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By Aziza Hannah Bacay on April 7, 2022 Taxes are the lifeblood of the government. Thus, Section 218 of the National Internal Revenue Code, as amended, sets out the primordial “no injunction rule” that bars courts from restraining the collection of any national internal revenue tax,...

By Ramon Vaughn Dy on March 31, 2022 Operating a public utility has for the longest time been limited to Filipino citizens and entities whose capital is at least 60-percent owned and controlled by Filipino citizens. Foreign equity participation also cannot exceed 40 percent of a public utility’s...

By Euney Marie Mata-Perez on March 24, 2022 In last week’s article, we discussed Revenue Memorandum Circular (RMC) 24-2022, which interpreted the rules on value-added tax (VAT) zero rating under the National Internal Revenue Code as amended by the Create Act (Republic Act 11534). Specifically,...

By Euney Marie Mata-Perez on March 17, 2022 The Bureau of Internal Revenue (BIR) just released Revenue Memorandum Circular (RMC) 24-2022 (RMC 24-2022), which expressly confirmed that the cross-border doctrine, as applied to economic zones (ecozones) or freeport zones has been rendered ineffectual...

By Ramon Vaughn Dy on March 10, 2022 Republic Act (RA) 11647, which amended the Foreign Investments Act of 1991, was finally signed into law last March 2. It introduced some significant changes aimed at easing restrictions on foreign investments to help stimulate economic growth amid the continued...

By Nica Marsha Gasapo on March 3, 2022 In 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (“RMO”) No. 14-2021 and Revenue Memorandum Circular (“RMC”) No. 77-2021 which streamlined the procedure for the availment of benefits under the applicable tax treaty. These issuances...

By Aziza Hannah Bacay on February 24, 2022 In 2019, the Bureau of Customs (BoC) issued Customs Administrative Order (CAO) 13-2019 to implement provisions under the Customs Modernization and Tariff Act. Section 10 of CAO 13-2019 provides for a review of customs bonded warehouse (CBW) guidelines...

By Euney Marie Mata-Perez on February 17, 2022 The decision by the Commission on Elections’ (Comelec) First Division to junk a disqualification case against presidential candidate Ferdinand “Bongbong” Marcos Jr. recently set social media abuzz. A statement in the decision,...

By Nica Marsha Gasapo on February 10, 2022 The Bureau of Internal Revenue (BIR) has finally issued Revenue Memorandum Circular (RMC) 19-2022, the much-awaited clarification and guidance on tax-free exchanges of properties under Section 40(C)(2) of the National Internal Revenue Code of 1997 (Tax...