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The Philippine Tax Whiz explains the recently issued RMC 12-2024 which aims to clarify the foreign exchange transactions for Financial Reporting and Internal Revenue Tax Purposes
This is AI generated summarization, which may have errors. For context, always refer to the full article.
What source of forex rates should be used for foreign currency transactions other than US dollars, and can a taxpayer switch to other available spot rates after initially using BAP rates? How are forex gains and losses reported? Are taxpayers required to separately record realized and unrealized forex/gains losses for income tax purposes?
Bangko Sentral Ng Pilipinas Bureau Of Internal Revenue Business
Philippines Latest News, Philippines Headlines
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