June 2023

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the 3rd General Membership Meeting of the Philippine Institute of Certified Public Accountants (PICPA) Southern Metro Manila Chapter (SMMC), held at the MOA Arena Annex Building (MAAX) Auditorium, Mall of Asia in Pasay City on 9 May 2023. 121 CPAs and non-CPAs joined the seminar. Rhena (center) with PICPA SMMC members Rhena provided an overview of transfer pricing in the Philippines. She discussed matters to consider when engaging with related party/intercompany transactions and preparing for a transfer pricing audit. She emphasized the need to consider various factors when engaging in intercompany transactions, such as the nature of the transaction, the functions performed by each party, and the risks involved. She also talked about the current requirement for electronic invoicing and receipting which is now mandatory for covered taxpayers along with policies and guidelines for compliance. 

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) webinar on 10 May 2023 with more than 100 participants in attendance.  Event poster Rhena discussed recent issuances and tax cases related to handling BIR tax examinations. She also talked about the current electronic invoicing and receipting requirements for covered taxpayers and the guidelines, necessary steps, and policies they need to follow. She highlighted that while the BIR tax examination process is complex, businesses can navigate it successfully with proper preparation and documentation and that their compliance with the electronic invoicing and receipting guidelines is crucial.

SGV’s Global Compliance and Reporting (GCR) team, in collaboration with Miriam College’s School of Business, Entrepreneurship, and Accountancy (SBEA), held a tax seminar entitled “Taxverse” from 21 to 22 April 2023. Maricris talks about the qualifications of registered business enterprises for tax incentives Global Compliance and Reporting (GCR) Partners Aaron C. Escartin (ACE), Maricris U. See (MUS), Don Don T. Mojica (DTM), and GCR Senior Directors Christiene Lawrence R. Matic, Debelen O. Panggoy, and Atty. Jan Kriezl M. Catipay shared their insights during the technical sessions. Students participated in the tax review session on Day 1, while faculty members were briefed about the recent developments in Philippine taxation on Day 2. The topics discussed focused on the recent developments in taxation under the Tax Reform for Acceleration and Inclusion Law (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, fiscal incentives granted by the Investment Promotion Agency and new tax incentives under the CREATE Act, as well as an introduction to double-taxation agreements and addressing the challenges of double taxation. The event was spearheaded by GCR Leader Sonia D. Segovia (SDS), Maricris, and Aaron in coordination with SBEA Academic Dean Ruby F. Alminar-Mutya and SBEA Accounting coordinators Alfred Lindon Berbano and Myrna Vidal.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) and CCaSS Senior Director Crystal Aleli R. Cornell served as resource speakers at Bicol University’s three-day training entitled “International Webinar on Organizations' Resiliency, Inclusivity and Sustainability towards Environment, Social, and Governance (ESG)” held virtually via Zoom from 18 to 20 April 2023. BNV and Crystal led the ESG Conceptual Framework session on the second day. Crystal and Benjie receive their respective certificates of appreciation Benjie began the session with an introduction to ESG, including the relevant factors and examples of ESG-related issues, and an overview of the United Nations Sustainable Development Goals (SDGs). He also discussed the drivers of sustainability, including stakeholder expectations, regulatory requirements, and employee and consumer response. Benjie concluded his discussion with a view on the impact of sustainability on long-term value. He shared the importance of future-proofing sustainability through creating a strategic focus that benefits all stakeholders not just immediately, but also in the future. Benjie anchored his statement on a quote from Steven Varley and Steven Lewis, top executives at EY, which highlighted the need to integrate both the financial and non-financial aspects of business. Crystal, on the other hand, focused on the global landscape of sustainability reporting and the benefits of sustainability reporting assurance. She introduced the current trends in sustainability reporting, such as the increasing prevalence of environmental and social issues in business. She also discussed the existing international frameworks that companies commonly use in sustainability reporting, as well as the contents of a good sustainability report. To contextualize the topic, Crystal showcased SGV’s Beyond the Bottomline: Sustainability Reporting in the Philippines publication, which reviewed the sustainability reports of publicly listed companies in the country.  She concluded her talk by outlining relevant points and conducting an interactive activity to further drive home the concepts from her discussion. To garner commitment from the audience, the participants were asked to share a pledge to promote ESG in business and incorporate sustainability in their daily lives.