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By: Euney Marie J. Mata-Perez on November 1, 2018 We just attended the 2018 World Conference of the International Tax Specialist Group (ITSG) held in the beautiful Rosewood Hotel in Beijing last Oct.r 24-26, 2018. The conference was attended by around 80 tax specialists and advisers from all over...

By: Nica Marsha V. Gasapo on October 25, 2018 A worker and an employer enter into an employment contract to realize their respective interests—the worker, to make ends meet; the employer, to earn profits. An employment contract, however, is a special contract because the State can step in to regulate...

By: Felson M. Dalaguete on October 18, 2018 A corporation that permits the accumulation of earnings and profits beyond the reasonable needs of the business is subject to the 10 percent Improperly Accumulated Earnings Tax (IAET). If the accumulation is justified to be within the reasonable needs of...

By: Elreen Joy O. De Guzman on October 11, 2018 Under Senate Bill (SB) No. 1280, the proposed Revised Corporation Code of the Philippines, a single natural person, trust, or estate can form a one-person corporation (OPC). Unlike a sole proprietorship, an OPC will have a juridical personality separate...

By: Aziza Hannah A. Bacay on October 4, 2018 A part of taxpayer’s due process rights under law is to be subject to a tax audit and assessment (for deficiency taxes) by the BIR only within certain defined periods, known as “prescriptive periods.” If the BIR does not make a tax assessment within the...

By: Felson Dalaguete on September 27, 2018 The Commissioner of Internal Revenue (CIR) is empowered by law to audit the books of taxpayers. Such audits must be conducted by the CIR or his duly authorized officer. The authority given to revenue officers should be set out in a duly-issued and valid...

By: Euney Marie Mata-Perez on September 20, 2018 The Asia-Oceana Tax Consultants’ Association (AOTCA) International Tax Conference held in Ulaanbaatar, Mongolia just concluded on September 13, 2018. Panels of international speakers from various jurisdictions spoke on the history, challenges, development...

By: Florian Salcedo on September 13, 2018 In keeping with the constitutional policy affirming labor as a primary social and economic force, the President has recently signed into law Republic Act (RA) 11058. RA 11058, signed on August 17, 2018, intends to strengthen compliance by employers, in all...

By: Mark Anthony Tamayo on September 6, 2018 One of the main tasks of the Commissioner of the Bureau of Customs (BOC) is to exercise, directly or indirectly, any customs power, duties and functions for the effective implementation of the Customs Modernization and Tariff Act (CMTA) and other customs...