MTF Managing Partner Euney Mata-Perez will moderate this session on Emerging Economies and Tax Issues in this 2023 International Tax Conference organized by the Asian Consulting Group.
Introducing our esteemed presenters at the 2023 International Tax Conference Engage as they bring a wealth of...
Claim for refund of unutilized input VAT
By: Atty. Aziza Hannah Bacay on May 25,2023
SECTION 112 of the Tax Code (Republic Act [RA] 8424, as amended) states that a taxpayer may claim for refund or request for issuance of tax credit certificate for its excess unutilized input value-added tax (VAT).
In computing VAT, the input tax (the...
Are business taxes deemed to be business permit fees?
By: Atty. Jan Ethan Gordola on May 11,2023
IN the recent decision of Bases Conversion and Development Authority and John Hay Management Corp. v City Government of Baguio City (BCDA v Baguio Case, GR 192694. Feb. 22, 2023), the Supreme Court stated that “[t]he payment of fees for the issuance...
Proving that services were rendered in the Philippines for VAT zero-rating purposes
By Gladys Jane Dela Cruz on May 4,2023
IN last week’s article, we discussed that to qualify for value-added tax (VAT) zero-rating under Section 108(B)(2) of the National Internal Revenue Code, the following elements must be present: (1) the recipient of the services is a foreign corporation...
Proving the nonresident status of service recipients for VAT zero-rating
By: Atty. Keanu P. Castañeda on April 27,2023
SERVICES rendered to a person engaged in business conducted outside the Philippines or to a nonresident person not engaged in business who is outside the Philippines may be subject to zero percent value-added tax (VAT), provided that the consideration...
Breach of director’s fiduciary duty
By: Atty. Cara Angela N. Flores on April 20,2023
THE board of directors exercises the powers, conducts all business and controls all properties of a corporation (Section 22, Revised Corporation Code).
Being the vessel of corporate powers, the directors have fiduciary duty toward the corporation....
The problem with the presumption of correctness of assessments
By: Atty. Euney Marie Mata-Perez on April 13,2023
TAX assessments by tax examiners are presumed correct and made in good faith (Cagayan Robina Sugar Milling Co. v Court of Appeals, 342 SCRA 663, Oct. 12, 2000). It is the taxpayer and not the Bureau of Internal Revenue (BIR) who has the duty of...
On post-importation payments and charges
By Atty. Mark Anthony P. Tamayo on March 30,2023
UNDER the present transaction value (TV) system, the duty base in valuing imported goods for customs appraisement purposes is the total payment made (or to be made by) the buyer to (or for the benefit of) the seller. The system is essentially transaction-based...