Which firms made it to LinkedIn’s Top 15 workplaces in PH?
- TAX & BUSINESS-RELATED NEWS [APRIL 18-25]
- BIR CIRCULARIZES THE FIRB ADVISORY CLARIFYING CERTAIN ISSUES ON THE BOI TRANSFER OF REGISTRATION OF RBE IN IT-BPM SECTOR
- BIR CIRCULARIZES THE FIRB ADVISORY ON THE CLARIFICATIONS ON THE SUPPLEMENTAL GUIDELINES ON THE BOI REGISTRATION OF RBE IN IT-BPM SECTOR
- COURT OF TAX APPEALS CASES ON COMPROMISE REMEDY & SET-IN OF PRESCRIPTION
1. TAX & BUSINESS-RELATED NEWS [APRIL 18-25]
- Trial begins into whether Ed Sheeran stole Marvin Gaye classic
- CPA Raul Pagdanganan finds success in the medical field
- Salceda: Ditch police, NBI clearances as requirement for employment
- SSS flags delinquent employers over P7 million unpaid contributions
- Newsnet welcomes Court of Appeals decision in favor of network’s rights to operate
- Filipinos can soon buy load from 21 countries using GCash
- The Biggest Nike Factory Store, a Massive Miniso + More Shops to Make a Drive Up North Worth It
- Bo’s Coffee boosts war-torn Marawi
- NGCP seeks ERC approval on P9.93-B capex
- Privacy watchdog to discuss alleged breach with BIR, PNP
- Tony Tuviera remains TAPE Inc. executive, says Bullet Jalosjos
- Over 1.2M records from NBI, PNP, other agencies leaked, firm says
- Fitch unit: PLDT resignations signal commitment to corporate governance standards
- BI urges condo owners to report crimes by foreign tenants
- Bed Bath & Beyond prepares for bankruptcy filing -WSJ
- Puma bets on healthy lifestyle, remote work to boost growth PH growth
- Two investors eye PH for nickel processing plants
- Marcos issues EO creating framework for offshore wind
- RCEP to take effect on June 2 as Marcos signs order
- Bleeding heavily, DITO plans to secure more funding this year
- CA upholds Maia Deguito’s money laundering conviction over Bangladesh bank heist
- Leechiu: Apartments for ultra-rich in Philippines coming soon
- Which firms made it to LinkedIn’s Top 15 workplaces in PH?
- Netflix crackdown on password sharing to begin soon
- Auditors raise concerns over Dennis Uy’s Dito
- Araneta, Megawide clash over construction cost of Cubao buildings
- Beyoncé Challenges $3M In Taxes, Penalties Imposed By IRS
- First shipment of Davao durian to China sells out
- Northern exposure: Narvacan is rising as a next tourism destination
2. BIR CIRCULARIZES THE FIRB ADVISORY CLARIFYING CERTAIN ISSUES ON THE BOI TRANSFER OF REGISTRATION OF RBE IN IT-BPM SECTOR
Revenue Memorandum Circular (RMC) No. 45-2023, issued on April 19, 2023, circularizes the full text of Fiscal Incentives Review Board Advisory No. 004-2023 clarifying the issues covering the transfer of registration with the Board of Investments (BOI) of Registered Business Enterprises (RBEs) in the Information Technology-Business Process Management (IT-BPM) Sector.
3. BIR CIRCULARIZES THE FIRB ADVISORY ON THE CLARIFICATIONS ON THE SUPPLEMENTAL GUIDELINES ON THE BOI REGISTRATION OF RBE IN IT-BPM SECTOR
Revenue Memorandum Circular (RMC) No. 46-2023, issued on April 19, 2023, circularizes the full text of Fiscal Incentives Review Board Advisory No. 006-2023 regarding clarifications on the supplemental guidelines on the registration with the Board of Investments (BOI) of Registered Business Enterprises (RBEs) in the Information Technology-Business Process Management (IT-BPM) Sector
4. CTA CASES ON COMPROMISE REMEDY & SET-IN OF PRESCRIPTION
[CTA HAS JURISDICTION ON COMPROMISE SETTLEMENT] [TAX COLLECTION MUST BE PRECEDED BY A VALID ASSESSMENT TO ALLOW THE TAXPAYER TO PROTEST THE ASSESSMENT]
Petitioner Fidela D. Fernandez filed a Petition for Review praying that the tax assessment issued to him by the Respondents Commissioner of Internal Revenue (CIR) be declared void ab initio and ordering the Respondent to refund the amount paid as a compromise to Petitioner. The Petitioner argued that the assessment could never become final, executory and demandable, as it is void for having been issued in violation of due process. In view of the invalid assessment, there was nothing to compromise. On the other hand, the Respondents countered that the decision of CIR on administrative compromise is discretionary and does not fall within the jurisdiction of the Court of Tax Appeals. Likewise, due process was observed in the service of BIR Notices. In ruling, the Court was not convinced, the decision of the CIR in relation to the exercise of his power to enter a compromise that is tainted by failure to abide by the parameters set by law, is subject to the CTA’s exclusive appellate jurisdiction. Moreover, the Respondents failed to prove that the assessment notices were actually received by the Petitioner. Considering that the subject assessment was issued in violation of the Petitioner’s right to due process, the same is void. Correspondingly, there being no valid assessment, there is no basis to deny the Petitioner’s request to pay a compromise settlement. Hence, the Petition was GRANTED, the assessment notices were CANCELLED and SET ASIDE, and the Respondents were ORDERED to REFUND to the Petitioner the amount paid as a compromise settlement. [FIDELA D. FERNANDEZ VS. CEASAR R. DULAY, COMMISSIONER OF INTERNAL REVENUE & OIC-RD GERRY O. DUMAYAS, BIR REVENUE REGION NO. 10, CTA CASE NO. 9908, MARCH 24, 2023]
[ASSESSMENT SHOULD BE CANCELLED DUE TO SET-IN OF PRESCRIPTION] [WITHHOLDING TAX ASSESSMENTS ARE NOT IMPRESCRIPTIBLE] [DATE OF ISSUANCE OF THE FLD/FAN DETERMINES WHETHER OR NOT THE CIR WAS ABLE TO ISSUE AN ASSESSMENT WITHIN THE PRESCRIPTIVE PERIOD]
Petitioner Pet Plans, Inc. filed a Petition for Review seeking the reversal of the Decision of the Respondent Commissioner of Internal Revenue (CIR), which denied its request for reconsideration of the Final Decision on Disputed Assessments, citing prescription as defense. The Petitioner averred that it received the Formal Letter of Demand/Final Assessment Notice (FLD/FAN) beyond the three (3) year period to assess. On the other hand, the Respondent countered that its right to assess the Petitioner has not yet prescribed and that the assessment of withholding taxes is imprescriptible. In ruling, the Petitioner was able to overturn the presumption that it filed false returns. Accordingly, the three (3)- year prescriptive period to issue tax assessments applies. Moreover, the Court held that the Expanded Withholding Tax (EWT) and Withholding Tax on Compensation (WTC) assessments are not imprescriptible. Accordingly, the assessment is void because it was only issued on 3 June 2009 at the earliest, which is beyond the three (3)-year prescriptive period for the Respondent to assess. Consequently, the deficiency tax assessment is NULL AND VOID for being issued beyond the prescriptive period. [PET PLANS, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 10002, MARCH 23, 2023]
Trial begins into whether Ed Sheeran stole Marvin Gaye classic [ABS-CBN News, April 25, 2023]
Jury selection began Monday in a trial to determine whether British pop star Ed Sheeran plagiarized American music legend Marvin Gaye’s “Let’s Get It On” in his 2014 hit “Thinking Out Loud.”
CPA Raul Pagdanganan finds success in the medical field [The Manila Times, April 24, 2023]
Among the awardees was Raul Pagdanganan, president and CEO of Cardinal Santos Medical Center (CSMC).
Salceda: Ditch police, NBI clearances as requirement for employment [The Philippine Star, April 23, 2023]
Data breach fears over the computer systems of law enforcement agencies have convinced a senior lawmaker that the country should do away with requiring police or National Bureau of Investigation (NBI) clearances for employment.
SSS flags delinquent employers over P7 million unpaid contributions [The Philippine Star, April 23, 2023]
The Social Security System (SSS) is aggressively pursuing contribution evaders through its Run After Contribution Evaders (RACE) campaign.
Newsnet welcomes Court of Appeals decision in favor of network’s rights to operate [Manila Bulletin, April 23, 2023]
This after the Court of Appeals (CA) recent decision to deny the appeal of the National Telecommunications Commission (NTC) to recall the Anti-Red Tape Authority’s (ARTA) 2020 order to the regulator to issue a certificate of public convenience (CPC) to News and Entertainment Network Corporation (Newsnet).
Filipinos can soon buy load from 21 countries using GCash [The Manila Times, April 22, 2023]
The service will be available in the following countries: Egypt, Ghana, India, Malaysia, Mexico, Nepal, Nigeria, Pakistan, Panama, Peru, Singapore, South Africa, Spain, Sri Lanka, United Arab Emirates, United Kingdom, United States of America, Vietnam, Yemen, and Zambia.
The Biggest Nike Factory Store, a Massive Miniso + More Shops to Make a Drive Up North Worth It [Spot, April 21, 2023]
This Nike Factory Store in NLEX Drive&Dine is touted as the biggest one in the Philippines.
Bo’s Coffee boosts war-torn Marawi [The Manila Times, April 21, 2023]
Bo’s Coffee has opened the biggest Philippine store in Marawi City in Mindanao, staking a long-term commitment to the city’s post-war rehabilitation.
NGCP seeks ERC approval on P9.93-B capex [Manila Bulletin, April 21, 2023]
Transmission firm National Grid Corporation of the Philippines (NGCP) is seeking approval from the Energy Regulatory Commission for its P9.93 billion capital expenditures (capex) for the upgrading and expansion of facilities in North Luzon.
https://mb.com.ph/2023/4/21/ngcp-seeking-erc-approval-on-p9-93-b-capex-for-facility-upgrades
Privacy watchdog to discuss alleged breach with BIR, PNP [ABS-CBN News, April 20, 2023]
A cybersecurity firm earlier said about 1.2 million records of employees and applicants of government agencies were leaked online. According to vpnMentor, the agencies involved were the National Bureau of Investigation, the Philippine National Police and the Bureau of Internal Revenue.
Tony Tuviera remains TAPE Inc. executive, says Bullet Jalosjos [Manila Bulletin, April 20, 2023]
Despite his retirement as president and CEO of Television and Production Exponents Philippines (TAPE Inc.), Tony Tuviera will remain part of the company as a consultant.
https://mb.com.ph/2023/4/20/article-417
Over 1.2M records from NBI, PNP, other agencies leaked, firm says [ABS-CBN News, April 20, 2023]
Over 1.2 million records, including sensitive information of applicants and employees of multiple government agencies in the Philippines, have been leaked online, according to a cybersecurity firm.
https://news.abs-cbn.com/news/04/20/23/over-12m-records-from-ph-agencies-leaked-firm-says
Fitch unit: PLDT resignations signal commitment to corporate governance standards [The Philippine Star, April 20, 2023]
In an emailed commentary on Thursday, CreditSights noted that the actions on the side of the Pangilinan-led telco showed some measure of commitment to improve operations.
BI urges condo owners to report crimes by foreign tenants [ABS-CBN News, April 20, 2023]
BI commissioner Norman Tansingco said the plea came after a Senate panel revealed that condominium units in Metro Manila were being used to house crytocurrency scam operations.
https://news.abs-cbn.com/news/04/20/23/bi-urges-condo-owners-to-report-crimes-by-foreign-tenants
Bed Bath & Beyond prepares for bankruptcy filing -WSJ [Inquirer Mobile, April 20, 2023]
Once considered a category killer in home goods, the Union, New Jersey-based company has seen demand slump in recent years as its merchandising strategy to sell more store-branded products flopped.
Puma bets on healthy lifestyle, remote work to boost growth PH growth [ABS-CBN News, April 20, 2023]
Puma is betting on the shift to a healthier lifestyle and the hybrid work arrangement to help boost its growth in the country.
Two investors eye PH for nickel processing plants [Inquirer Mobile, April 20, 2023]
The Board of Investments (BOI) on Wednesday said that two groups of foreign investors are looking to set up nickel processing plants in the Philippines, with the government expecting a $5 billion investment for each facility that will be put up.
Marcos issues EO creating framework for offshore wind [ABS-CBN News, April 20, 2023]
In signing Executive Order No. 21, dated April 19, Marcos said the country’s offshore wind roadmap already identified a total of 178 gigawatts worth of technical potential capacity that can be generated from offshore wind resources.
https://news.abs-cbn.com/business/04/20/23/marcos-issues-eo-creating-framework-for-offshore-wind
RCEP to take effect on June 2 as Marcos signs order [ABS-CBN News, April 20, 2023]
The agreement, which will bring down tariffs for many imported goods, will go into effect for the Philippines by June 2, 2023, Pascual said.
https://news.abs-cbn.com/business/04/20/23/rcep-to-take-effect-on-june-2-as-marcos-signs-order
Bleeding heavily, DITO plans to secure more funding this year [Inquirer Mobile, April 19, 2023]
DITO saw its net losses widen last year despite registering revenue growth amid the surge in total costs and expenses.
CA upholds Maia Deguito’s money laundering conviction over Bangladesh bank heist [ABS-CBN News, April 19, 2023]
The Court of Appeals First Division has denied the appeal by former RCBC bank manager Maia Santos Deguito to reverse her conviction for money laundering in connection with the $81-million cyber heist on Bangladesh’s central bank in 2016.
https://news.abs-cbn.com/news/04/19/23/ca-upholds-maia-deguitos-money-laundering-conviction
Leechiu: Apartments for ultra-rich in Philippines coming soon [The Philippine Star, April 19, 2023]
“A hyper luxury market is emerging,” said David Leechiu, CEO of the private real estate brokerage.
Which firms made it to LinkedIn’s Top 15 workplaces in PH? [ABS-CBN News, April 19, 2023]
LinkedIn said an IT BPO consulting company and the country’s 2 largest fintech firms topped its list of best workplaces in the Philippines this year.
https://news.abs-cbn.com/business/04/19/23/which-firms-made-it-to-linkedins-top-15-workplaces-in-ph
Netflix crackdown on password sharing to begin soon [BBC News, April 19, 2023]
The plan means members who want to share accounts with people outside of their household will face an extra fee.
https://www.bbc.com/news/business-65318695
Auditors raise concerns over Dennis Uy’s Dito [Rappler, April 19, 2023]
Dito CME’s liabilities in 2022 exceed its current assets by P196.6 billion, a condition which indicates the ‘existence of a material uncertainty that may cast significant doubt’ on the company’s financials.
https://www.rappler.com/business/auditors-raise-concerns-dennis-uy-dito-telecommunity/
Araneta, Megawide clash over construction cost of Cubao buildings [BusinessMirror, April 18, 2023]
Listed Megawide Construction Corp. and the Araneta family have asked the Construction Industry Arbitration Commission (CIAC) to intervene and resolve their claims related to the construction cost of Gateway Mall 2 and Ibis Hotel in Cubao, Quezon City.
Beyoncé Challenges $3M In Taxes, Penalties Imposed By IRS [Law 360, April 18, 2023]
Pop star Beyoncé is challenging the Internal Revenue Service’s determination that she owes about $3 million in taxes, interest and penalties for 2018 and 2019.
First shipment of Davao durian to China sells out [Manila Bulletin, April 18, 2023]
ESFP is one of the four exporting companies who participated in the first shipment, along with Maylong Enterprises Corp., Dole, and SQ Fresh Fruit Corp. This part of the export deal struck by Manila and Beijing at the beginning of this year.
https://mb.com.ph/2023/4/18/first-shipment-of-davao-durian-to-china-sells-out
Northern exposure: Narvacan is rising as a next tourism destination [Manila Bulletin, April 18, 2023]
Narvacan in Ilocos Sur may not ring a bell or be part of your travel itinerary, but soon, it would be especially as a seven-hectare property owned by Luis “Chavit” Singson called “Sulvec Greece” will have attractions available to tourists and the public in the future.
https://mb.com.ph/2023/4/18/northern-exposure-narvacan-is-rising-as-a-next-tourism-destination
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