Tax Updates

ACCUSED ACQUITTED DUE TO DEFENSE OF INSANITY AFTER FAILURE TO FILE ITR BUT CTA HELD CIVILLY LIABLE FOR PHP 8.5 MILLION ASSESSMENT + BIR EXPECTS TAX AMNESTY TO BOOST 2019 COLLECTIONS

BIR ISSUES IRR ON TAX AMNESTY + HOUSE OKS TRAVEL TAX EXEMPTION FOR SENIORS, PWDS + PAG-IBIG TO INCREASE MEMBERS’ CONTRIBUTIONS]

BIR RELEASED DRAFT REGULATIONS ON TAX AMNESTY IMPLEMENTATION FOR PUBLIC COMMENT + DIGEST OF REVISED CORPORATION CODE-1ST PART]

BILL FILED LIFTING BANK SECRECY IN TAX CASES IN RESPONSE TO VETO MESSAGE OF PRESIDENT ON TAX AMNESTY + BIR RELEASES NEW & ENHANCED BIR FORMS UNDER TRAIN LAW ANEW

PRESIDENT SIGNED REVISED CORPORATION CODE OF THE PHILIPPINES + PRESIDENT SIGNED EXPANDED MATERNITY LEAVE LAW + PRESIDENT SIGNED RICE TARRIFICATION LAW + TAX AMNESTY SET FOR IMPLEMENTATION

PRESIDENT VETOES PORTION OF THE TAX AMNESTY LAW OF 2019

BIR TO TEST E-RECEIPT SYSTEM TO 100 SELECTED TAXPAYERS AHEAD OF MANDATORY IMPLEMENTATION UNDER TRAIN LAW + BIR ISSUES NEW BIR FORMS AHEAD OF APRIL 15 TAX FILING

NEW BIR ANNUAL ITR FORMS 1702 1701 & 1700 UNDER TRAIN LAW & FOR APRIL 15 FILING ALREADY RELEASED + KIM HENARES DENIES ‘FIXING’ TAX PROBLEM + MERALCO REFUND SUBJECT TO 15% WITHHOLDING TAX

Relevant Laws and Other
Regulatory Updates

TSG 2018-034 (BSP) Circular No. 1004: Reduction in Reserve Requirements

On May 24, 2018, the Bangko Sentral ng Pilipinas (BSP) released Circular 1004 which announced the 100 basis-points Reduction in Reserve Requirements

TSG 2018-032 (BSP) Circular No. 1002

On April 20, 2018, the Securities and Exchange Commission (SEC) released Memorandum Circular No.
7 Series

TSG 2018-029 (SEC) An Update to All Publicly-Listed Companies

On April 20, 2018, the Securities and Exchange Commission (SEC), released Memorandum Circular No.
8 Series of 2018