MTF Counsel | Tax Lawyer Philippines | Best Law Firms in the Philippines

taxation in the philippines

tax lawyer philippines

law firms in makati

lawyers in the philippines

best lawyers in the philippines

special power of attorney philippines
taxation law
customs lawyer Philippines
corporate lawyer philippines
commercial lawyer philippines
tax law expert philippines
customs law expert philippines
commercial law expert philippines
corporate law expert philippines

OUR VISION

THE MAJOR AND OTHER AMENDMENTS PROPOSED BY CITIRA

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.

View more >

PROPOSED AMENDMENTS TO THE PUBLIC SERVICE ACT OF 1936

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.

View more >

LIABILITIES OF CORPORATIONS VESTED WITH PUBLIC INTEREST

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”.

View more >

UNDERSTANDING THE FUEL MARKING PROGRAM

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.

View more >

CTRP PACKAGE 2+ AND THE PENDING MINING TAX BILLS

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).

View more >

WHAT HAPPENED TO THE PROPOSED AMENDMENTS TO BANK SECRECY ACT?

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).

View more >

NEW SEC NAME GUIDELINES

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.

View more >

THE BUSINESS OF VAT

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.

View more >

PH’s FIRST DIGITAL ASSET TOKEN OFFERING, OTHER BLOCKCHAIN NEWS

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.

View more >

INPUT VAT AS INCOME TAX DEDUCTIONS

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?

View more >

LIBERALIZING FOREIGN OWNERSHIP IN RETAIL TRADE BUSINESS

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.

View more >

UNPACKING THE ESTATE TAX AMNESTY PROCEDURE

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.

View more >

PROPOSED AMENDMENTS TO REIT IRR

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.

View more >

TAXATION AND OTHER ISSUES OF REITS

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.

View more >

MORE PRIVILEGES AND RIGHTS TO PWDS

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.

View more >

REVISITING REFORMS

CLICK THIS LINK TO REGISTER


View more >

THE PROPOSED SIN TAX BILL AND THE NEW ESTATE TAX AMNESTY RULES

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 info@mtfcounsel.com if interested. Topics will include customs and tax updates, data privacy and the new Revised Corporation Code.
Sin tax bill

View more >

SEC NOTICE – USE OF THE GENERAL INFORMATION SHEET WITH BENEFICIAL OWNERSHIP DISCLOSURE PAGE

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.

View more >

PIERCING THE VEIL OF OPC’s

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.

View more >

NEW MATERIAL RELATED PARTY TRANSACTION DISCLOSURE RULES

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.

View more >

PRACTICE AREAS

With a team approach that combines the tax, corporate, litigation and labor proficiency of our partners and lawyers, we provide holistic, practicable and hands-on assistance from the boardroom to the courtroom.

Contact Information

Our office address:

15/f Unit A. ACT Tower, H.V. Dela Costa St.
Salcedo Village, Makati City 1227 Philippines

Telefax: +632 831-1297

Telephone: +632 808-5375 • +632 815-0069

Email: info@mtfcounsel.com

Partners

Euney Marie J. Mata-Perez
euney.mata-perez@mtfcounsel.com

Mark Anthony P. Tamayo
mark.tamayo@mtfcounsel.com

Gerardo Maximo V. Francisco
gary.francisco@mtfcounsel.com