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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.

OUR VISION

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?

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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.

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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.

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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.

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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.

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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.

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REVISITING REFORMS

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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

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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.

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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.

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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.

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CHINA’S BELT AND ROAD INITIATIVE AND TAX ADMINISTRATION

By: Euney Marie J. Mata-Perez on May 16, 2019

The Asia-Oceana Tax Consultants’ Association, as represented by its President, Atty. Euney Marie J. Mata-Perez, attended as an observer of the first Conference of the Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) hosted by the State Taxation Administration of the People’s Republic of China on 18-20, April, 2019 in Wuzhen, Zhejiang Province, China. The forum was well-attended by 350 delegates from representatives of tax administrations or finance departments from 85 jurisdictions, 16 international organizations, and a number of academic institutions and businesses.

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CHINA’S BELT AND ROAD INITIATIVE AND TAX ADMINISTRATION

By: Euney Marie J. Mata-Perez on May 16, 2019

China’s Belt and Road Initiative (BRI) is a development strategy adopted by the Chinese government involving infrastructure development and investments in various countries and international organizations in Europe, Asia, Middle East, Latin America and Africa. “Belt” refers to the overland routes for road and rail transportation, called “the Silk Road Economic Belt”. “Road” refers to the sea routes, or the 21st Century Maritime Silk Road.

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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