The Philippines GDP Growth

The Philippines GDP Growth The Philippine economy grew faster by 5.9% in the third quarter (Q3) of 2023! “This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,”  National Economic and … Read more

What is PERA?

What is PERA? Personal Equity and Retirement Account or PERA is a voluntary retirement saving program that supplements the existing retirement benefits from Social Security System, Government Insurance System, and employers. This is a powerful tool for ensuring financial security upon retirement and promoting a comfortable life during sunset years. Republic Act No. 9505 otherwise … Read more

Selling below floor price of cigarette and Vape is illegal

Selling below floor price of cigarette and vape is illegal The BIR released new tax updates regulating the floor price of Cigarettes, Heated Tobacco, Vaporized Nicotine, and Non-Nicotine Products through the issuance of Revenue Memorandum Circular No. 49-2023 on May 5. Pursuant to the existing laws, the BIR is mandated to prescribe the floor price … Read more

What is a ghost receipt?

What is a ghost receipt? Ghost receipts are fake invoices with no actual transactions. They are used to reduce tax liabilities by claiming false deductions and input VAT. This defrauds the government of taxes. FrontsBuyer – Imprisonment of 6-10 yearsSeller – Imprisonment of 6-10 yearsCPAs – License revocation for abetting and advising their clients to … Read more

BIR issues new guidelines on zero-rated vat transactions

BIR issues new guidelines on zero-rated vat transactions  Commissioner Romeo D. Lumagui, Jr. issued Revenue Regulations No. 3 – 2023, amending certain provisions of existing revenue issuances pertaining to zero-rated value-added tax (VAT) transactions. The amended provisions now state that local purchases of goods and local services such as janitorial, security, financial, consultancy, marketing and … Read more