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Publications

REVISITING RULES ON WARRANT ON DISTRAINT AND/OR LEVY

Written on February 11, 2021. Posted in MTF Articles.

By AZIZA HANNAH BACAY on February 11, 2021. The Bureau of Internal Revenue (BIR) has the power to enforce the collection of unpaid taxes either through summary administrative remedies, such as the issuance of a warrant of distraint and/or levy (WDL), or judicial ones, such as filing a civil or...

NATIONALITY OF CORPORATIONS

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

By: Atty. Nica Gasapo on February 4,2021. The 1987 Philippine Constitution has set forth requirements a corporation must meet before involving itself in certain activities. Depending on its nationality, a corporation may or may not undertake specific business ventures or invest in certain...

RECENT CTA DECISIONS ON REFUNDS OF ERRONEOUSLY COLLECTED TAXES

Written on January 28, 2021. Posted in MTF Articles.

By: Atty. Euney Marie Mata-Perez on January 28,2021. To claim a refund for an erroneously or illegally collected tax, Section 229 of the National Internal Revenue Code, as amended (Tax Code), provides that the claimant must first file an administrative claim with the commissioner of Internal...

THE STOCKHOLDER’S RIGHT TO INSPECT CORPORATE RECORDS

Written on January 21, 2021. Posted in MTF Articles.

By: Atty. Ellaine Anne L. Bernardino on January 21,2021. The stockholder’s right to examine corporate records is based on his or her interests in the corporation and ownership of corporate property. Under Section 73 of Republic Act 11232, or the Revised Corporation Code (RCC), which...

THE LIMITED LIABILITY OF OPCS IN TAX EVASION CASES

Written on January 14, 2021. Posted in MTF Articles.

By: Ramon Vaughn F. Dy III on January 14, 2021. It is an established rule in our jurisdiction that a corporation has a separate and distinct legal personality from that of its shareholders and officers. As an artificial being created by law, a corporation can act only through its people, such...

THE URGENT NEED TO PASS CREATE

Written on January 7, 2021. Posted in MTF Articles.

By: Euney Marie Mata-Perez on January 7, 2021 Tax reform is part of the main agenda of the Duterte administration. So it was a welcome development when Republic Act 10963, or the “Tax Reform for Acceleration and Inclusion Act” (Train), took effect on Jan. 1, 2018 to mainly address...

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...