By: Euney Marie J. Mata-Perez on September 19,2019
The House of Representatives of this 18th Congress approved on third and final reading House Bill 4157 or the Citira (Corporate Income Tax and Incentive Rationalization Act), Package 2 of the government’s Comprehensive Tax Reform Program. As we all know, the counterpart version of this bill (previously named Tax Reform for Attracting Better and High-Quality Opportunities or Trabaho bill) was approved by the House of Representatives of the 17th Congress way back in September 2018. However, the deliberations of the previous bill did not progress since then because of the 2019 elections. Now, it will be the Senate’s turn to deliberate on it.
By: Kathlene Guiang on September 12,2019
Under the 1987 Philippine Constitution, the grant of franchise, certificate, or any other form of authorization for the operation of a public utility is limited to Filipino citizens and to entities at least 60 percent of whose capital is owned and controlled by Filipino citizens.
By: Euney Marie J. Mata-Perez on September 5,2019
With the passage of the Revised Corporation Code (RCC), it is now important for corporations to determine whether or not they qualify as “corporations vested with public interest”.
By: Mark Anthony P. Tamayo on August 29, 2019
Under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion Act (Train), the excise tax rates (which went up from last year’s rates) on diesel, bunker fuel and gasoline will further increase in 2020. A likely consequence of an excise tax hike is the possible surge in fuel smuggling.
By: Euney Marie J. Mata-Perez on August 22, 2019
With the passage of Republic Act 11346, which increases the excise tax on tobacco products to P45 per pack by 2020 from the current P35, Congress is quickly working on the passage of the other bills comprising the so-called Package 2+ of the Comprehensive Tax Reform Program (CTRP).
By: Euney Marie J. Mata-Perez on August 15,2019
The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to Section 6 of the National Internal Revenue Code (Tax Code).
By: Nica Marsha Gasapo on August 8,2019
The Securities and Exchange Commission (SEC) issued the Amended Guidelines and Procedures on the Use of Corporate and Partnership Names (Amended Guidelines) through SEC Memorandum Circular (MC) 13, Series of 2019.
By: Euney Marie J. Mata-Perez on August 1, 2019
There is a specific rationale behind the imposition of value-added tax (VAT). VAT was not intended to be imposed on every transaction or transfer. Its imposition must bear some relevance to the taxpayer’s role or link in the production chain. While ultimately it is a tax on consumption (since the final consumers bear the entire VAT), VAT is actually assessed on various levels of the production chain and imposed based on the “value-added” or contribution by the taxpayer in the production chain. The absence or presence of profit is immaterial.
By: Samantha L. Poblacion on July 25,2019
There have been several major developments in the virtual currency space since our article, entitled “Regulating the Virtual Currency Space”, which was published on July 8, 2018.
By: Euney Marie J. Mata-Perez on July 18, 2019
Should input value-added tax (VAT) or VAT passed on by a taxpayer’s supplier of goods or services be allowed as a deduction from income tax, if the claim for refund or tax credit was denied or disallowed?
By: Aziza Hannah Bacay on July 11,2019
Our present government has been pushing to liberalize foreign ownership restrictions to drive growth.
Among the sectors the government is looking at to liberalize is the retail trade. It is also looking at introducing amendment to the Public Service Act (Commonwealth Act No. 146) and the Foreign Investment Act (Republic Act [RA] No. 7042) in this regard.
By: Samantha L. Poblacion on July 5, 2019
In pursuit of its mandate to enact the implementing rules and regulations (IRR) of the Tax Amnesty Act (otherwise known as Republic Act 11213), the Bureau of Internal Revenue (BIR) released the IRRs for availment of amnesty on estate and delinquent taxes.
By: Euney Marie J. Mata-Perez on June 27, 2019
In last week’s article, we mentioned that it has been almost 10 years since the passage of (RA 9856), or “An Act Providing the Legal Framework for Real Estate Investment Trust and for Other Purposes” (REIT Act). However, up to this date, no REIT has been established in our country.
By: Euney Marie J. Mata-Perez on June 20, 2019
First of 2 parts)
It has been almost ten years since the passage of Republic Act No. 9856, or An Act Providing the Legal Framework for Real Estate Investment Trust and for Other Purposes (REIT Act of 2009). However, up to this date, no REIT has been established in our country.
By: Nica Marsha Gasapo on June 13, 2019
On May 27, 2019, House Bill (HB) 9106 (HB 9106) entitled “An Act Granting Additional Privileges to Persons with Disabilities,” was approved on third reading by members of the House of Representatives of the 17th Congress, and transmitted to the Senate on May 28, 2019. The bill seeks to amend the Magna Carta for Persons with Disabilities (Republic Act 7277, as amended, or the ‘Magna Carta’ and grant additional privileges to persons with disabilities (PWDs). Although the 17th Congress ended its sessions last week without the bill being enrolled or passed into law, we expect HB 9106, or the amendments it proposes, will be refiled with the next Congress for their consideration.
By: Euney Marie J. Mata-Perez on June 6, 2019
MTF Tax and Legal Seminar
Before I discuss today’s topic, I would like to invite everyone to our CPD-accredited legal and tax seminar scheduled on July 17, 2019. Please check our website, www.mtfcounsel.com or email us at email@example.com if interested. Topics will include customs and tax updates, data privacy and the new Revised Corporation Code.
Sin tax bill
By: Atty. Medienne Isabelle M. Castillon
On May 30, 2019, the Securities and Exchange Commission (SEC) requested the public to comment on the latest version of the General Information Sheet (GIS) which requires the disclosure of beneficial owners. Pursuant to SEC Memorandum Circular No. 17, Series of 2018, the latest version of the GIS shall contain a Beneficial Ownership Information page. In the said page, the corporate secretary shall disclose “any natural person who ultimately owns or controls the corporation” as well as “contributors or donors” which may either be a corporation, partnership, or trust.
By: Euney Marie J. Mata-Perez on May 30, 2019
A corporation is an artificial person with a juridical personality separate from its stockholders, directors, and officers. With this personality, corporations enjoy the benefits of succession, limited liability protection, centralized management and generally free-transferability of shares.
By: Euney Marie J. Mata-Perez on May 23, 2019
To promote good governance and protect minority stockholders, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular No. 10, Series of 2019, promulgating the Rules on Material Related Party Transactions for Publicly-Listed Companies. The rules became effective on April 27, 2019.
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