Posts by author
Jeffrey Salazar
The untaxed world of Internet commerce
Internet or simply “The Net” is a worldwide system of computer networks connecting millions of people and industries to exchange data, information, news, opinions and business transactions (e-commerce) online. The Internet is very accessible and can be accessed through computers, laptops and even handheld devices. The transactions on the Internet are fast and easy but often undetected by the taxing authorities.
Tax Legislative in the Pipeline for the 18th Congress
Hailed as “Duterte Magic,” the majority of the administration Senate candidates won in the recently held midterm election on May 13, 2019. As a result, I expect more tax reform measures to be on top of the legislative agenda of the forthcoming 18th Congress. These probably will include the remaining packages two to five of the Comprehensive Tax Reform Program as proposed by the Department of Finance.
A greener Philippines with Green Tax
Philippine Clean Air Act of 1999, Ecological Solid Waste Management Act of 2000, and Clean Water Act of 2004 are some of the environmental laws enacted to preserve the country’s natural resources and to balance environmental protection and economic development. It is evident that the Duterte administration is considering this balance with the rehabilitation of Boracay Island and ongoing cleanup drive of Manila Bay.
Pending legislations that can affect your business
Year 2019 is here. With the tax reform and other relevant pending legislations, it is the time to consider the pending bills in Congress that may impact business operations.
Tax planning tips and reminders for 2017
The start of a new year is the perfect time to review your company’s tax compliance and be reminded of the volume of submittals to various government agencies.
Tax benefits of nonstock and nonprofit educational institutions
AS former South African President Nelson Mandela said, “Education is the most powerful weapon which you can use to change the world.” In general, education is the transfer of learning or knowledge from the teacher to the students through teaching, training and mentorship. Education can also be acquired informally through self-learning and personal experiences.
What to expect from the Expanded PWD Act of 2016
ON March 23 former President Benigno S. Aquino III signed Republic Act (RA) 10754, a law granting expanded benefits and privileges to persons with disability (PWDs).
Upcoming: 120 CPD requirements for CPAs
“Change is coming” is a theme the Duterte administration is currently pursuing. It seems the Board of Accountancy (BOA) is pursuing the same direction with the adoption of several improvements and developments in the accounting profession via its own “Expanding Horizons” initiatives.
Zero contractualization: Threat to ordinary workers
‘IF it sounds too good to be true, it probably is not.”
Hacking will impact your businesses
The recent hacking of the web site of the Commission on Elections (Comelec) and the computer systems of the various banks and companies raises concern on the reliability of the elections and the security of sensitive business information. This becomes of utmost concerns, especially since the suspected Comelec web site hacker is neither an experienced professional nor a group of information-technology (IT) experts but a 23-year-old fresh graduate.
Let’s invest in the Philippines
Te Philippines, Asia’s Rising Tiger, is attracting not only local businessmen but also foreign investors to do business in the country. To encourage business investments in the Philippines, the government created various Investment Promotion Agencies (IPAs) to provide assistance and fiscal incentives in exchange for their ventures in preferred areas in the country.
Income-tax cuts, a doable measure
ELECTION fever is on, and one of the hottest issues is tax reform. The Philippines has the second-highest income-tax rate, at 32 percent, among the Asean countries, after Thailand and Vietnam. To minimize the impact of this high-tax burden, there are a number of tax-reduction measures put into place over the years. In 2008 Republic Act (RA) 9504 exempted the salaries of the minimum-wage earner from payment of income tax. Likewise, the personal and additional exemptions as deduction from the income-tax base were revised, with the personal-exemption level increased to P50,000 and the amount of additional exemption adjusted from P8,000 to P25,000. The latest tax breaks in 2014 and 2015 are the tax exemption of the benefits from collective-bargaining agreement and productivity-incentive scheme of P10,000, and the increase in the exemption threshold of other employee benefits from P30,000 to P82,000, in accordance with RA 10653.
Heads up! Accreditation for CPAs in commerce and industry
Accountants play a vital role in the field of commerce and industry, ensuring the company is financially stable and that reports provided for both internal and external users are timely, accurate, correct and fairly presented.