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What are digitally savvy leaders?

In a world of constant disruption and innovation-led advances, organizations are increasingly leveraging technology to transform their business strategies. However, as revealed in the Global Leadership Forecast 2018 (a joint research project by EY, Development Dimensions International, Inc. and the Conference Board), many companies are unable to keep up with the pace. The forecast also mentions that 50% of the 2006 Fortune 500 companies no longer exist, while futurist speaker Thomas Frey projects that advances in robotics and artificial intelligence will impact over two billion jobs in the next decade. Given the inescapable technological trajectory that the world is on, organizations with digital-savvy leaders who are cognizant of the threats and opportunities brought about by technology are now outperforming competitors with less digitally-capable leaders.

The proper allocation of costs and expenses for financial institutions

The Regional Trial Court (RTC) of Makati released its decision on the petition of banks seeking the invalidation of Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 4-2011, which prescribed the rules for the proper allocation of costs and expenses for banks and financial institutions, for income tax reporting purposes. The RTC ruled that RR No. 4-2011 is unconstitutional, and ordered a permanent injunction on its implementation.

Revisiting the rules on offsetting arrangements

Offsetting (or netting) may arise in business transactions where there is a debtor-creditor relationship. Considering that two parties can be both debtor and creditor of each other, offsetting can be resorted to in order to reduce, or even extinguish the liability, if the legal conditions are present and if the criteria under Philippine Financial Reporting Standards (PFRS) are met.

On filing prior applications for VAT zero-rating of sales

The Bureau of Internal Revenue (BIR) recently issued an advisory informing taxpayers that the Large Taxpayers Service and Assessment Service will continue to receive and process applications for Value Added Tax (VAT) zero rating on the sales of goods and services by suppliers of Registered Business Entities (RBEs), who were granted incentives by Investment Promotion Agencies (IPAs) under special laws. The said advisory also informed the taxpaying public that they need to follow the existing guidelines and procedures for these applications to be processed, which refer to Revenue Memorandum Order (RMO) No.7-2006 issued in 2006.

How are online merchants and intermediaries taxed?

Innovations brought about by information and communication technology have dramatically changed how people behave and go about their daily tasks. As the number of computer-literate, digital individuals increases, the easier it becomes to exchange information and facilitate remote transactions.

Clarifying the cost of filing an amended tax return

On Dec. 19, 2017, President Rodrigo R. Duterte signed into law Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Act. In a speech made after the signing, the President said the TRAIN Act “is the administration’s biggest Christmas gift to the Filipino people, as 99% of the taxpayers will benefit from the simpler, fairer and more effective tax system.”

Revenue growth in financial inclusion

Traditionally, banks operating in emerging markets (EMs), including the Philippines, did not consider financially excluded individuals as profitable target customer segments. These financially-excluded sectors included micro and small to medium enterprises (MSMEs).

TRAIN Law: Revisions to Income Tax Return forms

Controversies continue to surround the Tax Reform for Acceleration and Inclusion (TRAIN) Law. Members from both the public and private sectors blame it for the steady rise in inflation, the now weekly increase in fuel and oil prices, and a record currency depreciation that left the peso at its weakest in over 11 years.

Can the PHL fully participate in ASEAN Taxation Cooperation?

Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in line with the goal of maintaining a stable financial and investing environment – something that the Philippines needs in order to sustain growth in the years to come.

ASEAN taxation cooperation via automatic information exchange

(First of two parts) IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan....

TRAIN Law: PEZA tax incentives for registered enterprises

THE TRAIN law is expected to make significant changes to the tax incentives of PEZA registered enterprises. With the enactment of the Tax Reform for...

TRAIN Law: Updating the Certificate of Registration

LIKE its fast-moving namesake, the effects of the TRAIN (Tax Reform for Acceleration and Inclusion) Law or Republic Act. No. 10963 continue to have impact on professionals and entrepreneurs.

Great equalizer: TRAIN law introduces uniform transfer tax rates

The variety of transfer taxes is quite confusing. The amendments introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) Law or Republic Act No. 10963 now provide much clearer rules for taxpayers.

Taxation of fintech companies in the Philippines

Financial Technology (Fintech) companies combine technology and innovative business models to enable, enhance and disrupt financial services. They are dramatically changing the financial services industry landscape in all parts of the world. Blockchain, cryptocurrencies, app-based alternative finance and open-banking are amongst the biggest disruptive themes introduced by these companies.

The evolution of Robotics Process Automation

A recent report by Etventure, Digital Transformation 2018 highlighted that “Digitalization is getting to all parts of our lives and it is deeply disrupting how companies do and therefore structure their business. Most companies (55%) will need to change their business models due to digitalization in the upcoming years. However, the wide majority (62%) of companies state that the knowledge and capability to manage digitalization is not sufficiently available.”

Developing a skill-based talent strategy

Companies around the world are now understanding that the talent paradigm is shifting. There is, in fact, a continuous war for talent worldwide, with a pressing need for businesses to develop a skills strategy that looks at both the need to operate the business in a cost-efficient matter, while redefining the business model at the same time.

The latest improvements to the Conceptual Framework

2018 is looking to be a busy year as far as financial reporting changes are concerned. There will be two major new standards adopted this year -- one for revenue recognition and another one for financial instruments. Furthermore, it is in 2018 that the International Accounting Standards Board (IASB), the accounting standard-setting body, issued a revised version of the Conceptual Framework for Financial Reporting.

Synergy between the CFO and CEO

A mentor once said, to create value in an organization, the following must be present: strong leadership, strong partnerships that break organizational boundaries, and a perfect opportunity to exploit. In this article, we would like to discuss how a strong partnership between the CFO and the CEO can help companies adapt to the continually changing business landscape.

Current trends in the Philippine M&A landscape

According to the World Bank’s June 2018 Global Economic Prospects report, the Philippines is the 10th fastest-growing economy in the world, stimulated by rising consumption, sustained remittance inflows, stable investment, improved government spending and accommodative monetary policy. These were key considerations for some recent mergers and acquisitions (M&A) deals characterized as defensive, synergy-driven, and horizontally and vertically integrated. These recent deals are leading some parent companies to further penetrate the existing market and to also enter into new markets. What this trend tells us is that strategically, companies are doing it because they need to grow and survive over the medium- to long-term.

Use of parametric thinking in provisioning

IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board on July 24, 2014. It addresses the accounting for financial instruments and features three main topics: classification and measurement of financial instruments; impairment of financial assets; and hedge accounting. It became effective on Jan. 1, 2018 and has replaced International Accounting Standards (IAS) 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. In this article, IFRS 9 is referred to as a “science” because of its systematically organized body of information and measurements on specific topics.

The science of IFRS 9 and the art of Basel: Use...

IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board on July 24, 2014. It addresses the accounting for financial instruments and features three main topics: classification and measurement of financial instruments; impairment of financial assets; and hedge accounting. It became effective on Jan. 1, 2018 and replaced International Accounting Standards (IAS) 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. In this article, IFRS 9 is referred to as a “science” because of its systematically organized body of information and measurements on specific topics.

The science of IFRS 9 and the art of Basel: Use...

IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board on July 24, 2014. It addresses the accounting for financial instruments and features three main topics: classification and measurement of financial instruments; impairment of financial assets; and hedge accounting. It will become effective in 2018 and replaces International Accounting Standards (IAS) 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. In this article, IFRS 9 is referred to as a “science” because of its systematically organized body of information and measurements on specific topics.

Innovating the wheel: Outlook on the global automotive industry

We constantly hear about how globalization and the rapid advances in technology are disrupting every single industry in the world. We can see this new paradigm happening as well in the global automotive sector where the line between automotive and technology has already started to blur. This has produced a new ecosystem with new rules for success. However, we should note that the change drivers in the automotive sector go further than just technology.

The science of IFRS 9 and the art of Basel

IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board on July 24, 2014. It addresses the accounting for financial instruments and features three main topics: classification and measurement of financial instruments; impairment of financial assets; and hedge accounting. It will become effective in 2018 and replaces International Accounting Standards (IAS) 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. In this article, IFRS 9 is referred to as a “science” because of its systematically organized body of information and measurements on specific topics.

The science of IFRS 9 and the art of Basel

(First of two parts) IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board on July 24, 2014. It...

What’s your digital tax strategy?

In recent years, tax authorities around the world have been embracing digital methods of tax administration. Through new legislation, regulations and other initiatives focusing...

A financial reporting framework made simple for small and micro entities

In 2005, the Philippines adopted the International Financial Reporting Standards (IFRS) -- renamed Philippine Financial Reporting Standards (PFRS) -- in order to make financial...

Integrity — in word and deed — is back in business

The concept of integrity -- as a distinct corporate value and not mere lip service -- has been identified as a vital part of...

Operation Zero: The call for economic liberation

(Second of two parts) In the first part of this article, we offered the context and background of the Zero Dropout Education Scheme (ZeDrEs or...

Operation Zero: the call for economic liberation

(First of two parts) What is the value of P1,500? Of P3,000? For “Raf” of Sta. Cruz, Marinduque, it was the means by which his...

What makes digital tax administration a success?

Among the less talked about provisions of Republic Act No. 10963 or the TRAIN Law are perhaps the amendments to Section 237 of the...

Surviving in the logistics business — a constant challenge

Given the rapid changes in technology today, doing business the traditional way is not an option for companies seeking to survive, particularly those in...

Which way to grow?

In the World Bank’s January 2018 Global Economic Prospects report, the Philippines was expected to post a steady 6.7% growth this year and in...

Unlocking more possibilities for women in ASEAN

The Philippines is thought to be a bit ahead in gender parity in the region. According to the Global Gender Gap Index, the Philippines...

What ASEAN SMEs need to transform

For almost all countries in the Association of Southeast Asian Nations (ASEAN), small and medium-sized enterprises (SMEs) are the primary engines for economic growth...

Shaping tomorrow’s professionals

Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), said: “we stand on the brink of a technological revolution that will...

Nurturing mothers in the workplace

Statistically speaking, women make up more than half of the world’s population and arguably, may have the best ideas in the workplace. If not,...

Digitalization of government

(Second of two parts) In last week’s article, we introduced “digital” as the hot buzzword for businesses in the private sector, but not as much...

Digitalization of government

(First of two parts) In almost every industry, “digital” has become the latest buzzword. The scope of digital possibilities is being explored across every business...

‘Mindful investing’ and strategic asset allocation

Be mindful of where you are headed. This is the Desiderata of the current investing climate, and investors may wish to be reminded of...

BPM: Innovating and transforming business

Organizations continually aim to increase profits by reducing costs and increasing efficiency. This has been the mantra since the first wave of process improvement...

Are employee pension plan payouts taxable?

For most employees, pension plans are their post-retirement safety nets, helping ensure that they have enough resources to live comfortably in their golden years....

Implementing PFRS 15: Challenges of an accounting change

ON AUG. 15, 2017, the Securities and Exchange Commission approved the adoption of Philippine Financial Reporting Standards (PFRS) 15, Revenue from contracts with customers,...

Organizations with happy, passionate and tireless people

Many of us dream of becoming a hero when we grow up. We want to make a difference. As we grow older, we realize...

Does Build, Build, Build translate to Win, Win, Win for the...

With the steadily warming relations between the Philippines and China, and among the various members of the Association of Southeast Asian Nations (ASEAN), as...