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KPMG CORNER
Strictly by the letter: No room for interpretation
by Joseph Rod Allan C. Alano - May 15, 2012 - 12:00am
Tax exemptions, by their very nature are “highly disfavored”, never presumed and are therefore strictly construed against the grantee.
BIR ruling No. 014-12: Is the enumeration of allowable deductions exclusive?
by Atty. Mark Nette E. Concepcion - April 24, 2012 - 12:00am
Tax incentives are certainly among the reasons why an investor would want to do business in a country.
Islamic Finance - what next?
by Noel P. Bonoan and Aaron Lim - April 10, 2012 - 12:00am
Almost exactly one year ago, Noel Bonoan and Aaron Lim published an article entitled “Why not Islamic finance?” in this KPMG CORNER.
Simplified or obscured: The new annual income tax return for juridical entities
by Dyann O. Castillo - April 3, 2012 - 12:00am
Perhaps, the most remarkable feature of the new BIR form No. 1702 is the addition of the portion for tax relief under special law/international treaty.
Simplified or obscured: The new annual income tax return for juridical entities
by Dyann O. Castillo - March 27, 2012 - 12:00am
The compliance deadline for filing of the annual income tax return (ITR) by juridical entities or “corporate taxpayers” employing the calendar-year accounting period is fast approaching.
Taxing the professionals
by Eric B. Javeloza - March 13, 2012 - 12:00am
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular No. 03-2012 (RMC 03-12) to remind BIR officials and taxpayers alike of the proper tax treatment of income payments made to General...
Managing DST on intercompany advances
by Vida A. Cortez - March 6, 2012 - 12:00am
Did the Filinvest case really put to rest the issues relating to DST on intercompany advances or did it just create other concerns?
Managing DST on intercompany advances
by Vida A. Cortez - February 28, 2012 - 12:00am
Who would forget the question that faced the impeachment court recently – a loan or cash advance? Others may have chuckled thinking the question unwise, but in the realm of taxation, this question finds substance,...
The new landscape of income tax returns for individuals and what it asks from you
by Cecille A. Fernando - February 21, 2012 - 12:00am
Revenue Regulations No. 19-2011 prescribes new versions of BIR forms that will be used for income tax filing starting with calendar year (CY) 2011.
What do you know about pera?
by John Dominee A. Reyes - January 24, 2012 - 12:00am
Today, PERA may not only mean money. It may also represent an investment opportunity. Of course, not in reference to local legal tender, PERA, under Republic Act 9505, stands for Personal Equity and Retirement...
Imputation of interest on interest free inter-company advances
by Bheejay Sanchez - January 17, 2012 - 12:00am
In today’s tough business climate, companies resort to different modes of generating funds to support and finance its business.
The role of public accountants
by Roberto G. Manabat - January 10, 2012 - 12:00am
How do we ensure that we are always at the cutting-edge of our professional practice?
The role of public accountants
by Roberto G. Manabat - January 3, 2012 - 12:00am
My first and foremost advice to you is to practice your profession with integrity. Doing the right thing at all times is not an option, it has to be the manner which will govern our lives.
The role of public accountants
by Roberto G. Manabat - December 27, 2011 - 12:00am
When I was tasked by the Board of Accountancy to be the Keynote Speaker for today’s oath-taking ceremonies of newly licensed Certified Public Accountants, I felt elated to be given this unique opportunity to...
Tax planning your excess tax credits
by Katrina Monserrat F. Aznar - December 20, 2011 - 12:00am
With the issuance of RR No. 14-11, taxpayers are now faced with the concerns on how to manage one’s excess tax credits.
Tax planning your excess tax credits
by Katrina Monserrat F. Aznar - December 13, 2011 - 12:00am
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat. -Sun Tzu.
'Do taxpayers really need to compromise?'
by Andrew James Gerard Ruiz - November 29, 2011 - 12:00am
The Bureau of Internal Revenue (BIR) is on the roll nowadays, imposing compromise penalties left and right to hapless taxpayers who do not even understand what the penalty is all about.
Fishing on lease
by Atty. John Joenelle V. Nudo - October 11, 2011 - 12:00am
It was once told that there are two types of fisherman – those who fish for the breeze and those who fish for fish.
VAT on real property - a call for consistency
by Evelyn Garcia-Cantre - October 4, 2011 - 12:00am
Last July 2011, the BIR issued a new tax regulation whose short length understates its impact on the tax consequences of transacting business in the Philippines.
Finding the incentive in REIT
by Michael S. Macabata - September 20, 2011 - 12:00am
Republic Act (RA) No. 9856 or the Real Estate Investment Trust (REIT) Act of 2009 had lapsed into law on 17 December 2009.
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