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Showing posts from August, 2025

SEC: Strict Timelines in the Processing of Applications and Guidelines for Applications Deemed Approved

Background The Republic Act No. 11032, also known as the  Ease of Doing Business (EODB) Act  was signed into law on May 28, 2018. The law aims to improve the competitiveness of the country by addressing challenges faced by businesses in navigating government processes. The law amends the Anti-Red Tape Act of 2007 in order to streamline procedures and to provide transparency in government transactions.  In line with the foregoing, the Securities and Exchange Commission (SEC) affirms commitment to enhance transparency, accountability, and efficiency in public service delivery. The Circular is being issued to further guide the public on processing of applications before the Commission. Section 1: Commitment to Ease of Doing Business All departments and offices of the Commission must ensure that their procedures and requirements are essential, consistent, and simplified. Piecemeal requests for documents or comments shall be strictly prohibited. Every action undertaken m...

IMPLEMENTATION OF VAT ON DIGITAL SERVICES IN THE PHILIPPINES

 BIR clarifies VAT payment of non-resident digital service providers... The Bureau of Internal Revenue (BIR) has put forth clarifications to address certain issues regarding the imposition of the value-added tax (VAT) on digital services. Among others, the agency says all non-resident digital service providers (NRDSPs) are required to register on or before June 1 regardless of the type of transaction. Revenue Memorandum Circular (RMC) No. 47-2025 expounds on the provisions of Revenue Regulations (RR) No. 3-2025 , which prescribes the policies and guidelines for the implementation of the VAT on digital services.  RMC 47-2025 provides clarifications and further information on the provisions of the RR related to registration, reportorial requirements  and payment/remittance, specific tax treatments, and invoicing requirements and input taxes. A non-resident digital service provider refers to an entity with no physical presence in the Philippines that supplies digital servic...