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OUR VISION

ALL CORPORATIONS REQUIRED TO DISCLOSE BENEFICIAL OWNERS

By: Euney Marie J. Mata-Perez on January 17, 2019

All corporations are now required to disclose their ultimate beneficial owners. This requirement is no longer limited to publicly-listed corporations.

In Securities and Exchange Commission’s (SEC) Memorandum Circular No. 17, Series of 2018, SEC has required all SEC-registered domestic corporations, both stock and non-stock, to disclose their “beneficial owners” in their respective General Information Sheets (GIS) effective January 1, 2019. The SEC has revised the GIS form or template to include such information. The memorandum was issued pursuant to the SEC’s mandate to assist in the implementation of Republic Act No. 9160, or the “Anti-Money Laundering Act of 2001, as amended (AMLA), more specifically the Anti-Money Laundering Council Regulatory Issuance A, B, and C, No. 3, Series of 2018 (issued on Nov. 23, 2018) which outlines the Guidelines in Identifying Beneficial Ownership (the AMLC Guidelines).

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GENERAL TAX AMNESTY: TO AVAIL OR NOT TO AVAIL?

By: Euney Marie J. Mata-Perez on January 10, 2019

It is now clear that the proposed Tax Amnesty Act (TAA) will be passed soon. The report of the Bicameral Conference Committee which harmonized the provisions of the tax amnesty bills (House Bill Nos. 4814 and 8554 and Senate Bill No. 2059 [SB 2059]) has gotten the nod of both the Senate and the House of Representatives. Thus, the bill is in the final stages of enrollment and signature.

The question to many taxpayers now is whether or not they should avail of the general tax amnesty (GTA). Prudence dictates that any decision to avail of the GTA should be based on a thorough and well-thought-out cost-benefit analysis. As a guide, we discuss these major costs and benefits of the GTA

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EXPECTED NEW TAX MEASURES FOR 2019

By: Euney Marie J. Mata-Perez on January 3,2019.

Happy new year!
The year 2018 was an interesting year in the tax arena. Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (Train) Law, amending the National Internal Revenue Code (Tax Code), became effective on January 1, 2018. We then saw the passage of several regulations implementing the law. However, we also expect several tax measures to be passed this year.

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BALIKBAYAN BOXES FOR THE YULE SEASON

By: Mark Anthony P. Tamayo on December 27, 2018

The annual yuletide festival is certainly the most joyous time of the year. Not only do we celebrate the birth of our Lord but it is also the time to reconnect with friends, acquaintances and most specially, family and relatives. It is traditionally a season of gift giving, remembering dearly people close to our hearts

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THE BICAM-ENDORSED TAX AMNESTY ACT

By: Euney Marie J. Mata-Perez on December 20, 2018

The Senate and the House of Representatives have ratified a bicameral conference committee report that harmonized provisions of tax amnesty bills (House Bills 4814 and 8554 and Senate Bill 2059 [SB 2059]) passed by both houses of Congress.

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TAXATION OF DONATIONS

By Euney Marie J. Mata-Perez on December 13, 2018

Advent is the time for giving. Thus, it is a good time to be reminded of the taxes imposed on donations and the tax benefits of making them

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THE BURDEN OF ADDITIONAL TAXES ON NON-METALLIC MINERALS

By: Euney Marie J. Mata-Perez on December 6, 2018

Senate Bill 1979 (in relation to House Bill 4800) proposes to impose a royalty tax on both metallic and non-metallic mining operations conducted outside mineral reservations, whether large scale or small scale, at three percent of the market value of the gross output of minerals or mineral products extracted or produced for the first three years from the effectivity of the law, four percenton the fourth year and five percent on the fifth year. It also proposes to impose an additional government share which will be due when the basic government share (on all collected taxes, royalties, fees and related payments from mining contractors) is less than 50 percent of the net mining revenue.

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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