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Publications

The force majeure of 2020

Written on January 4, 2021. Posted in MTF Articles.

By: Euney Marie Mata-Perez on December 31, 2020 2020 will always be a year the world cannot forget. At its start, we saw the eruption of the beautiful Taal Volcano. And then we faced a force majeure like no other — the Covid-19 pandemic, prompting countries to try containing it, including imposing...

Restraining the enforcement of tax collection

Written on December 24, 2020. Posted in MTF Articles.

By: Mark Anthony Tamayo on December 24, 2020 Taxes are the lifeblood of the government and should, as an inflexible policy, be collected promptly and without hindrance or delay (see Commissioner of Internal Revenue vs Standard Insurance Co., GR 219340) in order not to disrupt the operations of the...

Create for global competitiveness

Written on December 17, 2020. Posted in MTF Articles.

By. Atty. Euney Marie Mata-Perez on December 17, 2020 Last month, the Senate finally passed on third reading Senate Bill 1357, or the “Corporate Recovery and Tax Incentives for Enterprise Act” (Create), which aims to reform our corporate income tax (CIT) and incentives system, and propose significant...

FRIA REMEDIES FOR INSOLVENT FILIPINOS

Written on December 11, 2020. Posted in MTF Articles.

By: Atty Gerardo Maximo Francisco on May 7,2020 Covid-19 has caused financial injury and distress to many Filipinos. By early 2021, after the grace periods for loans and other forms of financial assistance granted under Bayanihan 2 will have been exhausted, many more Filipinos will experience the...

THE CIR’s POWER TO ABATE TAXES

Written on December 3, 2020. Posted in MTF Articles.

By: Atty. Irish May Quintana on December 3,2020 The abatement or cancellation of internal revenue tax liability is one of the remedies available to taxpayers. This is pursuant to the broad powers of the Commissioner of Internal Revenue (CIR) to cancel and abate tax liabilities under our National...

INTRA-CORPORATE DISPUTES

Written on November 28, 2020. Posted in MTF Articles.

By: Atty. Ellaine Anne Bernardino on November 26, 2020 An intra-corporate dispute is one that arises between a stockholder and the corporation, or among stockholders concerning the internal affairs of the corporation. Previously, the Securities and Exchange Commission (SEC) had the jurisdiction to...

EXEMPTION ON RETIREMENT BENEFITS

Written on November 19, 2020. Posted in MTF Articles.

By: Atty. Aziza Hannah Bacay on November 19,2020. Republic Act (RA) 11494, or the “Bayanihan to Recover as One Act” (Bayanihan 2), which implements the government’s response and recovery interventions related to the Covid-19 pandemic, granted some tax relief and incentives to taxpayers. One of these...

SITUS IN TAXATION ISSUES

Written on November 13, 2020. Posted in MTF Articles.

By. Atty. Euney Marie Mata-Perez on November 12,2020. A government or state exercises its taxing power and authority only on taxpayers, income or transactions that fall within its jurisdiction. Thus, the situs, or place, of taxation is critical in determining whether or not a state has the power...

A REMINDER TO AVAIL OF TAX AMNESTIES

Written on October 29, 2020. Posted in MTF Articles.

By: Atty.Aziza Hannah Bacay on October 29,2020. It has been more than a year since Republic Act 11213, or the “Tax Amnesty Act” (TAA), was enacted. It became effective on March 1, 2019. The TAA originally provided for an estate tax amnesty, a general tax amnesty and a tax amnesty on delinquencies,...