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Taxation of the Digital Economy

The Bureau of Internal Revenue (BIR) has been making deficiency tax assessments on the income payments made by local companies and agencies to nonresident foreign corporations (NRFCs), particularly tech giants like Amazon, Google and Facebook (or Meta). The deficiency tax assessments include nonwithholding of final tax on income payments made online e.g., Facebook Ads plus …

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INVESTMENT AND TAX ROADSHOW 2022

Asian Consulting Group’s Chairman and CEO, Mon Abrea, is set to travel to the United States today, December 27, 2021, to give Investment and Tax Briefings in different major states and cities. In partnership with the Department of Trade and Industry (DTI) and as part of the Trabaho, Negosyo, at Kabuhayan (TNK) Program, the International …

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ACG Holds Its First Ever Executive Tax Management Program!

From time to time, common mistakes in compliance that companies commit have usually put them in problematic situations. Even the slightest degree of erratic action would prompt authorities to go after a particular company or individual.  As a result, start-up managers, company executives, and business owners are dealing with the hassles when a Revenue Officer …

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I still don’t understand RMC-97, what is it about?

What is Revenue Memorandum Circular 97-2021? RMC 97-2021 was issued by the Bureau of Internal Revenue in August 2021, depicting the taxations of any income received by Social Media Influencers. Social media influencers are defined by section 3 of the said circular as “all taxpayers, individuals or corporations, receiving income, in cash in kind, from …

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Seal the Deal: Why Tax Clearance Matters

At the height of two pharmaceutical companies being under fire for allegations of overpriced medical goods, one of the factors that would be taken into consideration is whether they were compliant with their tax obligations. While the year-on-year profit margin markup would always put in question, the legalities that lie beneath the surface of the …

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