[Ask the Tax Whiz] How to compute income tax under the new income tax table for 2023?

The Philippine Tax Whiz guides Filipino taxpayers in computing their taxable income. 1. I am an employee who receives only compensation income from my employer. What are the things that I need to consider in computing my taxes? Before computing your tax due as an individual, you need to determine if you are a minimum …

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ACG Founding Chairman discusses how your taxes are lower in 2023

ACG Founding Chairman and Senior Tax Advisor Mon Abrea discussed the third tranche of the TRAIN Law in an interview. Starting 2023, income tax for individuals would be lowered for persons earning P250,000 and above annually. Those earning under P250,000 would not be affected by these changes as they have already been exempt from income …

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[Ask The Tax Whiz] What are the upcoming tax updates in 2023?

The Philippine Tax Whiz discusses the upcoming tax updates on the TRAIN Law and(CREATE) Law for the year 2023 What are the tax updates for 2023 under TRAIN Law? The Tax Reform for Acceleration and Inclusion (TRAIN) law will be undergoing some changes, pursuant to its own provisions. Here are some of the salient features …

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ACG Founding Chairman discusses fiscal policy proposal

In view of the recent interest hikes implemented by the BSP, ACG Founding Chairman and Chief Tax Advisor Mon Abrea called for the implementation of fiscal policies that would complement these monetary policies. “Even with the contractionary monetary policy by the BSP, it is not enough to really temper our inflation,” Abrea said in an …

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ACG Founding Chairman publishes policy proposal to combat inflation

Asian Consulting Group Founding Chairman and Chief Tax Advisor Mon Abrea recently published his policy proposal via BusinessWorld for combating the high inflation faced by the country. In his policy paper, Abrea focused on fiscal policies designed to alleviate the hardships felt by the poor and the low-income earners. Among his proposals was to further …

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Addressing High Inflation in the Philippines  

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 …

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[Ask The Tax Whiz] Is the audit investigation of BIR suspended?

The Philippine Tax Whiz discusses the recently issued BIR Revenue Memorandum Order 55-2022 which suspended audit and other field operations of the BIR Has the BIR audit been suspended? Under Revenue Memorandum Order No. 55- 2022, the examination and verification of taxpayers’ books of accounts, records and other transactions are hereby suspended  for the period …

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High Inflation, High Interest Rates: Looming Recession?

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 …

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