Updates

BIR ISSUANCE

The BIR has issued Revenue Memorandum Circular (RMC) No. 100-2017, dated December 18, 2017 [with released date on December 19], which clarifies the sanctions for the non-submission of Alphabetical List of employees/payees of income payments. Accordingly, failure to file and submit the complete and corrected Alphabetical List shall not result to the non-deductibility of expenses considering that the taxes have been withheld and remitted already. However, taxpayer may be held liable to administrative penalty of Php 1,000.00 up to Php 25,000.00.

A CTA DECISION ON BIR ASSESSMENT CANCELLED FOR FAILURE TO ESTABLISH RECEIPT OF ASSESSMENT NOTICE

A CTA DECSION ON INPUT VAT REFUND DENIED FOR FAILURE TO MEET THE REQUISITE OF ABSENCE OF ACTS CONSTITUTING DOING BUSINESS IN THE PHILIPPINES

A CTA DECISION ON DETERMINATION OF PLACE OF CONSUMPTION, WITHIN OR OUTSIDE ECOZONE, MATERIAL IN THE CLAIM OF INPUT VAT REFUND

A CTA DECISION ON ASSESSMENT INVALID FOR FAILURE TO ISSUE NEW LOA IN CASE OF CHANGE OF EXAMINER

A CTA DECISION ON BURDEN OF PROOF SHIFTED TO THE BIR WHEN TAXPAYER DENIES RECEIPT OF ASSESSMENT

A CTA DECISION ON CAPITAL GAINS TAX (CGT) & DOCUMENTARY STAMP TAX (DST) PREMATURE ASSESSMENT ON EXPROPRIATION

 

Revenue Memorandum Order (RMO) No. 28-2017 dated April 25, 2017 amends certain provisions of RMO No. 42-2016 further streamlining the requirements of Personal Equity & Retirement Account (PERA) in line with the BIRs initiative to reduce the number of requirements from 15 to 3 with regard to the submission of reports by the PEZA administrator to Audit Information Tax Exemption & Incentives Division (AITEID), which is the BIRs PERA Processing Office.

Revenue Memorandum Order (RMO) No. 27-2017 dated August 29, 2017 provides for the creation of Alphanumeric Tax Code for Microfinance Non-government organization pursuant to Republic Act No. 10693, otherwise known as the Microfinance NGOs Act

PEZA has issued Memorandum Order No. 2017-012 dated September 27, 2017 which simplifies the issuance of Certifications on Available Incentives & Entitlement to 5% Gross Income Tax to qualified registered enterprises.  Effective October 15, 2017, the issuance of certifications shall be done through e-mail as part of PEZAs commitment in improving ease of doing business with PEZA.

 

DIVIDEND INCOME NOT SUBJECT TO LOCAL BUSINESS TAX

 

CORPORATE TERM OF CONDOMINIUM CORPORATION IS CO-TERMINUS WITH THE DURATION OF THE CONDOMINIUM PROJECT

 

A CTA DECISION ON TAXABILITY OF EARNINGS DERIVED PURSUANT TO OFFSHORE SERVICE CONTRACTS

SUPREME COURT (SC) DECISION ON INSPECTION OF CORPORATE BOOKS OF ACCOUNTS & JURISDICTION OF INTRA-CORPORATE DISPUTE

A CTA DECISION ON THE BIR’S FAILURE TO PROVE FRAUD AS COMMITTED BY TAXPAYER THEREBY EXTENDING THE RIGHT TO ASSESS FROM 3 YEARS TO 10 YEARS