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[Ask the Tax Whiz] Understanding VAT zero-rate transactions for local REEs purchases and other entities

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The Philippine Tax Whiz discusses the clarification from Revenue Memorandum Circular 80-2023 issued by the Commissioner of Internal Revenue on VAT zero-rated transactions and Revenue Regulations 3-2023 What is Revenue Regulations No. 3-2023 and when does it become effective? Revenue Regulations No. 3-2023 provides that local supplier of goods and/or services of registered export enterprises (REEs) …

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Mon Abrea Discusses New Tax Measures and Government Priorities Under the Current Administration

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Mon Abrea, Founding Chairman and Chief Tax Advisor of the Asian Consulting Group, noted that passing the essential tax measures, such as the excise tax on single-use plastics and the value-added tax on digital services, in a bid to generate much-needed government revenue, would not be difficult, given President Marcos’ priorities. However, in an exclusive …

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[Ask the Tax Whiz] Taxing Unhealthiness: Is it a Healthy Approach? 

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The Philippine Tax Whiz discusses the two proposed measures seeking to tax junk food and increase the excise tax on sweetened beverages Recently, I heard that there was a proposal on taxing junk food products and sweetened beverages. What does this proposal contain? The Department of Finance is considering the imposition of a tax on junk food, specifically …

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ACG’s Investment and Tax Briefing Goes On To Japan and Washington, D.C.

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The Asian Consulting Group conducted the last legs of its International Tax Briefing in Japan last June 21, 2023, and in Washington, D.C. last June 24, 2023. Through the Investment and Tax Briefing, ACG aims to educate overseas Filipinos, and interested foreigners, on how to start a business or invest in the Philippines. The Investment …

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ACG Founding Chairman Graduates from Harvard

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ACG Founding Chairman and Chief Tax Advisor Mon Abrea finished his Master of Public Administration degree with the Harvard Kennedy School on Thursday, 25 May 2023. He was also awarded an HKS Certificate in Management, Leadership, and Decision Sciences. “When my father died in 2011, I buried with him my Harvard dream,” Abrea said. “I …

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 ACG held Economic and Tax Briefing, led by experts in the fields of economics, business, and tax

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The Asian Consulting Group held the Economic and Tax Briefing on Wednesday, February 1, 2023 live at its Facebook page. The event was attended by government officials, economics experts, and tax experts. The event also marked the official launch of ACG’s International Roadshow, a series of lectures and seminars held all over the world intended …

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

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

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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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[Ask the Tax Whiz] What are the different types of BIR letters and what are their purpose? (Part 1)

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The Philippine Tax Whiz discusses mission orders, benchmarking notices, and LOAs There are nine types of different letters that may be issued by the BIR: mission orders, benchmarking notices, letters of authority (LOA), subpoena duces tecum (SDT), Notice of Discrepancy (NOD), Preliminary Assessment Notice (PAN), Final Assessment Notice (FAN) and Formal Letter of Demand (FLD), …

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