Industry and Regulatory Updates

Updates on financial industry standards and tax regulations
Mandated Use of Non-Thermal Paper for Receipts

BIR extended the deadline until December 31, 2016 for taxpayers to comply with the use of non-thermal paper for all kinds of invoice or receipt generating machines/software registered prior July...

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eCAR System Improvements

BIR issues electronic Certificate Authorizing Registration (eCAR) to avoid revenue losses related to property transfer transactions and to stop the threatening activities of tax syndicates responsible for stealing huge amount...

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NCR Raise Minimum Wage Pay By ₱10

A new wage increase was issued under Wage Order No. NCR-20 which applies to all workers and employees receiving the daily minimum wage in the National Capital Region (NCR). From...

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Issue-Based Audit

Pursuant to Revenue Memorandum Order No. 59-2016 issued on September 19, 2016, BIR prescribed policies in the conduct of issue-based audit under the VAT audit program (VAP). It aimed to increase...

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FeaturedPolicy Amendments on Importer’s Clearance Application

RMO No. 56-2016 issued on September 2, 2016 further amended the policies, guidelines and procedures in the application and processing of BIR Importer’s Clearance Certificate (ICC) and Broker’s Clearance Certificate (BCC)....

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