DOJ indicts book publisher for tax evasion
- TAX & BUSINESS-RELATED NEWS [MAY 2-9]
- BIR NOW REQUIRES BARANGAYS TO USE eFILING SYSTEM
- BIR REITERATES THE PROPER TIME OF REMITTANCE OF WITHHOLDING TAXES BY THE NATIONAL GOVERNMENT AGENCIES & INSTRUMENTALITIES, LGUs & GOCCs
- BIR AMENDS GUIDELINES IN THE APPLICATION FOR VAT ZERO-RATING
- SUPREME COURT CASES ON BEREAVEMENT LEAVE & PDIC CLAIMANT
1. TAX & BUSINESS-RELATED NEWS [MAY 2-9]
- U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware
- DBP decries ‘railroading’ of merger with Landbank
- MPIC to acquire up to 43% of SPNEC
- SEC oks Tiu hydropower IPO, Filinvest condotel offer
- SC: Baguio can tax John Hay traders
- Brgy Centro landlords required to register apartments, tenants
- SteelAsia’s Cebu facility to begin operations in June
- SSS cuts service fees for online transactions
- Go files bill providing protection, incentives for freelance workers
- DOJ indicts book publisher for tax evasion
- William Gatchalian’s Waterfront takes a nosedive in 2022 despite efforts to rebound
- SC nixes AMA Bank closure order
- The end of passwords? Google introduces Passkeys for enhanced security
- Ed Sheeran wins Thinking Out Loud copyright case
- Las Piñas LGU to construct City College of Engineering Nene Aguilar Campus
- CA: BF Homes can regulate non-residents’ vehicles
- SM Prime readies P35-B bond deal to fuel expansion
- SC Sets Guidelines in Cases Where Seafarer Claiming Disability Benefits Requests Third Doctor Referral
- E-jeepney made in China bound for Bacolod road test
- Ex-Antique mayor is new SBMA chief
- SC upholds finding that BIR exceeded its authority in 5% POGO franchise tax circular
- Tired of ‘Pangilinan-led’: MVP explains move to delist MPIC
- From McDo to co-living: George Yang’s son launches co-living venture
- SSS flags delinquent Bulacan, Pampanga, Olongapo employers
- Peza cheers new rules on zero VAT incentives
- Aboitiz food unit to open two brick-and-mortar stores
- What are the top 3 in-demand remote jobs in PH?
2. BIR NOW REQUIRES BARANGAYS TO USE eFILING SYSTEM
Revenue Regulations (RR) No. 4-2023, issued on May 4, 2023, further expands the categories of taxpayer required to file tax returns through electronic BIR forms (eBIRForms). As mandated, barangays are now included in the coverage of taxpayers required to file returns through eBIRForms.
3. BIR REITERATES THE PROPER TIME OF REMITTANCE OF WITHHOLDING TAXES BY THE NATIONAL GOVERNMENT AGENCIES & INSTRUMENTALITIES, LGUs & GOCCs
Revenue Memorandum Circular (RMC) No. 47-2023, issued on May 3, 2023, reiterates the proper time of withholding taxes by the National Government Agencies (NGAs) and instrumentalities, Local Government Units (LGUs), and Government Owned and Controlled Corporations (GOCCs). As required under Revenue Regulation (RR) No. 12-2001, amending Section 2.57.4 of RR No. 2-98, the obligation of the payor to deduct and withhold the tax arises at the time an income payment is paid or payable, or the income payment is accrued or recorded as an expense or asset, whichever is applicable, in the payor’s books, whichever comes first. Provided however, that where income is not yet paid or payable but the same has been recorded as an expense or asset, whichever is applicable, in the payor’s books, the obligation to withhold shall arise in the last month of the return period in which the same is claimed as an expense or amortized for tax purposes.
4. BIR AMENDS GUIDELINES IN THE APPLICATION FOR VAT ZERO-RATING
Revenue Regulations (RR) No. 3-2023, issued on April 27, 2023, further amends certain provisions of RR No. 16-2005, as amended by RR No. 21-2021 which implemented Sections 294 (E) and 295 (D) of Title XIII of the Tax Code, as introduced in the Republic Act (R.A.) No. 11534 or the “Corporate Recovery and Tax Incentives for Enterprise Act” (CREATE Act), and Section 5, Rule 2 of its Implementing Rules and Regulations (IRR), as amended.
Specifically, the regulations provide the following changes on the zero-rated sale of goods or properties and the zero-rated sale of services.
- Local purchases of certain services, including janitorial, security, financial, consultancy, marketing and promotion, and services for administrative operations, will not be considered “directly and exclusively used” in the registered project or activity of a Registered Export Enterprise (REE). Still, the REEs may seek VAT zero-rating certification by justifying to the Investment Promotion Agency (IPA) that these local purchases are relevant to the registered project or activity.
- Local suppliers of goods of REEs shall no longer be required to apply for approval of VAT zero-rating with the BIR and can rely on the VAT zero-rating certification issued by the concerned IPA.
- Health maintenance organization (HMO) plans included in the compensation packages of employees who are directly and exclusively involved in the operation of registered projects or activities of REEs shall be considered as “directly and exclusively used.”
d. The concerned IPA is required to furnish the BIR with a list of REEs issued with VAT zero-rating certification, and the BIR may prescribe a report template for audit purposes.
5. SUPREME COURT CASES ON BEREAVEMENT LEAVE & PDIC CLAIMANT
[IF THE TERMS OF A CBA ARE CLEAR & THERE IS NO DOUBT AS TO THE INTENTION OF THE CONTRACTING PARTIES, THE LITERAL MEANING OF ITS STIPULATION SHALL PREVAIL] [FOR AN EMPLOYEE TO AVAIL OF THE BEREAVEMENT LEAVE, HE OR SHE NEED NOT PERSONALLY ATTEND THE WAKE OR FUNERAL OF HIS OR HER DECEASED RELATIVE]
Petitioner Peninsula Employees Union-NUWHRAIN filed a Petition for Review on Certiorari seeking the reversal of the earlier Court of Appeals’ Decision and Resolution which justified the Respondent Manila Peninsula Hotel, Inc. in denying the bereavement leave applications of its employees inasmuch as they admitted that they will not go to the wake of their deceased relatives. The Petitioner insisted that the Collective Bargaining Agreement (CBA) should be enforced on its face without stipulating the parties’ real intention. In ruling, the Court agreed with the Voluntary Arbitrator and the Petitioner that the provision of the CBA does not require the employee to attend the wake of the deceased relative. A plain reading of the CBA shows that the only requisites for the entitlement of an employee to bereavement leave are the following: (1) death of relatives listed under the provision; (2) prior notice; (3) presentation of proof of relationship; and (4) death certificate. thus,provision being clear, the Respondent must thus yield to the pertinent CBA provision and may not require the employee’s personal attendance to the wake as a requisite to availment of bereavement leave. Hence, the Petition was GRANTED. [PENINSULA EMPLOYEES UNION-NUWHRAIN VS. MANILA PENINSULA HOTEL, INC., G.R. NO. 250312, FEBRUARY 1, 2023, UPLOADED MARCH 3, 2023]
[FOR THE PDIC TO RECOGNIZE THE TRANSFEREE AS THE BENEFICIAL OWNER OF THE RESULTING DEPOSIT ACCOUNTS, HE/SHE MUST BE A QUALIFIED RELATIVE OF THE TRANSFEROR] [QUALIFIED RELATIVE MEANS RELATIVE WITHIN THE SECOND DEGREE OF CONSANGUINITY OR AFFINITY] [THE DUTY OF THE BANK TO INFORM ITS DEPOSITORS REGARDING THE REGULATORY ISSUANCE DOES NOT AFFECT THE EFFECTIVITY OF THE LAW OR WILL REQUIRE LESS THAN STRICT COMPLIANCE TO THE SAME]
Petitioner Philippine Deposit Insurance Corporation (PDIC) filed a Petition for Review on Certiorari assailing the earlier Court of Appeals’ Decision and Resolution which reversed the Petitioner’s denial of the deposit insurance claim of the Respondent Josefina L. Ador Dionisio-Esguerra. The Petitioner asserted that the requisites which would warrant the grant of deposit insurance prescribed in PDIC Regulatory Issuance No. 2009-03 (RI 2009-03) are absent in this case. On the other hand, the Respondent countered that RI 2009-03 is not binding upon her because the Petitioner failed to prove that Cooperative Rural Bank of Bulacan, Inc. (CRBBI) posted a copy of RI 2009-03 on the bank premises as required in RI 2009-03. In ruling, the Court held that the Respondent is not entitled to her deposit insurance claim because she is not the beneficial owner of the deposit account pursuant to the requirements under RI 2009-03. There is no document evidencing the donation from Atty. Linsangan in the custody of CRBBI upon takeover of the PDIC and, as a relative only within the third degree of consanguinity, the Respondent is not a Qualified Relative of Atty. Linsangan. The Court disagreed with the contention of the Respondent because RI 2009-03 was duly published in a newspaper of general circulation, which is considered as constructive notice to all owners of bank deposits. Hence, the Petition was GRANTED. [PHILIPPINE DEPOSIT INSURANCE CORPORATION VS. JOSEFINA L. ADOR DIONISIO-ESGUERRA, G.R. NO. 236240, FEBRUARY 8, 2023, UPLOADED FEBRUARY 17, 2023]
U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware [CoinDesk, May 9, 2023]
Bittrex is the latest crypto entity to file for bankruptcy, joining fellow exchange FTX and a host of lenders like Celsius, Voyager and BlockFi.
DBP decries ‘railroading’ of merger with Landbank [Inquirer Mobile, May 9, 2023]
In a statement on Monday, DBP management lamented statements from the Department of Finance (DOF) suggesting that the two state banks could be combined within this year, insisting that such an exercise needed a new law passed in Congress.
MPIC to acquire up to 43% of SPNEC [The Philippine Star, May 9, 2023]
MPIC, Solar Philippines Power Project Holdings Inc. (SPPPHI) and SPNEC, have signed definitive agreements granting MPIC or its affiliates the option to invest up to a total of P24 billion for 19 billion shares in SPNEC, which will make MPIC the largest shareholder in the solar company with a 43 percent stake.
https://www.philstar.com/business/2023/05/09/2264797/mpic-acquire-43-spnec
SEC oks Tiu hydropower IPO, Filinvest condotel offer [Inquirer Mobile, May 9, 2023]
Repower Energy, the hydropower arm of businessman Dexter Tiu-led Pure Energy Holdings Corp., received the go signal for its P1.15-billion initial public offering (IPO) from the Securities and Exchange Commission (SEC).
SC: Baguio can tax John Hay traders [Philippine Daily Inquirer, May 8, 2023]
The decision ended 14 years of legal battle between Baguio City and the Bases Conversion and Development Authority (BCDA) over local taxation on locators at the 247-hectare buildup area of the 600-ha Camp John Hay.
https://newsinfo.inquirer.net/1766067/sc-baguio-can-tax-john-hay-traders
Brgy Centro landlords required to register apartments, tenants [SunStar Cebu, May 8, 2023]
OWNERS and operators of townhouses, apartments, condominiums and boarding houses in Barangay Centro, Mandaue City will now have to register their properties and tenants, after the barangay endorsed an ordinance requiring them to do so, raising complaints from business people about the additional burden the ordinance foists on them as well as its possible negative effects on business.
From McDo to co-living: George Yang’s son launches co-living venture [The Philippine Star, May 8, 2023]
Just recently, The Grid Co-Living opened at Yakal corner Lumbayao and Bakawan Streets, San Antonio Village, Makati City, and it epitomizes what a co-living set-up is.
SteelAsia’s Cebu facility to begin operations in June [Inquirer Mobile, May 8, 2023]
The Taguig-based steel company said the manufacturing facility in Compostela, Cebu, will produce 1 million tons of high-strength rebars annually, adding it will be the country’s most efficient and environment-friendly facility with the use of the latest available technology in the steel industry.
SSS cuts service fees for online transactions [The Philippine Star, May 7, 2023]
This means that pass-on service fees being charged by SSS collecting partners will be lowered and capped at P8 per transaction for online payment channels and at P10 per transaction for over-the-counter payment.
https://www.philstar.com/business/2023/05/07/2264309/sss-cuts-service-fees-online-transactions
Go files bill providing protection, incentives for freelance workers [Manila Bulletin, May 6, 2023]
In the explanatory note of Senate Bill (SB) No. 2107, or the “Freelance Workers Protection Act”, Go noted that the number of Filipinos engaging in freelancing as a source of income has been increasing, particularly during the recent pandemic years.
https://mb.com.ph/2023/5/6/go-files-bill-providing-protection-incentives-for-freelance-workers
DOJ indicts book publisher for tax evasion [The Philippine Star, May 5, 2023]
In a statement yesterday, the DOJ said a panel of prosecutors recommended the indictment of Vibal, its CEO Kristine Mandigma and controller Maricel Villas for violating the National Internal Revenue Code.
https://www.philstar.com/nation/2023/05/05/2263821/doj-indicts-book-publisher-tax-evasion
William Gatchalian’s Waterfront takes a nosedive in 2022 despite efforts to rebound [Bilyonaryo, May 5, 2023]
Waterfront Philippines Inc. (WPI) of plastics king William Gatchalian faced a sharp decline in earnings in 2022, despite seeing an upswing in revenues.
SC nixes AMA Bank closure order [Inquirer Mobile, May 5, 2023]
Depositors of AMA Rural Bank of Mandaluyong Inc. may have to wait longer to get back their money, even as the Supreme Court ruled in a resolution dated March 1 that the Monetary Board’s (MB) order to close and liquidate the bank was indeed null and void.
The end of passwords? Google introduces Passkeys for enhanced security [Manila Bulletin, May 5, 2023]
Passkeys allow users to sign in to apps and websites using biometric data like fingerprints, face scans, or screen lock PINs, eliminating the need to remember complex passwords.
https://mb.com.ph/2023/5/5/the-end-of-passwords-google-introduces-passkeys-for-enhanced-security
Ed Sheeran wins Thinking Out Loud copyright case [BBC, May 5, 2023]
During the trial, Keisha Rice, who represented the heirs of Townsend, said her clients were not claiming to own basic musical elements but rather “the way in which these common elements were uniquely combined.”
https://www.bbc.com/news/entertainment-arts-65480293
Las Piñas LGU to construct City College of Engineering Nene Aguilar Campus [Manila Bulletin, May 5, 2023]
According to Aguilar, the 10-storey building will be built in Barangay Talon Dos, as part of her administration’s goal of giving quality and free education for Las Piñeros.
CA: BF Homes can regulate non-residents’ vehicles [The Philippine Star, May 5, 2023]
The CA denied the motion for reconsideration filed by private respondents, including the Human Settlements Adjudication Commission, which assailed the appellate court’s decision in October last year that reversed and set aside the ruling of the HSAC, which ordered the BF Federation of Homeowners’ Associations Inc. (BFFHAI) to open the five gates of the subdivision to the public: Aguirre Avenue, Elizalde street, El Grande Avenue, Concha Cruz street and Tropical street.
https://www.philstar.com/nation/2023/05/05/2263825/ca-bf-homes-can-regulate-non-residents-vehicles
SM Prime readies P35-B bond deal to fuel expansion [Inquirer Mobile, May 5, 2023]
It said the Series S bonds due 2025 will pay an interest rate of 6.2069 percent, Series T due on 2027 will pay 6.2151 percent and Series U due on 2029 will pay 6.3275 percent.
SC Sets Guidelines in Cases Where Seafarer Claiming Disability Benefits Requests Third Doctor Referral [Supreme Court, May 4, 2023]
In a Decision penned by Justice Samuel H. Gaerlan, the Supreme Court En Banc dismissed the Petition for Review on Certiorari filed by Teodoro B. Bunayog challenging the rulings of the Labor Arbiter (LA), the National Labor Relations Commission (NLRC), and the Court of Appeals (CA). The LA, NLRC, and CA all denied Bunayog’s complaint for total and permanent disability benefits against his employer, Foscon Shipmanagement, Inc. (Foscon).
E-jeepney made in China bound for Bacolod road test [Manila Bulletin, May 4, 2023]
Developed by the Korean-invested Chinese company Jiangsu Fengchuen New Energy Power Technology Co. Ltd. (Fengchuen), the prototyp is already on its way to the Philippines.
https://mb.com.ph/2023/5/4/chinese-made-e-jeepney-bound-for-bacolod
Ex-Antique mayor is new SBMA chief [Philippine Daily Inquirer, May 4, 2023]
President Marcos appointed Tan on April 28, replacing Rolen Paulino, who filed his courtesy resignation last month.
https://newsinfo.inquirer.net/1764508/ex-antique-mayor-is-new-sbma-chief
SC upholds finding that BIR exceeded its authority in 5% POGO franchise tax circular [BusinessWorld, May 3, 2023]
In a 10-page resolution dated Jan. 10 and made public on May 3, the tribunal said there was no law authorizing the BIR to impose the franchise tax on POGO firms when the circular was issued in 2017.
Tired of ‘Pangilinan-led’: MVP explains move to delist MPIC [ABS-CBN News, May 3, 2023]
The voluntary delisting will relieve MPI of all of the reportorial requirements that come with being public, such as strict disclosure rules and close scrutiny by the media and the investing public.
https://news.abs-cbn.com/business/05/03/23/tired-of-pangilinan-led-mvp-explains-move-to-delist-mpic
SSS flags delinquent Bulacan, Pampanga, Olongapo employers [The Philippine Star, May 3, 2023]
Gloria Corazon Andrada, SSS vice president for Central Luzon, said the notices were part of the agency’s Run After Contribution Evaders or RACE campaign.
Peza cheers new rules on zero VAT incentives [Philippine Daily Inquirer, May 2, 2023]
“With the restoration of our ecozone export-oriented locators’ incentives, including VAT zero rating or exemption on goods and services that are directly and exclusively used in their registered activity, this will improve their bottom line and capacity to reinvest in the country,” Panga added.
https://business.inquirer.net/398708/peza-cheers-new-rules-on-zero-vat-incentives
Aboitiz food unit to open two brick-and-mortar stores [Inquirer Mobile, May 2, 2023]
The Aboitiz Group’s international food business Pilmico and Gold Coin Group is widening its presence by investing P20 million in two brick-and-mortar stores in the Philippines, according to a top executive.
What are the top 3 in-demand remote jobs in PH? [ABS-CBN News, May 2, 2023]
Many cite the flexibility of being with their families, as well as the extra income from having a side hustle as the reasons for preferring to do remote work.
https://news.abs-cbn.com/business/05/02/23/what-are-the-top-3-in-demand-remote-jobs-in-ph
Recent Comments