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News and Updates

On post-importation payments and charges

Written on March 30, 2023. Posted in MTF Articles, News, News and Updates.

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...

Doctrine of Hierarchy of Courts

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

By Xela Leona Laqui on March 23,2023 THE Doctrine of Hierarchy of Courts (or the Principle of Judicial Hierarchy) provides that when here, courts have concurrent or shared jurisdiction over the subject matter of a case, a litigant is not free to file a complaint or petition in any court...

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...

Written on February 16, 2023. Posted in News, News and Updates.

The Financial Executives Institute of the Philippines, Inc. (FINEX) shall hold its 2nd GMM on February 22, 2023 (Wednesday) from 11:30 AM to 2:00 PM at New World Hotel Makati. The speakers are the Hon. Romeo D. Lumagui, Jr., Commissioner of the Bureau of Internal Revenue and Hon. Ma. Cynthia...

Promotion Announcement

Written on January 9, 2023. Posted in News.

Dear Clients and Friends, We are pleased to announce the promotion of our Atty. Aziza Hannah A. Bacay and Atty. Nica Marsha V. Gasapo to Senior Associates. Nica and Azi have been with the firm for almost five years, and both of them have shown their loyalty and outstanding performance...

MTF Tax Journal December 2022

Written on January 7, 2023. Posted in News, News and Updates.

We are happy to be sending to you a copy of our new Tax Journal which highlights significant BIR issuances, Court Decisions, and other relevant issuances from other government agencies. Should you have questions on the above article, please do not hesitate to let us know or email us at info@mtfcounsel.com. Thank...

MTF Tax Journal November 2022

Written on December 23, 2022. Posted in News.