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Implementation of electronic receipts/invoices and electronic sales data transmission required for identified taxpayers

01 Jul 2022

This Tax Alert is issued to inform all concerned on the implementation of the required issuance of electronic receipts or invoices in lieu of manual receipts or invoices for certain identified taxpayers, pursuant to Sections 237 and 237-A of the Tax Code, as amended by RA 10963 or the TRAIN Law.

Removal of 5-year validity period on receipts/ invoices

01 Jul 2022

This Tax Alert is issued to inform all concerned on the removal of the five (5)-year validity period on all manual and system generated principal and supplementary invoices and receipts in line with the “Ease of Doing business and Efficient Government Service Delivery Act of 2018”.

List of additional and delisted Top Withholding Agents

30 Jun 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 Withholding Tax (CWT) from the income payments to suppliers of goods and services, respectively.

Insights into PFRS 8 - Reportable Segments

27 Jun 2022

This Accounting Alert is issued to provide an overview of Philippine Financial Reporting Standards (PFRS) 8, Operating Segments, to provide preparers and users of financial statements and those charged with governance of reporting entities some key implementation issues and interpretational guidance in certain problematic areas of PFRS 8.

Insights into PFRS 8 - Aggregation of operating segments

22 Jun 2022

This Accounting Alert is issued to provide an overview of Philippine Financial Reporting Standards (PFRS) 8, Operating Segments, to provide preparers and users of financial statements and those charged with governance of reporting entities some key implementation issues and interpretational guidance in certain problematic areas of PFRS 8.