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News and Updates

‘Stop and Salute’ for National Women’s Month

Written on March 8, 2024. Posted in News.

Elevating the spirit of womanhood and national pride, this month’s flag raising ceremony is a standout event. The Stop and Salute Flag-Raising Ceremony is a monthly program of the National Parks Development Committee (NPDC) and Salute To A Clean Flag Movement, in cooperation with the National...

Effect of Ease of Paying Taxes (EOPT) on Refund under Section 229

Written on March 7, 2024. Posted in MTF Articles, News.

By: Atty. Keanu P. Castañeda on March 7,2024 Republic Act No. 11976 otherwise known as the “Ease of Paying Taxes” (“EOPT”) amended Sections 204 and 229 of our National Internal Revenue Code, as amended (the “Tax Code”) and modified the rules and procedures on the claims for refund of erroneously...

The Nuances of In-Quota and Out-Quota Tariff Rates in the Philippines

Written on March 1, 2024. Posted in MTF Articles, News.

By: Atty. Jigo P. Arevalo on February 28,2024 The world of international trade, particularly for agricultural products, can be a labyrinth of regulations and tariffs. Like many other countries, the Philippines navigates this intricate landscape using a system of Tariff-Rate Quotas (TRQs), specifically...

SC: Payments Made in Course of Tax Assessments Cannot be Refunded

Written on February 22, 2024. Posted in MTF Articles, News.

By: Atty. Nica Marsha V. Gasapo on February 22,2024. In Commissioner of Internal Revenue v. Toledo Power Corporation (G.R. No. 259309, February 13, 2023) (the “Toledo Case”), the Supreme Court overturned the findings of the Court of Tax Appeals (“CTA”) both in Division and En Banc, and held that...

BIR Asked to Reconsider RMC No. 5-2024 on Taxation of Cross-Border Services

Written on February 15, 2024. Posted in MTF Articles, News.

By: Atty. Euney Marie J. Mata-Perez on February 15,2024 In their position paper dated February 13, 2024, representatives of certain private sector groups requested Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui to review, revisit, and reconsider the provisions of Revenue Memorandum...

Tax Waivers During Rehabilitation Proceedings

Written on February 8, 2024. Posted in MTF Articles, News.

By: Atty. Nica Marsha V. Gasapo on February 8,2024 The Financial Rehabilitation and Insolvency Act (“FRIA”) or Republic Act No. 10142 was enacted with the aim of offering debtors an avenue to preserve and maximize the value of their assets and prioritize claims; and, at the same time, ensuring...

New VAT Rules on Service Providers and Lessors: Easy or Not?

Written on February 1, 2024. Posted in MTF Articles, News.

By: Atty. Euney Marie J. Mata-Perez on February 2,2024 In my interview with Business Outlook last Thursday, January 24, 2024, I was asked if we are competitive as a country from a taxation point of view. I mentioned that while there have been efforts, through tax reforms, to make the Philippines...

Controversial New Source Rules for Cross-Border Services

Written on January 25, 2024. Posted in MTF Articles, News.

By: Atty. Euney Marie J. Mata-Perez on January 25,2024 In its Revenue Memorandum Circular No. 5-2024 (RMC 5-2024), the Bureau of Internal Revenue (BIR) is espousing new rules regarding the situs or source of income. RMC 5-2024 sprung from the decision of the Supreme Court in Aces Philippines...

MTF Tax Journal December 2023

Written on January 23, 2024. Posted in News.

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...