On 20 July 2024, the Anti-Financial Account Scamming Act (“AFASA”) was passed to promote awareness and to protect the public from cybercriminals and criminal syndicates who target Financial Accounts or lure Account Owners into becoming accessories or perpetrators of fraudulent activities. Some of the key provisions of the AFASA are Sections 12, 13, and 14 …
CMEPA at a Glance Area Before CMEPA After CMEPA Stock Transaction Tax (STT) 0.6% on sale of listed shares 0.1% flat rate on sale of listed shares Capital Gains Tax 15% on unlisted domestic shares only; foreign shares taxed up to 35% 15% flat rate on both unlisted domestic and foreign shares Interest Income Subject …
On 10 January 2024, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Circular (“RMC”) No. 5-2024 which clarifies the tax treatment of cross-border services based on the case of Aces Philippines Cellular Satellite Corp. v. Commissioner of Internal Revenue, G.R. No. 22668, 30 August 2022. Aces Philippines Cellular Satellite Corporation (“Aces Philippines”) and Aces International …
Philippines Taxes Offshore Services: What your Business Needs to Know! Read More »
31 March 2022 It seems the Philippine legislative and executive branches are on a roll in their mission to further attract foreign investments into the country to accelerate recovery of the economy which was drastically affected by the COVID19 pandemic. After the approval in December 2021 of Republic Act No. (“RA”) 11595 which simplified the …
On 01 March 2022, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 3, series of 2022 on the implementation of the ceiling on interest rates and other fees charged by Lending Companies (LCs), Financing Companies (FCs) and their Online Lending Platforms. In a nutshell, this circular puts a cap on the interests and …
Interest Cap on Loans Offered by Lending and Financing Companies Read More »
