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Tag: Taxwise or Otherwise

Securing advance rulings on tariff classification

One of the greatest challenges some traders face is to have their shipments put on hold by the Bureau of Customs (BoC) due to tariff classification issues, errors on valuation, and incomplete documents, among others. Often, some importers do not conduct a regular review of their tariff classification codes for accuracy and compliance and as such, they can be potentially paying more duties on their products than they are actually liable for.

Can’t deny D&I: Why diversity and inclusion matter

Diversity and inclusion (D&I) are increasingly becoming a business priority. In a time of great changes and disruption, business leaders are pressured to keep up by attracting and retaining the best talent, serving their customers better, and increasing their stakeholders’ trust -- all of which are benefits that D&I can offer.

Rules for implementing the sweetened beverage tax

In addition to raising tax revenue, governments impose excise taxes to influence the buying behavior of consumers, for instance to discourage the purchase and use of certain goods and services that the government considers unhealthy or unnecessary.

Premiums on group insurance: Taxable or non-taxable?

FOLLOWING the issuance of Revenue Memorandum Circular (RMC) 50-2018, many tax treatment and procedural questions relating to the implementation of the TRAIN law, particularly on income and withholding tax, were clarified. However, there is one particular question which seems to have left tax practitioners with more questions than answers, and this is the tax treatment of premiums related to employee group health insurance.

No demand, no pay

“No demand, no delay.” This rule is spelled out by Article 1169 of the Civil Code, where those obliged to deliver or to do...

Telework: Redefining the future workplace

Every workday, I always wish for a smooth and less stressful commute to allow me to face workplace demands with enthusiasm. My routine involves taking a quick look at my GPS navigation app to check my Estimated Time of Arrival (ETA). On most days, my virtual “friend” Jane, the voice of the app, announces an ETA of almost 1.5 hours. There are other days when traffic is worse, especially on Mondays or in bad weather.

What does digital finance really mean?

“Innovate or die” is driving many companies to constantly improve themselves in order to compete in today’s fast-paced environment. While the digital age brought about many breakthroughs, it also led to the demise of others like Blockbuster, Nokia and Kodak. Today’s top brands may face the same fate if they do not continuously innovate.

Unacceptable tax avoidance

ABOUT two months ago, the weather bureau, PAGASA, officially announced the start of the rainy season. Despite sufficient warnings and precautionary measures by the government, these tropical cyclones often bring widespread damage to the country’s infrastructure, disrupt electricity and communication services, destroy crops, and leave behind human casualties.

Data Privacy Act: Compliance in convenience

We live in a technological system of connections. Innovative approaches in our daily pursuits have made our identities more accessible, and, concomitantly, our lives more exposed. This statement holds true for everyone. In this age of convenience, every transaction allows for a window to compromise our often personal, sensitive, or privileged information.

The pitfalls of ‘business-IT alignment’

Over the last decade, technology’s role in an organization has changed significantly from being a support function to a strategic enabler driving business growth and differentiation. In the case of digital-born companies, their business model is anchored on new technologies which enable them to be more agile and responsive to customer needs.

Getting the most out of TRAIN

Over the past few months, two “trains” have been in the news. One of them is a literal train, Metro Manila’s poorly-maintained commuter rail line. The other is TRAIN, or the Tax Reform for Acceleration and Inclusion Law, which promises to raise take-home pay of most Filipinos.

Foreign nationals and the practice of real estate service

The real estate industry is rapidly changing. Shared workspaces and serviced offices are sprouting to meet demand for mobility, connectivity, and flexibility. Townships and mixed-use developments are sprawling inside and outside Metro Manila. Aggressive government infrastructure projects and road network expansions advance real estate development.

Now online: SEC company registration

“At last!” I exclaimed in relief twice. First, upon hearing last year about the plans for online registration to be implemented the Securities and Exchange Commission (SEC), and then again upon the signing of Republic Act (RA) No. 11032 or the Ease of Doing Business Act recently.

The ERM Agenda: 2018 and beyond

The release of the updated Enterprise Risk Management (ERM) Framework by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2017 formally heralded the evolution of the traditional risk management mindset, wherein risks are managed as a consequence of business operations, towards a more proactive stance for managing risks. Entitled “Enterprise Risk Management — Integrating with Strategy and Performance,” the updated Framework highlights the importance of considering risks even at the onset of strategy setting, as well as throughout the process of driving organizational performance.

Unlocking the BIR’s ‘Oplan Kandado’ program

As the main revenue-collecting agency, the Bureau of Internal Revenue (BIR) is tasked to collect a total of P2.039 trillion in tax revenue this year to fund the government’s “Build, Build, Build” program. It was able to surpass its first-quarter collection target by approximately 17%, collecting P422.587 billion above its target of P361.767 billion.

Manage software assets to manage cyber threats

Software licenses comprise a huge chunk of the annual IT costs of an organization. However, in most cases, they are also investments that are improperly managed and tracked. As a consequence, a majority of organizations fails to realize the optimum benefits from these software licenses. In fact, due to their intangible nature, software licenses are often neglected or utilized only for their basic purpose.

Package 2 is under way!

“Get the tracks ready. I’m on my way.” -- Package 2

Regulatory implications of Boracay closure

By virtue of Proclamation 475, the Boracay barangays Balabag, Manoc-Manoc and Yapak in the Municipality of Malay, Aklan were placed under a State of...

Realizing operational excellence

Often times when we meet business leaders, our discussions end up on the topic of how to improve their business operations. They quickly want to know how digitization, robotic process automation (RPA), the Internet of Things (IoT) or business process reengineering (BPR) could transform their business to become more customer-focused, efficient and effective. While these innovations could produce great gains in any organization, they represent only one side of the coin. The flip side is that employee behaviors play a substantial role in an organization’s productivity and effectiveness. It is rather unfortunate that 90% of leaders fail to recognize this.

Cue the new 1701Q

The past few months have seen a myriad of changes in politics, economics, finance and taxation. While some perceive these changes to be progressive...

Upward and forward… the cloud way

The Philippine business ecosystem today is at an interesting crossroads. What makes the “Philippine story” unique is the presence of numerous mid- to large-sized...

Why not make FQ like EQ?

With the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) law, tax forms have been revised and new tax forms have been...

Technology and tax

We live in a time of automation, paperless transactions, online shopping and online booking services, and there are no signs the development of such...

Closing smarter — not harder

I transferred recently from PwC US to PwC Philippines in October 2017. Since then, I have gotten to know many talented and highly skilled...

Global guide for fighting tax crimes

One of the key indicators of how progressive a tax system is in any jurisdiction is its ability to address and prosecute tax crimes....

A whistle-blower’s dilemma

What could happen to an organization if a trusted person is in fact the thief himself -- a wolf in sheep’s clothing? To conceal...

Forgive and follow through

For Christians, Easter is the culmination of the Lenten Season when the faithful are called to repent for sins committed. Everyone needs a second chance,...

Making a choice — for good

Before the enactment of the Tax Reform for Acceleration and Inclusion (TRAIN) bill, the income tax of self-employed and/or professionals was subject to graduated...

Unraveling the secrets of ERM

If we liken businesses to machines, risk management would probably be those cogs scattered throughout that are so tiny one cannot help but overlook...

Revisiting the privacy requirements

People, especially the youth, are said to measure their worth based on the number of likes that they get from their posts on social...

Inconsistencies in the IAET

The concept of improperly accumulated earnings tax (IAET) has been present in our jurisdiction even prior to the 1939 Tax Code. Although it was...

No love withheld with RR No. 6-2018

Love is a concept we do not usually associate with taxation. In fact, one could say that the two are quite the opposite: while...

Superfluous tax incentives: Make it real

2018 opened with a bang as the effects of the first package of the government’s comprehensive tax reform program (also known as the TRAIN)...

Doing away with unintended gifts

What is it that evokes a childlike delight in us when we receive a gift? Personally, I think it is the absence of any...

Of alphabets and alphalists

Once in a while, especially in moments of stress, we find ourselves looking back to our childhoods. Back then, life was simple, and one...

Zeroing in on the vetoed VAT provisions

When the Tax Reform for Acceleration and Inclusion (TRAIN) bill was signed into law, one of the more notable provisions was the shortening of...

VAT refunds from this day forward

MOST PEOPLE are delighted to jump-start 2018 with their new set of bucket lists such as #travelgoals, #fitnessgoals, and of course, #relationshipgoals. On the corporate...

Finally, the TRAIN passes

On Dec. 19, President Rodrigo Duterte signed into law Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN), to...

Wrapping up the year

The year is almost over but the compliance obligations of taxpayers and businesses continue until May. In addition to the periodic reportorial requirements of...

Regarding independent consultants

IN THE CURRENT WORLD of advanced technology, when work can be done wherever you are at a time most convenient to you in the...

Due process in a tax assessment

As a democratic nation, every Filipino is entitled to due process as enshrined in Section 1, Article III of the 1987 Philippine Constitution. When a motorist...

That piece of paper

In filing a value-added tax (VAT) refund claim, the law provides two stages — the first is at the administrative level and the second...

Organizational soul searching (Part 2)

As we continue our organizational introspection, we cover the foundational components of enterprise risk management (ERM) and their supporting principles: Governance & Culture and...

Organizational soul searching (Part 1)

The past few days have allowed most of us a break from the daily grind: to visit and remember our dearly departed, spend more...

The finality of the expanded withholding tax return

Compliance with tax filing and payment obligations in the Philippines is tedious and often stressful for any business. In one taxable year, even a...