The Philippines Today, Yesterday, and Tomorrow
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 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? 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 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
Landbank Bacacay The Landbank of the Philippines inaugurated the first-ever commercial bank in Bacacay, Albay last March 27 in keeping with its mission to promote financial inclusion in the country. The branch-lite unit would primarily serve the 56 barangays in the town as well as the nearby municipalities of Malilipot and Sto. Domingo. In addition … Read more