GLIMPSE OF A CPA'S MIND

The following are rules on Value-added Taxation in the Philippines Description Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. Who Are Required To File VAT Returns Any person or entity who, in the course of his trade or business, sells, barters, exchanges, leases goods or properties and renders services subject to VAT, if the aggregate amount of actual gross sales or receipts exceed One Million Five Hundred Thousand Pesos (P1,500,000.00).  A person required to register as VAT taxpayer but failed to register  Any person, whether or not made in the course of his trade or business, who imports goods Monthly VAT Declarations Tax Form -  BIR Form 2550 M - Monthly Valu...

Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services Overview IAS 32   Financial Instruments: Presentation   outlines the accounting requirements for the presentation of financial instruments, particularly as to the classification of such instruments into financial assets, financial liabilities and equity instruments. The standard also provide guidance on the classification of related interest, dividends and gains/losses, and when financial assets and financial liabilities can be offset. IAS 32 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. History of  IAS 32 September 1991 Exposure Draft E40   Financial Instruments January 1994 E40 was modified and re-exposed as Exposure Draft E48   Financial Instruments June 1995 The disclosure and presentation portion of E48 was adopted as IAS 32 Financial Instruments: Disclosure and Presentatio...

The revenue regulation issued on 05 December 2002 as presented below, is a modified version of the original RR 26-2002 to cope with the needs of the users of this website and for easy understanding of Electronic Filing & Payment System (EFPS) implemented by the Bureau of Internal Revenue. follow the blog author through his  facebook  page, twitter , instagram , and google+ ___________________________________________________________________________________ REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City December 05, 2002 REVENUE REGULATIONS NO. 26-2002 SUBJECT : Amending Further Revenue Regulations No. 9-2001, as Amended by Revenue Regulations No. 2-2002 and Revenue Regulations No. 9-2002, Providing for the Staggered Filing of Returns of Taxpayers Enrolled in the Electronic Filing and Payment System (EFPS) Based on Industry Classification. TO : All Internal Revenue Officers and Others Concerned. SECTION 1. SCOPE. –...