Business

What is a ghost receipt?

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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

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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

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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

Fused Program

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Fused Program The DBP has approved nearly Php 77 billion in loans under its Fused Program, the flagship credit program that seeks to increase access to electricity services in the countryside. The Development Bank of the Philippines (DBP) ramped up support to the National Government’s energy programs, focusing on projects that promote affordable, reliable, and … Read more