Hello 2009!

It's the busiest season once again for all those auditors all over the Philippines. Whew! Good luck to us all! (--,)

Tax Updates:

1. The Optional Standard Deduction (OSD) is now 40% of the Gross Receipts for Individuals and 40% of Gross Income for Corporations. This is pursuant to the amendment introduced by Republic Act 9504 and Revenue Regulation 16-2008.
2. You can also using your Manual Books of Accounts for the succeeding year if the same have not yet been exhausted during the previous year, according to Revenue Memorandum Circular No. 82-2008, providing the new guidelines in the registration of books of accounts.
3. Directors Fees are subject to 12% VAT or 3% Percentage Tax, whichever is applicable, this is made clear by Revenue Memorandum Circular No. 77-2008.

More tax updates on January 30, 2009 as the Philippine Institute of Certified Public Accountants - Davao Chapter, in cooperation with the Bureau of Internal Revenue will be holding a TAX UPDATE Seminar on Withholding Taxes from 8am to 4pm at Linmarr Apartelle, Agdao, Davao City.