Employers warned against coercing workers to show up despite flooding
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [JULY 23-29]
- BIR EXTENDS THE DEADLINE FOR THE FILING OF TAX RETURNS IN MORE AREAS AFFECTED BY TYPHOON “EMONG”
- BIR EXTENDS THE DEADLINE FOR FILING OF DOCUMENTS IN ONGOING AUDITS & TAX REFUND CASES DUE TO SOUTHWEST MONSOON & TYPHOONS “CRISING”, “DANTE” & “EMONG”
- BIR EXTENDS THE DEADLINE FOR THE FILING OF TAX RETURNS FOR TAXPAYERS AFFECTED BY SOUTHWEST MONSOON & TYPHOONS “CRISING”, “DANTE” & “EMONG”
- BIR TAX ADVISORY ON ACCEPTANCE OF TAX PAYMENTS WITHOUT PENALTIES FROM TAXPAYERS AFFECTED BY TYPHOONS
- DOJ LEGAL OPINION
- SEC OPINION
I. TAX & BUSINESS-RELATED NEWS [JULY 23-29]
- Escudero to file bill banning officials’ relatives from serving as contractors, suppliers
- Indian BPO firm to grow Philippine headcount to 5,000
- PH faces up to P6B in annual foregone revenues from US market access
- Ombudsman indicts 8 City Hall officials over anomalous garbage deal
- Lance Gokongwei sells motorcycle retailing firm to RRHI for P146M
- Cebu eyes halal tourism to attract more Muslim visitors
- Extra 30% pay for work on July 27, special non-working day — Dole
- Cerberus expands in the Philippines, to invest another P15 billion
- Metro Pacific agri-food unit signs up to acquire Franklin Baker
- Worst is over for Philippines’ property sector–report
- BTS agency HYBE raided over alleged fraud trading: Yonhap
- Carla Abellana questions where US donation for flood victims goes
- 5 million more bank accounts now insured, says PDIC
- Filinvest Land to dissolve dormitel subsidiary
- The world’s 20 most profitable companies, ranked
- Employers warned against coercing workers to show up despite flooding
- PHINMA Education net income climbs 8% to P1.5B
- APECO revives 10 infra projects worth P800M
II. BIR EXTENDS THE DEADLINE FOR THE FILING OF TAX RETURNS IN MORE AREAS AFFECTED BY TYPHOON “EMONG”
Revenue Memorandum Circular (RMC) No. 77-2025, dated July 25, 2025, expands the coverage of RMC No. 75-2025 to include taxpayers in the provinces of Isabela, Quirino, Aurora, and Camarines Norte. Affected taxpayers have until July 31, 2025, to file tax returns, pay taxes due, and submit required documents. The extension is due to work suspensions caused by Typhoon “Emong” and the Southwest Monsoon.
III. BIR EXTENDS THE DEADLINE FOR FILING OF DOCUMENTS IN ONGOING AUDITS & TAX REFUND CASES DUE TO SOUTHWEST MONSOON & TYPHOONS “CRISING”, “DANTE” & “EMONG”
Revenue Memorandum Circular (RMC) No. 76-2025, dated July 25, 2025, extends the deadline for the submission of position papers, replies, protest letters, tax refund applications, and other related documents falling due on July 21 to 25 2025, for taxpayers in areas affected by the Southwest Monsoon and Typhoons “Crising,” “Dante,” and “Emong.” The new deadline for filing is extended to 10 calendar days from the last day of the government work suspension. BIR further clarified that any future government work suspensions due to similar weather disturbances will likewise warrant the same extension period.
IV. BIR EXTENDS THE DEADLINE FOR THE FILING OF TAX RETURNS FOR TAXPAYERS AFFECTED BY SOUTHWEST MONSOON & TYPHOONS “CRISING”, “DANTE” & “EMONG”
Revenue Memorandum Circular (RMC) No. 75-2025, dated July 23, 2025, extends the deadlines for filing tax returns, payment of taxes due, and submission of required documents originally due on July 21 and 25, 2025, to July 31, 2025. The extension was made in response to the suspension of government work due to severe weather conditions brought about by the Southwest Monsoon and Typhoons “Crising,” “Dante,” and “Emong.” The circular clarifies the covered returns, reports, and BIR offices.
V. BIR TAX ADVISORY ON ACCEPTANCE OF TAX PAYMENTS WITHOUT PENALTIES FROM TAXPAYERS AFFECTED BY TYPHOONS
In a Tax Advisory issued on July 24, 2025, the BIR has advised all Authorized Agent Banks to accept tax payments without corresponding penalties, for BIR Form No. 2550Q (Quarterly Value-Added Tax Return), BIR Form No. 2551Q (Quarterly Percentage Tax Return), and BIR Form No. 2550DS (Value-Added Tax Return for Non-resident Digital Service Provider) from taxpayers affected by the southwest monsoon and typhoons “Crising”, “Dante”, and “Emong”.
VI. DOJ LEGAL OPINION
FOREIGN EQUITY PARTICIPATION IN A CORPORATION ENGAGED IN AQUACULTURE-RELATED BUSINESS ACTIVITIES WHICH UTILIZE MARINE NATURAL RESOURCES IN ARCHIPELAGIC WATERS, IS NO LONGER ALLOWED UNDER THE 12TH FOREIGN INVESTMENT NEGATIVE LIST
The Investment Assistance Center and Management Services of the Board of Investments is requesting a legal opinion on whether a 100% foreign-owned corporation may engage in aquaculture-related business activities, specifically involving the following: Activity “A”, the operation of a high-tech inland facility for breeding marine life; Activity “C”, the advanced processing of sea cucumbers and other marine resources; and Activity “D”, export activities. The request focuses, in particular, on Activity “A”, which involves the extraction of seawater to fill up the inland breeding facility, and seeks clarification on whether the act of drawing seawater constitutes the utilization of living marine resources, an activity reserved for Filipino citizens. The Secretary of Justice (SOJ) declines to render a definitive legal opinion on the matter, noting that the issues raised fall within the technical expertise, jurisdiction, and mandate of the Bureau of Fisheries and Aquatic Resources (BFAR) and the National Water Resources Board (NWRB) of the Department of Environment and Natural Resources (DENR). Nevertheless, the SOJ provides guidance, emphasizing that the 12th Foreign Investment Negative List (FINL) no longer allows for any foreign equity in any activity involving the “utilization of marine resources in archipelagic waters, territorial sea and exclusive lakes, bays and lagoons, as well as small-scale utilization of natural resources in rivers, lakes, bays and lagoons.” On this basis, the proposed Activity “A” may no longer be feasible. In addition, it was noted that under Section 6 of the Foreign Investment Act, a manufacturer, processor, or service enterprise that exports 60% or more of its output is allowed up to 100% foreign ownership, provided that its products do not fall within the negative list. [DEPARTMENT OF JUSTICE OPINION NO. 17, SERIES OF 2025, JULY 7, 2025]
VII. SEC OPINION
REVALUATION INCREMENT OR APPRAISAL SURPLUS MAY BE USED FOR DIVIDENDS UNDER STRICT CONDITIONS
R Co. is requesting confirmation whether the exception in the SEC’s 1981 Opinion, allowing appraisal increments on real property to be used for stock dividends, still applies. The 1981 Opinion affirms that while dividends must generally come from retained earnings representing actual profits from regular operations, an exception exists where a portion of the revaluation surplus, specifically the depreciation charged on the revalued asset, may be considered in dividend computation. This exception is strictly conditioned upon the depreciation related to the revaluation increment being charged against operational income, the company having no deficit at the time of such charge, and the depreciation amount not being impaired by subsequent losses. Notably, this does not permit the revaluation surplus to be declared dividends. Moreover, the recent SEC Memorandum Circular No. 16, Series of 2023 (MC 16-23), reaffirms that only unrestricted retained earnings from actual profits can be used for dividends, aligning with the 1981 Opinion. While revaluation surplus is not a reconciling item, the depreciation on the appraisal increment can be added back when determining earnings available for dividends. Therefore, the 1981 Opinion is consistent with the provisions of MC 16-23 and is still applicable. [SEC OFFICE OF THE GENERAL COUNSEL OPINION NO. 25-08, JUNE 23, 2025]
Escudero to file bill banning officials’ relatives from serving as contractors, suppliers [GMA News Online, July 29, 2025]
Senate President Francis ”Chiz” Escudero said Tuesday that he would introduce a bill that would ban government officials’ relatives up to the fourth degree of consanguinity and affinity from serving as suppliers and contractors.
Indian BPO firm to grow Philippine headcount to 5,000 [Philippine Daily Inquirer, July 29, 2025]
Fusion CX has invested $4 million to open its delivery center at 500 Shaw Boulevard in Mandaluyong City, which features an artificial intelligence (AI) solutions command hub, multichannel delivery zones, collaborative workspaces and infrastructure.
https://business.inquirer.net/538014/indian-bpo-firm-to-grow-ph-headcount-to-5000
PH faces up to P6B in annual foregone revenues from US market access [GMA News Online, July 29, 2025]
Posting on his Truth Social media platform, Trump initially said the Philippines is going open market with the United States with zero tariffs, while the Philippines would pay a 19% tariff.
Ombudsman indicts 8 City Hall officials over anomalous garbage deal [Cebu Daily News, July 28, 2025]
The case stemmed from a request of Cebu City Mayor Michael Rama to investigate what he described as an irregular and anomalous contract the previous administration had entered into with the contractor for the city’ garbage collection in 2021.
Lance Gokongwei sells motorcycle retailing firm to RRHI for P146M [Philippine Daily Inquirer, July 28, 2025]
Robinsons Retail Holdings Inc. (RRHI) will venture into the motorcycle retailing business via a P146.4-million purchase of Premiumbikes Corp.
Cebu eyes halal tourism to attract more Muslim visitors [Cebu Daily News, July 28, 2025]
South Koreans have long been Cebu’s top foreign visitors, but their numbers dipped during the first half of 2025.
https://cebudailynews.inquirer.net/649153/cebu-eyes-halal-tourism-to-attract-more-muslim-visitors
Extra 30% pay for work on July 27, special non-working day — Dole [Inquirer.Net, July 27, 2025]
President Ferdinand Marcos Jr. earlier issued Proclamation No. 729, declaring July 27, 2025, as a special non-working day nationwide to mark the founding anniversary of Iglesia Ni Cristo.
https://newsinfo.inquirer.net/2087743/extra-30-pay-for-work-on-july-27-special-non-working-day-dole
Carla Abellana questions where US donation for flood victims goes [Inquirer.Net, July 26, 2025]
On her Instagram Story, Abellana shared an art card of a news item from Inquirer that stated the United States is providing some P13.8 million in humanitarian aid to the government in the aftermath of the successive storms in the Philippines over the past few days.
1.5 million more bank accounts now insured, says PDIC [Philippine Daily Inquirer, July 26, 2025]
There are now 147 million bank deposit accounts that are fully insured after the maximum deposit insurance coverage (MDIC) was raised to P1 million last March 15.
https://business.inquirer.net/537835/1-5-million-more-bank-accounts-now-insured-says-pdic
Cerberus expands in the Philippines, to invest another P15 billion [The Philippine Daily Inquirer, July 26, 2025]
New York-based private equity giant Cerberus Capital Management is looking to invest an additional $250 million (P15 billion) in shipyard improvement and key infrastructure projects in the Philippines.
https://business.inquirer.net/537550/cerberus-expands-in-ph-to-invest-another-p15b
Metro Pacific agri-food unit signs up to acquire Franklin Baker [Philippine Daily Inquirer, July 25, 2025]
The agri-food business of tycoon Manuel Pangilinan-led Metro Pacific Investments Corp. (MPIC) is digging in the food-grade coconut export industry through the acquisition of Franklin Baker Group of Companies.
https://business.inquirer.net/537360/metro-pacific-agri-food-unit-signs-up-to-acquire-franklin-baker
Worst is over for Philippines’ property sector–report [Philippine Daily Inquirer, July 25, 2025]
The worst may be over for the Philippine property sector as key players have “proactively” recalibrated their strategies to cope with structural challenges, leading to “early signs of market stabilization.”
https://business.inquirer.net/537362/worst-is-over-for-ph-property-sector-report
BTS agency HYBE raided over alleged fraud trading: Yonhap [ABS-CBN News, July 24, 2025]
HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said.
Filinvest Land to dissolve dormitel subsidiary [BusinessWorld, July 24, 2025]
FLI filed an application with the Securities and Exchange Commission (SEC) on Wednesday to shorten the corporate term of CPMC, the property developer said in a regulatory filing.
The world’s 20 most profitable companies, ranked [Yahoo Finance, July 24, 2025]
In today’s cut-throat business landscape, most companies operate within razor-thin margins, scrambling for every scrap of profit. But a select few have an extraordinary knack for transforming enormous revenues into substantial profit.
https://uk.finance.yahoo.com/news/worlds-20-most-profitable-companies-113000833.html
Employers warned against coercing workers to show up despite flooding [BusinessWorld, July 24, 2025]
Mr. Mata proposed that the government adopt a protocol that designates certain events as hazardous, setting in motion a process that authorizes paid leave or remote work.
PHINMA Education net income climbs 8% to P1.5B [BusinessWorld, July 24, 2025]
PHINMA Education said its enrollment grew to over 163,000 students, mostly from low-income families in the Philippines and Indonesia.
APECO revives 10 infra projects worth P800M [BusinessWorld, July 23, 2025]
THE Aurora Pacific Economic Zone and Freeport Authority (APECO) said it revived 10 previously abandoned infrastructure projects valued at nearly P800 million.
https://www.bworldonline.com/economy/2025/07/23/687158/apeco-revives-10-infra-projects-worth-p800m/
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