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The Philippine Retirement Pay Law (RA 7641)

The Philippine Retirement Pay Law (RA 7641)

Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law, came into effect in January 7, 1993 and was made to amend Article 287 of the Labor Code of the Philippines. This law prescribes minimum retirement benefit that companies must pay eligible retiring...
Tax Advantages of a Retirement Plan

Tax Advantages of a Retirement Plan

Since Republic Act (RA) 7641, also known as the Retirement Pay Law, does not require companies to set up formal retirement plans, why, then, should the consider doing so? The answer is very practical in nature: to enable both the company and the employee to avail of...
Steps to Make your Retirement Plan a Tax-Qualified Plan

Steps to Make your Retirement Plan a Tax-Qualified Plan

Companies wishing to take advantage of the tax privileges that come with a formal retirement plan must first set up the plan and then file it with the BIR for tax exemption. The following steps describe the process of creating a retirement plan and securing a tax...

What is the difference between PAS 19 and ASC 715 (US GAAP)?

Here are some highlights on the comparison between the Amended PAS 19R and the ASC 715 (US GAAP) reporting of employee benefits: Computation methodology – both standards use the same projected unit cost method (PUCM) in determining the present valuation of the defined...
More About The Philippine Retirement Pay Law (RA 7641)

More About The Philippine Retirement Pay Law (RA 7641)

Some of us have heard of the famous (or perhaps infamous) 401K of the USA, or the Old Age Pension(OAP) of the UK. But what does the Philippines have when it comes to benefits once one retires from service? The Philippines has Republic Act No. 7641 (RA 7641), also...