This time of the year marks the peak of giving and receiving gifts among friends and family. As a tax professional, I have often wondered: “Are all gifts subject to donor’s tax?” and “Are all transactions that are subject to donor’s tax gifts?” These are the questions taxpayers ponder when applying for a Certificate...
In 1990, Republic Act (RA) No. 6957 or the Build-Operate-and-Transfer (BOT) Law institutionalized the private sector’s participation in financing and developing government infrastructure projects. For the last decade, the BOT Law and its Implementing Rules and Regulations (IRR), the National Economic and Development...
ON Nov. 8, the Philippines joined the Organization for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). To date, the Framework has 145 member jurisdictions who have agreed on the Two-Pillar Solution in order to address the challenges posed by the digital...
With the close of the calendar year weeks away comes the period of annualization, when employers calculate the annual income tax of their employees and prepare related year-end compliance filings.
FacebookMessengerTwitterLinkedInShare One sign that Christmas is just around the corner is when coffee chains begin running their annual year-end sticker campaigns. The schemes involve earning stickers or stamps for every purchase of a beverage. Once patrons have collected a certain number of stamps or stickers, they...
In its commitment to maintain a foreign exchange regulatory framework that is responsive to the needs of a dynamic and expanding Philippine economy, the Bangko Sentral ng Pilipinas (BSP) issued a number of circulars in 2022 and 2023 which streamlined the requirements for forex transactions. The salient provisions of...
On Nov. 8, the Philippines confirmed its commitment to protect the tax base from aggressive tax avoidance schemes, and promote international tax cooperation, by joining the Organisation for Economic Cooperation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). The mandate of the...
Are you looking to discover the secrets behind successful workforce retention strategies? In this two-part article, PwC Philippines Tax Director Marvin L. Madrigalejo dives deep into the world of compensation-linked retention strategies. It's packed with fascinating insights and reveals what these strategies are and...
Several companies registered as large taxpayers received Subpoena Duces Tecum (SDT) from the Bureau of Internal Revenue. The SDT requires them to present and submit documents related to their Computerized Accounting Systems (CAS), including proof of CAS registration, related annexes, sample print-outs of...
In line with recent developments on Base Erosion and Profit Shifting (BEPS) 2.0, the OECD released an updated public consultation document on Amount B in July. Its objective is to simplify transfer pricing for baseline marketing and distribution activities according to the OECD Transfer Pricing (TP) Guidelines.
The Philippines has not been spared by the global economic slowdown as inflation and sporadic supply shocks and shortages in essential consumer goods and food continue to threaten the country. But there is hope in sight.
PwC Philippines Tax Senior Manager Olivia Erika Susa explains the impact of digitization on our everyday lives and the challenges it poses for regulators. It explores the discussions and efforts in the Philippines to capture the economic gains in the digital realm, including the imposition of VAT on digital services.
