Strengthening Transparency: SEC Eyes Stricter Compliance for Auditors
In a decisive move to prevent corruption and protect taxpayer interests, the Securities and Exchange Commission (SEC) has proposed a major overhaul of accreditation guidelines for auditing firms. This proposal, released for public comment on April 1, 2026, specifically targets the financial oversight of large-scale government projects following recent high-profile scandals involving “ghost projects” and […]
What Counts as an Allowable Business Expense?
The Bureau of Internal Revenue (BIR) provides clarification on what qualifies as an allowable or deductible business expense for tax purposes. For many businesses and professionals, determining which expenses can legally reduce taxable income can be confusing. RMC No. 81-2025 reiterates that only expenses that are ordinary, necessary, reasonable, and directly related to the operation […]
The Evolution of De Minimis Benefits: An Analysis of RR No. 29-2025
Executive Summary The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 29-2025,introducing significant updates to the ceilings of De Minimis benefits. These adjustmentsrespond to current economic conditions and the rising cost of living, aiming to provideemployees with better financial support without increasing their tax burden. Legal Basis and Definition Statutory Authority: De […]
Capital Markets Efficiency Promotion Act (CMEPA): Strengthening the Foundations of a More Competitive Philippine Capital Market
The Philippine government has initiated a new phase in investment and tax reform with the implementation of Republic Act No. 12214, known as the Capital Markets Efficiency Promotion Act (CMEPA). Officially signed into law on May 29, 2025, and set to take effect on July 1, 2025, this significant legislation seeks to modernize, simplify, and […]