposes.
BIR form 2316, substituted filing and e-signatures
With the end of the year approaching, most people start preparing for the holidays. For accountants and tax practitioners, this is also the time to plan for year-end statutory obligations.
2,400% tax hike on private schools
According to the BIR, only non-profit private schools can avail of the lower rate of 1%. Thus, profit-based private schools are subject to the 25% rate for businesses, denying them the benefit of the 10% preferential tax rate under the Tax Code. The disparity between the 1% and 25% rates is equivalent to a 2,400% hike.
More on PERA
Almost 13 years since it passed, Republic Act No. 9505 or The Personal Equity and Retirement Account (PERA) Act of 2008 is again under the spotlight. Late last year, the Bangko Sentral ng Pilipinas (BSP) reported increased investors after PERA became digital in September.
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Tax - Client Accounting Services Partner, PwC Philippines
Tel: +63 (2) 8845 2728
Floredee T. Odulio
Tax - Client Accounting Services Partner, PwC Philippines
Tel: +63 (2) 8845 2728
Tax - Client Accounting Services Partner, PwC Philippines
Tel: +63 (2) 8845 2728