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By Nica Marsha Gasapo on May 12, 2022 The National Internal Revenue Code, as amended (Tax Code), imposes a transaction tax on the sale, barter, exchange or other disposition of shares listed and traded through the local stock exchange (other than the sale by a dealer in securities) at the rate...

By Ramon Vaughn Dy III on May 5, 2022 From the largest conglomerates to the smallest start-ups, all have at least one thing in common: they are managed by some form of governing body, mostly by a board of directors. With the exception of a one-person corporation, firms have a board that exercises...

By Gwendolyn Ann Banaria on April 28, 2022 The Supreme Court, in the case of Commissioner of Internal Revenue (CIR) vs Avon Products Manufacturing Inc. (decided on Oct. 3, 2018), held that the giving of a fair and reasonable opportunity to be heard is not the only aspect of due process in tax...

By Ellaine Anne Bernardino on April 21, 2022 As the May 2022 national elections fast approaches, Filipino voters should take this time to intelligently consider which candidate has the most promising platform, the ideal character and relevant track record to better the country. Political candidates...

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...