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 …
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 …
How does the Bureau of Internal Revenue conduct its auditing process? The very first step is a Letter of Authority, a very crucial document. It is usually issued by the CIR and presented by its duly authorized revenue officer to the company or individual involved in the tax complaint. It must be issued 30 days …
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 …
ACG Holds Its First Ever Executive Tax Management Program! Read More »
What common violations do taxpayers make that may get them into trouble with the Bureau of Internal Revenue? Unless they are exempted, everyone who generates income has the obligation to the country to be responsible for their taxes. Here are five common mistakes that taxpayers often make: Failure to register to BIR The first step …
Asian Consulting Group is holding its first Executive Tax Management Program, an e-learning course for business executives to learn about how the BIR Audit goes, how they can prepare for any Auditing, and how to avoid it for the long-term. In this exclusive program made for business executives, ACG has three e-learning sessions that business …
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 …
I still don’t understand RMC-97, what is it about? Read More »
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 …
Imagine a company that has been put in the hot seat of an investigation conducted by either the lower or the upper house of legislators or even the judiciary courts. Aside from bagging hefty contracts and questionable profit surge, tax is obviously one factor contributing to this looming problem. Now, if they would be able …
