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Erroneously passed-on input VAT

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,...

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A Breakdown of Changes to the Foreign Investments Act

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...

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New Guidelines for Customs Bonded Warehouses

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...

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Further Guidance on Tax-Free Transfers

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...

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Impactful Law and Rule Changes

By Gerardo Maximo Francisco on February 3, 2022 First of a series On Nov. 11, 2021, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) issued IATF Resolution 148-B, Series of 2021, which approved the following measure that took effect on Dec. 1, 2021: “In...

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Taxation of Campaign Contributions

By Euney Marie Mata-Perez on January 27, 2022 The official campaign period for the May 2022 national and local elections will start soon and candidates will be, or perhaps have already started, soliciting campaign contributions. The giving of campaign contributions is recognized under Batas Pambansa...

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