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Warrants

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(First of two parts) AS mentioned previously, Section 22 of the Tax Code defines “shares of stock” to include warrants and/or options to purchase shares of stock. The Securities and Exchange Commission (SEC) Amended Implementing Rules and Regulations of the Securities Regulations Code (SRC) defines a warrant as a class of derivative. It describes a [...]

Posted: February 22nd, 2013 in CDN - Enterprise,Cebu Daily News | Read More »

Rulings on tax-exempt hospitals

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THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 4-2013 requiring tax-exempt hospitals to secure revalidated tax exemption rulings/certification.

Posted: February 9th, 2013 in CDN - Enterprise,Cebu Daily News | Read More »

Advances to firms

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THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 89-2012 clarifying the tax implications and recording of deposits/advances made by clients of general professional partnerships for expenses. It is common business practice for General professional partnerships (herein referred to as ‘Firm’), such as accounting firms or law firms: (1) to require their clients (hereinafter [...]

Posted: February 1st, 2013 in CDN - Enterprise,Cebu Daily News | Read More »

Stock option plans

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THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 88-2012 clarifying the tax implications of income or gain derived by an employee from the exercise of stock option plans.

Posted: January 25th, 2013 in CDN - Enterprise,Cebu Daily News | Read More »

Clarifying vehicle depreciation

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THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 2-2013 clarifying certain provisions of Revenue Regulations No. 12-2012 on the deductibility of depreciation expenses as it relates to purchase of vehicles and other expenses related thereto, and the input taxes allowed therefor.

Posted: January 18th, 2013 in CDN - Enterprise,Cebu Daily News | Read More »

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