MTF had the opportunity to discuss updates and the emerging issues on tax and customs with the members of the Pharmaceutical and Healthcare Association of the Philippines, Inc. (“PHAP”) on April 12, 2024.

For the tax brief, Atty. Euney Marie J. Mata-Perez lectured on the salient features of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes Act, Bureau of Internal Revenue (“BIR”) Revenue Memorandum Circular (“RMC”) 5-2024, the Position Paper from the Private Sector Committee on BIR RMC 5-2024, the clarificatory BIR RMC 38-2024, and the Create More Bill.

Common tax audit issues were also tackled, particularly the violation of the taxpayer’s right to due process and possible errors in the BIR findings.  

Atty. Mark Anthony P. Tamayo, on the other hand, exhaustively explained the verification and audit powers of the Bureau of Customs (“BOC”), the formula for the customs duties, BOC Customs Administrative Order (“CAO”)1-2019 on the Prior Disclosure Program, and the best customs practices.

Further, issues commonly raised during post-clearance audit were discussed, such as the BOC selectivity lanes, prices for related party transactions, customs valuation vis-à-vis transfer pricing, proper classification of imported goods, and record keeping compliance with the penalties for the violation thereof.

The lecture was held in Ascott Makati, and a total of 40 people attended the event.