A New Era of Digital Service Taxation: The BIR’s Draft Regulation on RA 12023
The Evolution of Taxation in the Digital Economy As the world increasingly shifts to the digital age, the Philippines has found itself grappling with how to keep its tax system in step with this rapid transformation. The explosion of online services—streaming platforms, e-commerce, digital advertising, and cloud storage—has created a new economy, one that does […]
Embracing Accountability: How the Extended Producer Responsibility (EPR) Law Transforms Plastic Waste Management for Sustainable Growth
The Urgent Need for Responsible Plastic Use Plastic waste’s environmental toll has become a global concern, with governments worldwide pressing for urgent, sustainable solutions. In the Philippines, Republic Act No. 11898, also known as the “Extended Producer Responsibility Act of 2022,” directly addresses this issue by amending the Ecological Solid Waste Management Act of 2000. […]
Understanding CREATE MORE: A Guide for Businesses in the Philippines
The Philippines stands on the brink of a new economic chapter, as President Ferdinand R. Marcos Jr. is about to sign the CREATE MORE Bill into law. This landmark legislation, championed by Senate President Francis Escudero, promises to transform the nation’s business climate, creating a fertile ground for investments and a thriving domestic workforce. Escudero, […]
Exploring the Benefits of Converting Your Philippine Representative Office
Many businesses start with a representative office, a great entry point into a new market. But as success grows, so can your ambitions. A recent client contacted us with a question we hear often: “Can we convert our Philippine representative office into a branch?” With the Philippine market booming, they were ready to take the […]
Transferring Land to Your Corporation Tax-Free: Step-by-Step Process
If Person A owns a land worth ₱10M and wishes to transfer this land to a holding company (owned 99% by A and B) under the tax-free exchange provisions of RMC 19-2022, here is a step-by-step guide to facilitate this process. 1. Preliminary Steps: Understand the Requirements Ensure that the transfer qualifies as a Tax-Free […]
New 12% VAT Law on Digital Services: What It Means for You and Your Favorite Platforms
The recent enactment of Republic Act No. 12023 marks a significant shift in the taxation landscape for digital services in the Philippines. This law mandates a 12% Value-Added Tax (VAT) on nonresident digital service providers, aligning the country’s tax policies with global standards and ensuring a level playing field for local and international service providers. […]
Building a Stronger UHYMAC: Our Strategic Plan
Exactly a week ago, August 22, 2024, was a significant day at UHYMAC Group, one of Babylon2k’s most trusted partners, as our departments came together for a full-day strategic planning session. The event was a full-day activity that set the tone for the year ahead. The morning session was packed with insightful updates on key […]
Key BSP FX Reporting Guideline Changes
In accordance with Bangko Sentral ng Pilipinas (BSP) Circular No. 1197-2024, the BSP has introduced significant amendments to the reporting guidelines for foreign exchange (FX) transactions. These changes aim to enhance the accuracy and relevance of FX transaction data, promoting financial stability and ensuring effective supervision of banks. Key Highlights: Impact: These amendments aim to […]
File & Pay Taxes Anywhere! New EOPT Regulations Simplify Tax Compliance
EOPT Alert: Our digest on the recently issued RR 4-2024 on filing and paying taxes anywhere Introduction: Great news for Filipino taxpayers! The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations No. 4-2024, implementing key provisions of the Ease of Paying Taxes (EOPT) Act. This translates to more straightforward tax filing and payment processes […]
Top 7 Impactful Things You Should Know About RR 3-2024
New Rules for VAT & Percentage Tax (A.K.A. EOPT’s VAT and Percentage Tax Timely Amendments) “As the deadline for VAT filing approaches, embracing Revenue Regulation (RR) No. 3-2024 is not just compliance, it’s strategic business acumen,” says a leading accountant. RR No. 3-2024 simplifies and modernizes VAT and Percentage Tax under the Ease of Paying […]