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Publications

Income realization principle

Written on March 9, 2023. Posted in MTF Articles, News, News and Updates.

By Gladys Jane Dela Cruz on March 9,2023 FOR income taxes to be due, there must be a realized income. Thus, it is critical to determine what is income and when it is realized for tax purposes. Income is the inflow of wealth. As early as 1922, the Supreme Court defined income as the gain...

When a corporation’s separate personality may be disregarded

Written on March 2, 2023. Posted in MTF Articles, News, Uncategorized.

By Nica Marsha Gasapo on March 2,2023 A corporation is an artificial being created by law which is vested with a personality that is separate and distinct from its shareholders, directors, officers, and other connected or related corporations. By this attribute, a stockholder may not generally,...

ATA Carnet system in the Philippines

Written on February 23, 2023. Posted in MTF Articles, News, News and Updates.

By Aziza Hannah Bacay February 23, 2023 As a general rule, importations in the Philippines are subject to duties and taxes. There are instances, however, where the law permits relief from the payment of duties and taxes subject to certain conditions. One of the exceptions involves the “temporary...

RE company tax issues

Written on February 16, 2023. Posted in MTF Articles.

By Atty. Euney Marie Mata-Perez on February 16, 2023 POWER costs in the Philippines are very high, affecting foreign direct investments into the country. During an economic briefing for members of the Management Association of the Philippines last Feb. 8, 2023, Albay Rep. Jose Maria Clemente “Joey”...

A call to simplify the reckoning of withholding

Written on February 9, 2023. Posted in MTF Articles.

By Euney Marie Mata-Perez on February 9,2023 REPRESENTING the Management Association of the Philippines as the incoming chairman of its tax committee, I attended a meeting of the Senate Committee on Ways and Means technical working group on the proposed “Ease of Paying Taxes Act” last...

Estate tax amnesty to end June 14, 2023

Written on February 2, 2023. Posted in MTF Articles.

By Euney Marie Mata-Perez on February 2,2023 THE original deadline to avail of the estate tax amnesty — June 15, 2021 — was extended for two years when Republic Act (RA) 11569 was signed into law on June 30, 2021, amending RA 11213, or the “Tax Amnesty Act of 2019.” To date, no...

The BIR’s power to obtain information

Written on January 26, 2023. Posted in MTF Articles.

By Nica Marsha Gasapo January 26, 2023 The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 6-2023 dated January 16, 2023. It circularized certain advisory opinions of the National Privacy Commission (NPC) that upheld the BIR’s power to obtain personal information/sensitive...

Needed: A Magna Carta of taxpayer’s rights

Written on January 19, 2023. Posted in MTF Articles.

By Euney Marie Mata-Perez on January 19,2023 It is about time that the Philippines adopts a taxpayer’s charter or bill of rights. We are currently taking steps in the right direction since several measures proposing to enumerate taxpayer’s rights are pending approval. The filing of...

A review of 2022 court decisions on due process in tax assessments

Written on January 5, 2023. Posted in MTF Articles.

By Euney Marie Mata-Perez on January 5, 2023 HAPPY New Year everyone! In our first article of the year, we revisit the basic tenet of due process in tax assessments as upheld by numerous court decisions in the year 2022. While taxes are the life blood of a nation, and taxpayers have the duty...