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The Bureau of Internal Revenue (BIR) has released the implementing rules and regulations (IRR) for Republic Act (R.A.) No. 12023 or the Digital Service Act, imposing 12% Value-Added Tax (VAT) on digital services provided by both resident and non-resident Digital Service Providers (DSPs). This legislation introduces a significant shift for non-resident DSPs, ensuring that they are subject to the same tax obligations as local businesses.

The Capital Markets Efficiency Promotion Act (“CMEPA”), currently known as Senate Bill No. 2865, has been approved on Third Reading by the 19th Congress. The objective of our lawmakers in passing the CMEPA is to introduce reforms that may help boost trading in the Philippine Capital Markets by providing a simpler, fairer, more efficient, and regionally competitive passive income tax system.

The family is the most fundamental social institution and the foundation of the nation. The Constitution mandates that the State shall strengthen its solidarity and actively promote its total development.

Under the Anti-Money Laundering Act (“AMLA”), those classified as covered persons are mandated to report to the Anti-Money Laundering Council (“AMLC”) all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, unless a different period not exceeding fifteen (15) working days is prescribed.

On 11 November 2024, the President signed and approved the passage of Republic Act (RA) No. 12066, also known as CREATE MORE, into law. MORE stands for Maximize Opportunities for Reinvigorating the Economy while CREATE stands for Corporate Recovery and Tax Incentives for Enterprises.