Reminder to seniors: Discounts total 32%

Other Relevant Tax Updates:

  1. TAX & BUSINESS-RELATED NEWS [JANUARY 23-30]
  2. BIR EXTENDS THE DEADLINE FOR THE SUBMISSION OF ALPHABETICAL LIST OF EMPLOYEES FROM JANUARY 31, 2024 TO FEBRUARY 28, 2024
  3. BIR CEASES THE PAYMENT OF ANNUAL REGISTRATION FEE PURSUANT TO EASE OF PAYING TAXES ACT
  4. PAG-IBIG ISSUES GUIDELINES ON THE IMPLEMENTATION OF INCREASE IN THE CONTRIBUTION EFFECTIVE FEBRUARY 1, 2024
  5. DOJ OPINION ON THE ACCREDITATION OF SOCIAL WELFARE ORGANIZATION WITH PCNC
  6. SUPREME COURT CASES
  1. TAX & BUSINESS-RELATED NEWS [JANUARY 23-30]

 

  1. DOLE to issue revised IRR for Service Charge Law
  2. Imported cars rotting in Cagayan freeport
  3. Bring back free night bus rides for workers in Cebu City – councilor
  4. P5-B loss leads to decision to pull plug on CNN PH
  5. 1st PH uni in the cloud: Mapua steps up tech infra
  6. Gokongweis dream big, launch ‘The Jewel’ to match Marina Bay Sands, Twin Towers, Taipei 101
  7. PH-based crypto firm expands across 4 continents
  8. CebPac starts Bulgaria Air operations to Davao
  9. DBP grants P 2-B loan for Palawan infra
  10. Rama backs P246-billion mega project in SRP
  11. CA junks P1.4 billion refund order vs Pampanga power firm
  12. Reminder to seniors: Discounts total 32%
  13. Philippine salary continues to increase in 2024 —survey
  14. Ride-hailing newbie suspended amid price-haggling brouhaha
  15. Time to scrap foreign ownership limits, says Philippines’ chief economist
  16. Builder prepares replacement for Makati subway, says Mayor Binay
  17. February 26 sign-off: Lopez family pulling the plug on Skycable after more than 30 years
  18. Recto pushes for new tax rates on passive income
  19. Director Erik Matti calls top restaurant Toyo Eatery ‘too gimmicky’
  20. DTI eyes requiring retailers to put up sign on ‘shrinkflation’
  21. PPA awards P500 million contract for Sorsogon port renovation
  22. P4-b port project seen spawning factories in Misamis Oriental
  23. Nescafé product flagged by FDA imported by other parties – Nestlé PH
  24. Indigenous rights clash with solar power project in Ilocos Norte
  25. Phoenix stops buying imported oil

2. BIR EXTENDS THE DEADLINE FOR THE SUBMISSION OF ALPHABETICAL LIST OF EMPLOYEES FROM JANUARY 31, 2024 TO FEBRUARY 28, 2024

Revenue Memorandum Circular (RMC) No. 16-2024 issued on January 26, 2024, extends the deadline for the submission of the alpha list for the taxable year 2023 to February 28, 2024. A separate Tax Advisory shall be posted in the BIR website on the availability of the new version of the Alpha list Data Entry and Validation Module to reflect the 5% tax incentive under the Republic Act (R.A.) No. 9505, otherwise known as the Personal Equity and Retirement Account (PERA) Act of 2008, the revised income tax rates for the taxable year 2023 under R.A. 10963 (TRAIN Law), updated BIR Form 2316, and the schedules on the alpha list of employees/payees.

For taxpayers with employees availing 5% tax credit under the PERA Act who have not yet submitted their alpha list for the taxable year 2022, the deadline for submission shall be 30 days from the date of posting of the tax advisory on the BIR website announcing the availability of the revised data entry module.

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3. BIR CEASES THE PAYMENT OF ANNUAL REGISTRATION FEE PURSUANT TO EASE OF PAYING TAXES ACT

 

Revenue Memorandum Circular (RMC) No. 14-2024 issued on January 24, 2024, announces that the BIR will cease collecting the Annual Registration Fee (ARF) of Php 500, both for new business and renewal, effective January 24, 2024, in compliance with the Republic Act (R.A.) No. 11976, otherwise known as the Ease of Paying Taxes Act. Taxpayers may choose to update/replace their Certificate of Registration (COR) at their convenience. This can be done by surrendering their old COR on or before December 31, 2024.

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4. PAG-IBIG ISSUES GUIDELINES ON THE IMPLEMENTATION OF INCREASE IN THE CONTRIBUTION EFFECTIVE FEBRUARY 1, 2024

Pag-Ibig Fund Circular No. 460 issued on January 15, 2024, provides guidelines on the Pag-Ibig Fund’s implementation of increase in the Maximum Fund Salary (MFS) effective February 2024. Highlights include the extent of the coverage, whether mandatory or voluntary, contribution rates based on the salary range, and mechanisms for the resolution of issues.

5. DOJ OPINION ON THE ACCREDITATION OF SOCIAL WELFARE ORGANIZATION WITH PCNC

 

IT IS OPTIONAL FOR SOCIAL WELFARE ORGANIZATION, AS A DONEE INSTITUTION, TO SECURE PCNC ACCREDITATION, FOR TAX DEDUCTION PURPOSES

The Social Welfare and Development Agencies (SWDA) is seeking guidance on whether the accreditation of social welfare institutions falls exclusively under the Department of Social Work and Development’s (DSWD) role and function, excluding public and private entities. The SWDAs expressed their concern about the double accreditation process for donee institution recognition, involving a P1,000 initial accreditation fee from DSWD and a subsequent fee of P10,000 to P90,000 from PCNC, along with an annual membership fee of P2,000 to P10,000. These significant amounts could have been directed toward the causes supported by SWDAs. In reply, the Department of Justice (DOJ) cannot act on the request for reasons of propriety and official courtesy.  Nonetheless, for information and guidance only, Executive Order (EO) No. 720, Sections 1 and 2, specify that the PCNC is designated solely for assessing the eligibility of corporations, associations, or non-government organizations (NGOs) as donee institutions. In addition, PCNC is prohibited from processing accreditations for these mentioned entities unless they have obtained valid registration from the government agency responsible for regulating them. Accordingly, DSWD holds the authority to register, license, and accredit agencies engaged in social welfare and development services. It is suggested that SWDAs may choose not to seek PCNC accreditation as donee institutions, with the implication that they forfeit the right to claim deductions for contributions or gifts in their income calculations. [DEPARTMENT OF JUSTICE OPINION NO. 4 SERIES OF 2024, JANUARY 10, 2024]

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6. SUPREME COURT CASES

[FINAL ASSESSMENT BY CIR IS NOT NECESSARY FOR CIVIL LIABILITY IN CRIMINAL TAX CASE] [USE OF ESTIMATES IN CHARGES DOES NOT AFFECT THE JURISDICTION OF THE CTA] [ PROBABLE CAUSE TO INDICT A TAXPAYER FOR A CRIMINAL OFFENSE UNDER TAX LAWS DOES NOT MEAN THAT THE COMPLAINT OR INFORMATION STATES WITH PARTICULARITY THE EXACT AMOUNT OR PRECISE COMPUTATION OF DEFICIENCY TAX]

Both Joel Mendez (Joel) and the People of the Philippines, through the Office of Solicitor General (OSG), filed their separate Petitions for Review assailing the Court of Tax Appeals (CTA) En Banc’s earlier Decision and Resolution. The assailed issuances found Joel guilty beyond reasonable doubt for violating Section 255 of the 1997 Tax Code, as amended, for failure to file Income Tax Returns (ITRs) and failure to supply correct and accurate information in the returns. Joel appealed the decision, arguing that the CTA did not have jurisdiction over the case because the amounts stated in the Amended Information were mere estimates, and that the Prosecution failed to prove his guilt beyond reasonable doubt. The OSG argued that the computation of deficiency taxes by the Revenue Officer, pursuant to a Letter of Authority, may be the basis for the imposition of civil liability upon the taxpayer. In ruling, the Court held that the CTA had jurisdiction over the case and that the Prosecution had established Joel’s guilt. The Court clarified that a final assessment by the Commissioner of Internal Revenue (CIR) is not necessary for the imposition of civil liability for unpaid taxes in a criminal tax case. Likewise, the jurisdiction of the CTA over criminal cases is determined by the amount of taxes and fees claimed in the Information, regardless of whether the amount is estimated or proven during trial. The Court explained that the use of estimates was necessary due to Joel’s noncompliance with the requests for records and documents from the Bureau of Internal Revenue (BIR). The Court remanded the case to the CTA Division to determine and compute Joel’s civil liability for taxes and penalties based on the evidence on record submitted during trial. Consequently, the Petition filed by Joel was DENIED and the Petition filed by OSG was PARTIALLY GRANTED[PEOPLE OF THE PHILIPPINES VS. JOEL C. MENDEZ, G.R. NOS. 208310-11 & JOEL C. MENDEZ VS. PEOPLE OF THE PHILIPPINES, G.R. NO. 208662, MARCH 28, 2023, UPLOADED NOVEMBER 21, 2023]

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NOT ONLY CUSTOMS BROKER CAN SIGN DECLARATION OF GOODS

Petitioner Chamber of Customs Brokers, Inc. filed a Petition for Review on Certiorari under Rule 45 assailing the Court of Appeals’ earlier Decision which affirmed the Decision of the Regional Trial Court (RTC) in dismissing the Petition for Declaratory Relief. Petitioner argued that Republic Act (R.A.) No. 10863 (“Customs Modernization and Tariff Act”) did not repeal or modify the exclusive signing provision of Section 27 of R.A. No. 9280 (“Customs Brokers Act of 2004”). The Petitioner contended that allowing declarants to sign goods declarations without a customs broker’s exclusive involvement would be inconsistent with the professionalization and expertise goals of R.A. No. 9280. On the other hand, the Respondent Commissioner of Customs argued that R.A. No. 10863, being a later law, repealed, amended, or modified inconsistent provisions of prior laws, including R.A. No. 9280. In ruling, the Court rejected the Petitioner’s argument that there were inconsistencies between the two (2) laws, emphasizing that the provision in R.A. No. 10863 expanded the signatory options without undermining R.A. No. 9280’s goals. The Court found that R.A. 10863 did not violate the equal protection clause, as there was a legitimate government interest in allowing declarants to sign goods declarations, and this change was reasonably connected to that interest. Consequently, the Petition was DENIED upholding the validity of R.A. No. 10863’s provisions allowing declarants, with the assistance of customs brokers, to sign goods declarations. [CHAMBER OF CUSTOMS BROKERS, INC. VS. COMMISSIONER OF CUSTOMS, G.R. NO. 256907, FEBRUARY 20, 2023, UPLOADED SEPTEMBER 5, 2023]

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DOLE to issue revised IRR for Service Charge Law [The Philippine Star, January 30, 2024]

Curada said they incorporated in the new IRR recommendations from labor and employers’ groups to clearly define the covered employees and the extent of their entitlement to the pooled service charge.

https://www.philstar.com/nation/2024/01/30/2329468/dole-issue-revised-irrfor-service-charge-law

Imported cars rotting in Cagayan freeport [Philippine Daily Inquirer, January 29, 2024]

Cagayan Economic Zone Authority (Ceza) administrator Katrina Ponce Enrile said the right-hand drive cars came from different countries and most were forfeited between 2014 and 2015. Ponce-Enrile, the daughter of former senator and now chief presidential legal counsel Juan Ponce-Enrile, was appointed by President Marcos as administrator of Ceza in May last year.

https://newsinfo.inquirer.net/1895580/imported-cars-rotting-in-cagayan-freeport

Bring back free night bus rides for workers in Cebu City – councilor [Cebu Daily News, January 28, 2024]

Recognizing that there may be people, not just in IT and BPO, working from 12 a.m. to 6 a.m., Archival suggests bringing back the free bus service for everyone during these hours.

https://cebudailynews.inquirer.net/553499/councilor-calls-for-revival-of-free-night-bus-rides-for-workers-in-cebu-city

P5-B loss leads to decision to pull plug on CNN PH [Philippine Daily Inquirer, January 28, 2024]

CNN Philippines is going off the air nearly nine years after heating up local broadcasting competition, as its franchise holder decided to plug financial losses that have ballooned to more than P5 billion.

https://newsinfo.inquirer.net/1895267/p-5-b-loss-leads-to-decision-to-pull-plug-on-cnn-ph

 

1st PH uni in the cloud: Mapua steps up tech infra [Inquirer Mobile, January 28, 2024]

Amid the technological revolution in education, Mapúa University has become the first university in the Philippines to have a privately managed cloud infrastructure after partnering with Altair, a global leader in computational science and artificial intelligence (AI).

https://inqm.news/cxws

 

Gokongweis dream big, launch ‘The Jewel’ to match Marina Bay Sands, Twin Towers, Taipei 101 [Rappler, January 27, 2024]

With the Philippines’ nightingale Lani Misalucha singing Rihanna’s “Diamonds” and with no less than National Artist for Music Ryan Cayabyab conducting the Manila Philharmonic Orchestra, Robinsons Land Corporation (RLC) launched The Jewel project, situated on a 2.5-hectare property at the corner of EDSA and Pioneer Street in Mandaluyong City that used to house the now-demolished, two-decades-old Forum Robinsons mall.

https://www.rappler.com/business/robinsons-land-gokongwei-launch-the-jewel-january-2024/

 

PH-based crypto firm expands across 4 continents [Inquirer Mobile, January 27, 2024]

Local cryptocurrency exchange Coins.ph, continues with its global rollout as it taps into European and Latin American markets where digital assets are well-received by investors.

https://inqm.news/cxwt

 

CebPac starts Bulgaria Air operations to Davao [SunStar Davao, January 27, 2024]

Cebu Pacific, the Philippines’ budget airline, has started operating Bulgaria Air flights to and from Davao, offering every Filipino more opportunities to explore the stunning landscapes and vibrant culture of the King City of the South.

https://www.sunstar.com.ph/davao/cebpac-starts-bulgaria-air-operations-to-davao

 

DBP grants P 2-B loan for Palawan infra [Inquirer Mobile, January 27, 2024]

In a statement on Friday, DBP president and CEO Michael de Jesus said the loan was granted through the bank’s lending facility dubbed “Bank’s Assistance for Economic and Social Development (Asenso).”

https://inqm.news/cxwc

 

Rama backs P246-billion mega project in SRP [Cebu Daily News, January 27, 2024]

On January 16, Mandaraig Infrabuild Corp. (MIC) announced its submission of an unsolicited proposal to assist the city in implementing P246 billion worth of infrastructure projects at SRP.

https://cebudailynews.inquirer.net/553373/rama-backs-p246-billion-mega-project-in-srp

 

CA junks P1.4 billion refund order vs Pampanga power firm [Philippine Daily Inquirer, January 27, 2024]

The Court of Appeals (CA) reversed and set aside the Energy Regulatory Commission’s (ERC) order directing the San Fernando Electric Light and Power Co. Inc. (Sfelapco) to refund a total of P1.42 billion to its customers.

https://newsinfo.inquirer.net/1894938/ca-junks-p1-4-b-refund-order-vs-pampanga-power-firm

 

Reminder to seniors: Discounts total 32% [Philippine Daily Inquirer, January 26, 2024]

Senior citizens should demand a 32-percent discount when buying food and other basic needs to fully avail themselves of the benefits of Republic Act No. 9994, or the Expanded Senior Citizens Act, a party list lawmaker representing their sector said on Thursday.

https://newsinfo.inquirer.net/1894592/reminder-to-seniors-discounts-total-32

 

Philippine salary continues to increase in 2024 —survey [The Philippine Star, January 26, 2024]

According to results gathered from 500 companies by Willis Towers Watson (WTW), a multinational company providing insurance services, employees in the country will have a median salary increase of 5.7 percent by the coming year.

https://philstarlife.com/self/382615-philippine-salary-increase-in-2024

 

Ride-hailing newbie suspended amid price-haggling brouhaha [Inquirer Mobile, January 26, 2024]

Ride-hailing app InDrive has temporarily halted operations after receiving suspension order from the Land Transportation Franchising and Regulatory Board (LTFRB) due to alleged violation in fare matrix, but is working with the government to comply with regulations.

https://inqm.news/cxzp

 

Time to scrap foreign ownership limits, says Philippines’ chief economist [Rappler, January 26, 2024]

The NEDA secretary said the constitutional restrictions on foreign ownership are “impediments” that cause big investments to flow to neighboring Asian countries instead.

https://www.rappler.com/business/neda-arsenio-balisacan-says-remove-foreign-ownership-limits-charter-change/

 

Builder prepares replacement for Makati subway, says Mayor Binay [Inquirer Mobile, January 26, 2024]

The company that was cued to build the P200-billion Makati Subway, derailed due to the territorial dispute with Taguig City, is working at “reinventing” the project since an underground train is no longer viable, according to Makati Mayor Abigail Binay.

https://inqm.news/cxzq

 

February 26 sign-off: Lopez family pulling the plug on Skycable after more than 30 years [Bilyonaryo, January 26, 2024]

The Lopez family-owned cable and broadband firm announced to its subscribers that it has started its transition into a dedicated internet service provider in anticipation of and pursuant to the closing conditions of the PLDT-SkyCable acquisition deal.

https://bilyonaryo.com/2024/01/26/february-26-sign-off-lopez-family-pulling-the-plug-on-skycable-after-more-than-30-years/business/

 

Recto pushes for new tax rates on passive income [ABS-CBN News, January 26, 2024]

Under the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA) the tax rate on interest income will be gradually reduced from 20 percent to 19 percent in 2024, 18 percent in 2025, 17 percent in 2026, 16 percent in 2027, and 15 percent in 2028.

https://news.abs-cbn.com/business/01/26/24/recto-pushes-for-new-tax-rates-on-passive-income

 

Director Erik Matti calls top restaurant Toyo Eatery ‘too gimmicky’ [The Philippine Star, January 26, 2024]

Matti gave his review and a few suggestions on an Instagram post, which instantly went viral. He started with a disclaimer that he does not usually review restaurants, but he made an exception for Toyo Eatery since it was listed among the best in the country.

https://www.philstar.com/lifestyle/food-and-leisure/2024/01/26/2328471/director-erik-matti-calls-top-restaurant-toyo-eatery-too-gimmicky

 

DTI eyes requiring retailers to put up sign on ‘shrinkflation’ [ABS-CBN News, January 25, 2024]

According to Nograles, it is the right of consumers to know the changes in the size and weight of the products they buy.

https://news.abs-cbn.com/business/01/25/24/dti-eyes-requiring-retailers-to-put-up-sign-on-shrinkflation

 

PPA awards P500 million contract for Sorsogon port renovation [The Philippine Star, January 25, 2024]

Khan Kon Chi submitted a bid of P487.8 million for the project, edging the tenders of fellow developers SB Construction Corp. (P488.65 million) and Sunwest Inc. (P488.66 million).

https://www.philstar.com/business/2024/01/25/2328236/ppa-awards-p500-million-contract-sorsogon-port-renovation

 

P4-b port project seen spawning factories in Misamis Oriental [Inquirer Mobile, January 24, 2024]

Various manufacturing businesses and related industries are expected to sprout around the P4-billion Lagonglong Port in Misamis Oriental, which its developer Amadi MGT Terminals Inc. intends to complete by March 2025.

https://inqm.news/cxez

 

Nescafé product flagged by FDA imported by other parties – Nestlé PH [CNN Philippines, January 24, 2024]

Nestlé said the “NESCAFE LATTE 3 in 1 Premix Coffee – Hazelnut” referred to in a recent FDA advisory was imported into the Philippines by other parties without authorization from the regulatory agency, which is why it is not registered locally.

https://www.cnnphilippines.com/business/2024/1/24/fda-advisory-nescafe-nestle-statement.html

 

Indigenous rights clash with solar power project in Ilocos Norte [Rappler, January 23, 2024]

However, unlike previous years, he had to halt before the steel gates and guard house of Energy Logics Philippines, Inc. (ELPI) on the old dirt road. The part of their land where he planned to go was within the company’s solar power facility.

https://www.rappler.com/nation/luzon/masamuyao-isneg-yapayao-indigenous-rights-clash-solar-power-project-ilocos-norte/

 

Phoenix stops buying imported oil [The Philippine Star, January 23, 2024]

In a disclosure to the Philippine Stock Exchange, Phoenix said that it has stopped purchasing imported petroleum in favor of domestic fuel since March 2023 to mitigate the impact of global price swings.

https://www.philstar.com/business/2024/01/23/2327725/phoenix-stops-buying-imported-oil