NordCham Collaborates with SGV & Co. in an Event Highlighting Tax Changes in the Philippines
On 18 June 2024, NordCham Philippines partnered with Sycip Gorres Velayo & Co. (SGV) in a collaborative effort to shed light on recent tax changes in the Philippines through the event 'TAX CHANGES IN THE PHILIPPINES: UNDERSTANDING BIR RMC 5-2024 AND THE IMPACT OF EOPT' at the STI Holdings Center in Makati City.
Esteemed speakers from SGV & Co., including Deonah L. Marco-Go, Tax Partner; Donna Frances G. Ylade-Torres, Tax Principal; and Atty. Victor C. de Dios, Tax Principal, shared their expertise, insights, and the latest updates on the topic.
The seminar aimed to provide a comprehensive overview of key legislative updates affecting businesses in the Philippines. Highlighted topics included the Bureau of Internal Revenue's (BIR) Revenue Memorandum Circular (RMC) 5-2024, the Ease of Paying Taxes Act (EOPT) or Republic Act 11976, and insights into customs audits for importers.
The seminar delved into several key topics:
BIR RMC 5-2024: Participants gained insights into new regulations governing cross-border services, ensuring clarity on how these changes impact business operations.
The Ease of Paying Taxes Act (EOPT): Attendees explored the benefits of the EOPT Act (RA 11976) and its role in simplifying tax payment processes, thereby reducing compliance burdens.
Bonus Topic: Customs Audits for Importers: Practical strategies were shared on navigating customs audits, understanding the audit process, and implementing effective compliance strategies to mitigate risks.
During the event, speakers discussed compliance strategies for new BIR regulations on cross-border transactions, simplifying tax administration through the EOPT Act, optimizing benefits under the EOPT Act, and key areas in customs audits and importer best practices for compliance. Their insights offered practical guidance for navigating tax regulations and improving tax strategies.
Following the presentations, the event concluded with an engaging question-and-answer session. Attendees had the opportunity to seek clarification on specific topics discussed, further deepening their understanding of the regulatory changes and practical implications for their businesses.
The collaboration between NordCham Philippines and SGV & Co. proved instrumental in providing actionable insights into the evolving tax landscape in the Philippines. The event not only addressed current challenges but also empowered participants with strategic knowledge to navigate regulatory complexities effectively.
For further details and updates, please visit the NordCham Philippines and SGV & Co. websites.