Here we are with two days left in 2022! For the past few weeks, most of us have been busy giving gifts and ticking off grocery lists as we finish our last-minute preparations for media noche, and coming up with resolutions for the new year. As we celebrate this ho-ho-holiday season with our loved ones and look forward...
It is yet again the season of giving and cheer with the holidays just around the corner. This is also the time of year when public and private offices slow down to recuperate before taking on next year’s challenges.
On 7 October, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 13-2022. The RR was borne out of a taxpayer’s request for the opinion of the Department of Finance (DoF) on the tax treatment of equity-based compensation.
If there are any silver linings from the COVID-19 pandemic, one would probably be the public’s increased enthusiasm for making use of technology in their daily lives. For the retail industry, we have seen the transition of consumers from shopping in physical stores to checking-out or “mine-ing” in online shops. Even...
The social and economic effects of the pandemic were on a scale so massive that many did not see an end in sight. However, with the development and rollout of the vaccines, restrictions were slowly lifted which allowed our economy to gradually recover. This did not come without a cost. As a result of the COVID-19...
Unless and until the position is reversed, the taxpayer can rely upon the ruling as issued. In the event of reversal, it cannot apply retroactively if prejudicial to the taxpayer except in those cases provided for under the law.
Registered business enterprises (RBEs) in the Information Technology – Business Process Management (IT-BPM) industry are swiftly signing up to transfer their registration to the Board of Investments (BoI) in order to continue offering work-from-home (WFH) arrangements to their workers without losing their incentives. A...
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...
