Security Bank Corp. said it held a business forum in collaboration with SyCip Gorres Velayo & Co. (SGV) to assist clients in understanding the newest tax laws and rules and learn macroeconomic and foreign exchange trends.
These laws include the Ease of Paying Taxes (EOPT) Act, or Republic Act No. 11976. The seminar was the first of a series to inform and empower Security Bank stakeholders.
Hosted at the Security Bank Centre in Makati City, the seminar featured lawyer Jules Riego, SGV tax principal, who explained the details of EOPT.
“The purpose of the Ease of Paying Taxes Act is to protect and safeguard the taxpayers’ rights, to modernize tax administration, to enhance and promote convenience of tax compliance, and to be able to enact policies and procedures for different types of tax payments,” said Riego.
Signed into law on Jan. 5, 2024, the EOPT Act introduced reforms to ease tax compliance with improved efficiency, reduced administrative hurdles and simplified tax withholding rules.
Major changes under the implementation of the EOPT Act include the classification of taxpayers based on gross income level, the ability to file and pay anywhere and the issuance of a sales invoice in lieu of an official receipt (OR).
Security Bank chief economist Robert Dan Roces delved into global and regional macroeconomic updates and foreign exchange trends to help attendees optimize financial strategies, hedge against currency risks, and make informed investment decisions.
“Local economic outlook remains favorable, driven by robust demand across various sectors. While inflation poses a risk, there are indications it may ease enough to allow for a more accommodative monetary policy stance,” he said.
“A robust economy typically translates into a strong job market and positive consumer sentiment, providing a solid foundation for continued growth. Thus, actionable strategies in today’s rapidly evolving economic—and cautious—landscape should include embracing digital transformation, talent development, and market expansion to remain competitive and drive sustainable growth,” said Roces.