Wilfredo Regalado, CPA

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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In a survey conducted among 157 CEOs by PwC Philippines and the Management Association of the Philippines (MAP) from July to August 2023, 83% expressed optimism about their industry’s prospects for revenue growth in the next 12 months. Moreover, PwC’s 27th Annual Global CEO Survey found that 57% of Philippines-based CEOs believe the global economy will improve over the next 12 months, slightly higher than the Asia Pacific average. Doing Business and Investing in the Philippines 2024 provides a comprehensive overview of the current business landscape and recent economic developments in the Philippines, highlighting sectors that are ripe for investment. Access the publication by scanning the QR code or clicking this link: https://lnkd.in/er7_6v-2

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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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Stay ahead of the tax curve! The newly passed CREATE MORE Act offers a lower 20% corporate tax and enhanced deductions for businesses, building on earlier tax reforms. Through more transparent VAT exemptions and simplified procedures, the law hopes to increase investment and foster Philippine company expansion. Vinces analyzed in his article the key components and potential benefits of the CREATE MORE Act. Click here to read the full article: https://lnkd.in/gkWwSMCC #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

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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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Watch how Chief Tax Advocate and Senior Advisor, Raymond Abrea responds to OECD's urge to push the global minimum tax and how it will help the Philippine government. CONSULT ACG! Learn more about our expert services at https://lnkd.in/gJQd7xtd or email us at [email protected] to get started. #globalminimumtax #TaxCompliance #TaxExperts OECD - OCDE

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Essential Planning Tips for Filipinos

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Our latest issue (November 11, 2024). Stories include: • BOC drafts rules on foreign shipping line charges • Marcos signs legislation on maritime zones, sea lanes • PH economy slows to 5.2% in third quarter • Cebu Logistics Golf Club wraps up 3rd annual tournament • PH trade deficit widens by 43.4% in Sept • SteelAsia Davao rebar shipment to Canada a first for Mindanao steel exports • MCCP vessel sets record for most volume loaded in single call • Trump presidency seen to jack up ocean freight rates • ALLHC net income jumps 75% in Jan-Sept • NLEX gets P10B Chinabank loan • DHL Group posts 6.2% rise in revenue for Q3 • PH manufacturing sector slips in September • Cebu Pacific to launch direct Manila-Sapporo flights in Jan 2025 • IT in Logistics Column: Driving Resilient Growth in Philippine Logistics Through Technology Read more: https://lnkd.in/gNyy7HJY

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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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The talks during the briefing were followed by the question and answer portion with ACG Chief Tax Advisor, Raymond Abrea, and Philippine Trade and Investment Center (PTIC) Commissioner Eric Elnar. #2024InternationalTaxandInvestmentRoadshow #InvestmentandTaxBriefing #WhyInvestinthePhilippines? #NewYork

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IN THE NEWS │ ANC Business Roadshow Interview of Raymond Abrea with Stanley Palisada.       ACG's Chief Tax Advisor, Mon Abrea, emphasized the status of digitalization in the Philippines, focusing on the implementation of the digitalization roadmap. The Philippines is gradually adapting to advancements, with e-commerce and online transactions becoming prevalent in the industry. With this, we can expect a digitized, convenient, and efficient process in the government, including paying taxes.     📹 WATCH FULL INTERVIEW HERE: https://lnkd.in/gQ9E6Acj     ACG aids foreign and FinTech companies in investing and doing business in the country. For assistance with business registration, VAT refund, tax and regulatory compliance, CONSULT ACG! https://lnkd.in/guj5gTzk       #ANC #Digitalization #WhyInvestinthePhilippines? #Interview TaxWhizPH Digital Solutions Center for Strategic Reforms of the Philippines Philippine Embassy London Philippine Embassy Madrid  Philippine Consulate General in New York Philippine Consulate General in Los Angeles, CA PHILIPPINE CONSULATE GENERAL IN SAN FRANCISCO  Department of Trade and Industry DTI Paris DTI London (Philippine Trade and Investment Centre London) Philippine Trade and Investment Center Los Angeles Philippine Trade & Investment Center in Silicon Valley Philippine Trade and Investment Center Brussels Spanish Chamber of Commerce in the Philippines - La Cámara Dutch Chamber of Commerce in the Philippines French Chamber of Commerce and Industry in the Philippines European Chamber of Commerce of the Philippines German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI / AHK Philippinen) Swiss Chamber of Commerce of the Philippines British Chamber of Commerce Philippines Italian Chamber of Commerce in the Philippines

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As the 2024 International Tax and Investment Roadshow in America continues, Consul General Senen Mangalile of the Philippine Consulate General in New York, has commended ACG Chief Tax Advisor Raymond Abrea for his advocacy to promote investing and doing business in the Philippines, evident in his collaborative efforts. He also emphasized the significant guidance provided by the new book in assisting existing and potential foreign investors in doing business in the Philippines, which helps establish confidence and security in their investment decisions. ORDER HERE: https://linktr.ee/CSRPh Stay tuned as this book becomes available on Amazon! #2024InternationalTaxandInvestmentRoadshow #WhyInvestinthePhilippines? #NewYork

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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. 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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