Mon Abrea, CPA, MBA, writes for Management Association of the Philippines where his write-ups are being published in Business World or Philippine Daily Inquirer, online and paper.
The adverse effects of corruption have long been recognized in the international community. In 2003, the United Nations Convention Against Corruption (UNCAC) was entered into by several member-states. As of 2021, the number of states that agreed to the treaty had reached 189. Corruption, of course, is not a single act. There are a variety …
This Policy Memo was submitted to the Harvard Kennedy School as part of the author’s final requirement in his API 121 Recession, Growth and Macroeconomic Policy course under Professor Karen Dynan. Introduction While contractionary monetary policy seems to be the preferred method of controlling inflation, a cyclical slowdown in economic growth to avoid recession (or …
Inflation means a general increase in prices and fall in the purchasing value of money. It involves goods and services becoming more expensive over a certain period of time. Compared with the inflation rate in October 2021 at 4 percent, it has almost doubled to 7.7 percent in October 2022, which has been the highest …
High Inflation, High Interest Rates: Looming Recession? Read More »
“Focus on what matters” isn’t only a phrase that applies to maintaining a proper work-life balance or just bettering your life in general. This phrase is also the key to improving our tax administration. Under the 2021 Bureau of Internal Revenue (BIR) Annual Report (the latest as of the date of this writing), the total …
Consequently, President Ferdinand Marcos, Jr. expressed his support for the creation of the new department during his first State of the Nation Address (SONA) on July 25. He said that renewable energy is on top of his climate agenda to further lower our carbon footprin
Based on the March 2022 Labor Force Survey of the Philippine Statistics Authority, there are more than 17 million informal workers, including tiangge, ambulant and street vendors, plus over 1.3 million sari-sari stores that remain unregistered with the Bureau of Internal Revenue (BIR). Generally, they fall under the category of micro enterprises. However, under Revenue …
Simplified Tax Regime for Micro and Small Enterprises Read More »
About 24 million out of 110 million Filipinos are registered taxpayers. That is only 22 percent of the population or 50 percent of the total labor force in 2021. Around 20 million are employees or compensation income earners and at least 6 million are earning P250,000 and below who are exempted from personal income tax. …
The tax challenges and opportunities for the next administration Read More »
While tax administration is crucial in improving tax collection, an efficient tax system requires a whole government approach. Equally important in addressing tax evasion and smuggling is eradicating graft and corruption. The government needs to offer value for taxpayers’ money, better public services and to uphold transparency and accountability especially during the pandemic and economic …
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 …
Have you filed your 2019 annual income tax return (ITR)? To make sure you won’t pay the 25 percent surcharge, 20 percent interest and compromise penalty, make sure to file and pay your income tax on or before June 14. Note, however, that for individual taxpayers, the first quarter ITR for taxable year 2020 is …
