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Author Archive

By: Mark Anthony P. Tamayo on April 26, 2018

Business entities engaged in the manufacture of finished products for eventual export typically source the majority of their raw material (RM) inputs from foreign suppliers. These purchases will, upon their importation, be subject to the payment of customs duties and import taxes (generally, value added tax or VAT). Said payments, however, may be recovered through the filing of a formal claim for refund (by way of duty drawback and an application for VAT refund) with the revenue authorities (customs or tax authorities, as the case may be) upon subsequent export of their finished products.


By Euney Marie Mata-Perez on April 19, 2018

With the tax-filing season recently concluded, we are certain that the BIR will be stepping up on its audit and collection efforts. Thus, knowing the rules in assessments, including how the BIR validly serves notices, is crucial.

Due process dictates that every taxpayer should be informed of the facts and basis of any assessment against him, and be given the opportunity to defend himself. For taxpayers to be informed, they must receive the proper BIR notices, of course. In many cases in the past, our courts had invalidated assessments for having been served on persons who were not authorized to receive them. On the other hand, once a taxpayer receives an assessment, he should reply, protest or appeal, as the case may be, within the prescribed period; otherwise, it can be fatal. We have seen defensible assessments becoming final simply because they were not properly acted upon.


By: Gerardo Maximo Francisco on April 12, 2018 Many employees took time off work last Monday, April 9, to commemorate Araw ng Kagitingan (Day of Valor), a regular Philippine holiday. Many others, including those whose employers provide services to persons abroad, reported for work on the same day. For those who were required to work […]


By Euney Marie Mata-Perez on April 5, 2018

Value-added tax, or VAT, is not a singular-minded tax on every transactional level. Its assessment bears direct relevance to the taxpayer’s role or link in the production chain. Thus, its imposition is intimately related to the regularity and consistency of the conduct of business in the ordinary course of trade.

The TRAIN, or Republic Act 10963, confirmed that transfers of property pursuant to Section 40(C)(2) of the Tax Code, or the so-called transfers for “control,” are exempt from VAT. This puts to rest the issue of whether VAT should be due when properties are transferred in exchange for shares in a corporation.


By Euney Marie Mata-Perez on March 29, 2018

The TRAIN, or the Tax Reform for Acceleration and Inclusion Law (Republic Act No. 10963), provided some relief or good news to us, taxpayers. It lowered the 20 percent deficiency and delinquency interests to double the legal interest for loans or forbearance of money as set by the Bangko Sentral ng Pilipinas. Since the current legal interest is 6 percent, the interest applicable was reduced to 12 percent per annum.


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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