Stefan Yordanov

The Revenue Memorandum Circular (RMC) No. 5-2024 imposes withholding tax on payments for services rendered by non-resident foreign corporations (NRFCs), even if they are provided entirely outside of the Philippines, as long as the utilization or consumption happens within the Philippines. Since its issuance, RMC No. 5-2024 has raised uncertainty in stakeholders because of its widespread impact and the apparent shifts it causes in tax treatment. In a “Taxwise or Otherwise” article, PwC Philippines Tax Manager Mary Rose Lara, CPA discusses RMC No. 38-2024, which seeks to address the issues arising from the earlier circular. She writes that, according to this issuance, determining the taxability of a cross-border transaction involves considering all of the components of the cross-border service agreements involving two taxing jurisdictions. She also talks about how RMC No. 5-2024 corresponds to the stipulations of the National Internal Revenue Code (NIRC, or the Tax Code). Read the full article here: https://lnkd.in/evJuSNxd

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#TaxUpdates: Philippine lawmakers have approved a bill to tax foreign digital services, including popular streaming platforms like Netflix, HBO, and Disney. The legislation, which has passed both the Senate and the House of Representatives, proposes a 12% value-added tax on digital transactions involving non-resident digital service providers. The Senate announced this development on Thursday via a Facebook post. The new tax measure aims to support domestic streaming platforms while global giants such as Netflix Inc. and regional provider Viu continue to expand in the Philippines and the broader Southeast Asia region. With a population of over 110 million, the Philippines offers significant growth opportunities for these global services. Source: Global VAT Compliance #VVC #MorisonGlobal #buildingbetterbusinessesglobally #ValuingWhatMatters #BIR #GlobalVatCompliance

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A new Deloitte report examines the settlements for sanction violations issued by the Office of Foreign Assets Control (OFAC). It highlights the significant financial penalties Philippine-based companies could face if they do not implement stringent controls to ensure compliance with legal and regulatory requirements. For the weekly “Deloitte on the dot” column published in The Manila Times, Deloitte Philippines Forensic Leader Neal Ysart discusses the extensive reach of OFAC sanctions violations and their potential implications on companies in the Philippines: https://deloi.tt/3VeAQ2l #DeloittePH #DeloitteOnTheDot

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Ever thought about what draws PwC, Deloitte, EY, and KPMG to the Philippines? Here are 3 reasons why this destination attracts the biggest accounting firms: 1. Access to highly skilled accountants The Philippines is home to top-tier professionals trained in global financial standards like GAAP and IFRS, with strong English proficiency and excellent problem-solving skills. 2. Seamless integration for 24/7 operations Offshore accounting teams allow firms to provide non-stop client service, handling crucial tasks even outside local business hours. 3. Cost-efficiency without compromising quality Offshore accountants in the Philippines provide the same level of expertise at a significantly lower cost, allowing firms to reinvest in growth areas. We help global clients streamline processes, get better client service, and more time for your local team to focus on high-value work. Ready to follow the steps of the big 4? My DMs are open.

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🇵🇭 Like many Filipinos who live with the reality of dangerous storms and catastrophic flooding, veteran banker Atty Federico P. Tancongco has a harrowing story about surviving a typhoon. This month, Tancongco, senior vice president and chief compliance officer of the Philippines’ largest lender BDO Unibank, sat down for an interview with Eco-Business deputy editor Wai Mun Ng to share about his experiences. In May 2022, BDO Unibank successfully raised US$100 million in its maiden issuance of blue bonds — a type of financing mechanism specifically designed to support sustainable water- and ocean-related projects. It is the the first private sector issuance of this emerging financing instrument by a commercial bank in Southeast Asia. Questions the pair cover: 🌪 How did living through a #climatedisaster shape Tancongo's work? 🌊 What led to BDO opting for #bluebonds as a financing mechanism?  ⚡ How has BDO been approaching #transitionfinance? ♻ What is the bank's progress on its own energy transition commitments? Read the full interview here: https://lnkd.in/gTtRQThP 𝘌𝘤𝘰-𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘪𝘴 𝘥𝘦𝘥𝘪𝘤𝘢𝘵𝘦𝘥 𝘵𝘰 𝘪𝘯-𝘥𝘦𝘱𝘵𝘩 𝘳𝘦𝘱𝘰𝘳𝘵𝘪𝘯𝘨 𝘰𝘯 𝘈𝘴𝘪𝘢 𝘗𝘢𝘤𝘪𝘧𝘪𝘤’𝘴 𝘮𝘰𝘴𝘵 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘴𝘶𝘴𝘵𝘢𝘪𝘯𝘢𝘣𝘭𝘦 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵 𝘪𝘴𝘴𝘶𝘦𝘴. 𝘐𝘧 𝘺𝘰𝘶 𝘸𝘰𝘶𝘭𝘥 𝘭𝘪𝘬𝘦 𝘵𝘰 𝘴𝘶𝘱𝘱𝘰𝘳𝘵 𝘰𝘶𝘳 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘫𝘰𝘶𝘳𝘯𝘢𝘭𝘪𝘴𝘮, 𝘥𝘰 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘫𝘰𝘪𝘯𝘪𝘯𝘨 𝘵𝘩𝘦 𝘌𝘉 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘺 𝘢𝘴 𝘢 𝘱𝘢𝘪𝘥 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦𝘳.

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September marks the start of the final quarter—now is the time to review your tax planning strategies! Philippine tax planning strategies are designed to help businesses and individuals minimize their tax liabilities legally while complying with the country’s tax laws. These strategies require careful planning and regular review of BIR regulations. It's advisable to consult with tax professionals to ensure compliance while optimizing tax savings. Here’s a checklist to make sure you're prepared. Ready to take control? We're here to help with your taxes. 📱: 0906 100 3167 📧: [email protected] 🌐: https://opbsi.com/

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𝐓𝐚𝐱 𝐑𝐮𝐥𝐞𝐬 & 𝐍𝐞𝐰𝐬, 𝐒𝐞𝐫𝐢𝐞𝐬 𝐍𝐨. 𝟎𝟑𝟐-𝟐𝟎𝟐𝟒 We’re thrilled to share this week’s Tax Rules & News, Series No. 032-2024! Crafted by our AOC Tax Team, this e-newsletter is your key resource for understanding Philippine taxation and excelling in today’s evolving business landscape. Stay ahead and navigate tax complexities with confidence. https://lnkd.in/gd7zzNuc Please be advised that the AOC Tax Team has sourced this tax and business-related news from various reputable sources, and it's essential for you to be aware of it. AOC assumes no responsibility for the content of these sources, and any opinions expressed therein do not necessarily reflect AOC's views or opinions. Do you have any questions or need clarification? Our tax team is just a message away. #aoclatesttaxnews #taxupdates #bir #aoctaxrulesandnews #taxandbusinessnews

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𝐓𝐚𝐱 𝐑𝐮𝐥𝐞𝐬 & 𝐍𝐞𝐰𝐬, 𝐒𝐞𝐫𝐢𝐞𝐬 𝐍𝐨. 𝟎𝟑𝟒-𝟐𝟎𝟐𝟒 We’re thrilled to share this week’s Tax Rules & News, Series No. 034-2024! Crafted by our AOC Tax Team, this e-newsletter is your key resource for understanding Philippine taxation and excelling in today’s evolving business landscape. Stay ahead and navigate tax complexities with confidence. https://lnkd.in/gXJe2i4S Please be advised that the AOC Tax Team has sourced this tax and business-related news from various reputable sources, and it's essential for you to be aware of it. AOC assumes no responsibility for the content of these sources, and any opinions expressed therein do not necessarily reflect AOC's views or opinions. Do you have any questions or need clarification? Our tax team is just a message away. #aoclatesttaxnews #taxupdates #bir #aoctaxrulesandnews #taxandbusinessnews

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Additional 2 dream clients for Global Growth Solutions and Manila: - FactSet: 300 agents - Microsoft : 400 agents - Microsoft would be another company we could do a lot for with my outstanding team in Makati & Metro Manila. With extraction and the purchase of Xandr there's no doubt we could combine to push their office equipment using their data intelligence from xandr and other B2B services. They could use us to sell a CRM, Office Equipment (like Cisco) & customer service for a hypothetical mobile phone re-development campaign. We could limit their costs and sell anything together nationwide. We would be best friends. - Factset would benefit from my Asian enterprise too. By utilizing investor data (between 20-80 cents per lead) we could drive sales up effortlessly by leaning on their exceptional worldwide brand. We could lead gen their private investing division & also drive new projects/products via call centers using data. Priced over 500$ per share the people we would be calling (investor data) would all know who Factset is & would make our jobs super easy. Factset has no phillipines presence and with proper training & right team we could help them tremendously. Meeting at a Marriott? IBM Tesla Google NVIDIA Ketch Salesforce Veeva Systems Concentrix SYKES Meta LinkedIn Oracle Intuit Intel Corporation Qualcomm Amazon Apple UiPath Interpublic Group (IPG) AT&T Amdocs National Football League (NFL) Rivian NASA - National Aeronautics and Space Administration SpaceX #bpo #outsourcing #billgates #satyanadella #brinsergey #elonmusk #timcook #jackdorsey #marketing #asia #china Federal Bureau of Investigation (FBI)

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The Bureau of Internal Revenue (BIR) of the Philippine Department of Finance, as part of its commitment to reform and deepen the local capital market for both government and debt instruments, has issued new guidelines on the tax treatment of Sukuk in the country. The taxation of gains or profits from Sukuk will depend on the specific terms outlined in their contracts, and may be calculated through profit-sharing rations, rental income, mark-up or price differentials or the sale of underlying assets. https://lnkd.in/dHuTgUqX #REDmoney #IFN #IslamicFinance #Finance #TaxGuidelines #Sukuk #FinanceReforms #CapitalMarket #TaxTreatment #RevenueRegulations #Investment #SovereignSukuk #EconomicDevelopment #BIR #Philippines

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Loan growth hits double digits largely due to the sustained 20 percent growth in lending to households with Filipinos piling on more debt from credit cards, vehicles and salary based loans. Meanwhile, lending to productive ventures grew but remained lackluster, at roughly 8 percent suggesting capital formation will stay soft this year, likely partly due to elevated borrowing costs. https://lnkd.in/gQ-9UYwQ

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Withholding tax is the most commonly applicable tax obligation of taxpayers engaged in trade or business being automatically instituted by the BIR as a withholding agent. This webinar comes in a series that you can join to fully understand and appreciate the tax rules in the Philippines or just join in one session that you feel is most applicable to you. Click here to register: https://lnkd.in/e8fng8Ji Contact us for more inquiries: 0921-343-2024 / 0917-823-2447 / (02) 5-310-2239 | [email protected] #LEARN_COMPLY_SAVE #WithholdingTax #taxes #taxseason #Withholding

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Cross-border transactions are common for Philippine businesses, but not all are taxable under local law. The BIR’s recent guidelines (RMC No. 5-2024 and RMC No. 38-2024) clarify when such transactions fall under Philippine tax jurisdiction, emphasizing the source-based taxation principle. These updates provide a clearer framework for ensuring compliance and optimizing tax strategies in international business. To know more about cross-border transactions, read the full article here: https://lnkd.in/gJse9r8c #CrossBorderTransactions #BIR #SourceBasedTaxation

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📌 The CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises) MORE Act is set to transform the Philippine business landscape and aims to enhance the country's business environment, promote economic growth, and create jobs. Key Provisions 1. Reduced Corporate Income Tax: From 30% to 20-25% for large corporations. 2. Improved Tax Incentives: Enhanced incentives for strategic industries (e.g., manufacturing, innovation). 3. Simplified Tax Compliance: Streamlined procedures and reduced bureaucratic hurdles. 4. Increased VAT Exemption: Expanded Value-Added Tax (VAT) exemptions for critical sectors. 5. Enhanced Intellectual Property Protection: Strengthened IP rights enforcement. Targeted Sectors 1. Manufacturing 2. Innovation and technology 3. Tourism 4. Agriculture 5. Infrastructure 6. Creative industries 7. MSMEs Indeed, the Philippines is ready for growth and committed to building a stronger, more competitive economy! #CREATEAct #PhilippineEconomy #BusinessGrowth #InvestInPH #JobCreation #EconomicDevelopment #Infrastructure #Innovation

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Maximize your business potential with top-tier Filipino accounting talent through Global Squirrels! 🌍📊 Tap into a diverse pool of skilled professionals and elevate your finance team to new heights. Let's make your business goals a reality. Read the blog to know more : https://lnkd.in/gs5g49Uq #Globalsquirrels #GlobalAccounting #PhilippinesTalent #FinanceProfessionals #BusinessGrowth #AccountingExperts #HiringSolutions #CostEffective #InternationalStandards #FinancialExpertise #Saasplatform

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Be informed!   Like Elphaba defying gravity, the Philippine tax landscape is reaching new heights with the CREATE MORE Act, providing greater opportunities for the IT-BPO sector. These advantages come with the obligation to comply with transfer pricing regulations, making sure that transactions follow the "arm's length principle." With an emphasis on arm's length and transfer pricing compliance, Patrick talked about the CREATE MORE Act's effects and implications for the IT-BPO industry.   Click here to read the full article: https://lnkd.in/gQZ_nc2E   #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

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Did you know that Philippine EOPT Law assigns four taxpayer categories? Gross sales throughout a taxable year form the basis of the taxpayer classification system. Micro and Small Taxpayers shall enjoy the following special concessions under the EOPT Act: 🏪 Simplified Income Tax Return - two (2) pages 📉 Reduced rate of 10% for civil penalties under Section 248 of the Tax Code, as amended ⬇️ 50% reduction on the interest imposed under Section 249 of the Tax Code, as amended 💰 Reduced fine of P 500 as penalty for failure to file certain information under Section 250 of the Tax Code, as amended 💸 Reduced compromise penalty rate of 50% for violations of Section 113, 237 and 238 of the Tax Code, as amended Visit our website today at www.apeirongrp.com to learn more about our tax strategy services and explore the complete suite of solutions Apeiron offer. Let us handle your company's tax and compliance while you focus on accelerating business growth. #business #entrepreneur #success #success #taxes #compliance #strategy #Apeiron #WeAreApeiron #NextGenProfessionalServices

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