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News and Updates

Improving board diversity in the Philippines

Written on August 17, 2023. Posted in MTF Articles, News, News and Updates.

By: Atty. Euney Marie Mata-Perez on August 17,2023 IMPROVING board diversity is increasingly seen as contributing to good corporate governance, and its promotion has attracted good governance advocates as well as regulators. There had been studies that suggested that corporate boards structured...

MTF Updates – SEC MC No. 9-2023

Written on July 26, 2023. Posted in News.

Dear valued clients and friends, We are sending to you a copy of Securities and Exchange Commission Memorandum Circular (“SEC MC”) No. 9-2023 which further extends the deadline for amnesty application under SEC MC Nos. 2 and 6 until September 30, 2023. SEC MC No. 9 retained the prescribed amnesty...

The difficulty in proving tax evasion beyond a reasonable doubt

Written on July 13, 2023. Posted in MTF Articles, News.

By Stefan Miguel Raymundo Del Rosario on July 13, 2023 THE Bureau of Internal Revenue (BIR), pursuant to its powers to collect taxes, is empowered to institute criminal prosecution cases, including tax evasion cases, against erring taxpayers for criminal violations under the National Internal...

Call for SEC to pass the Draft Cross-Shareholding Regulations

Written on July 6, 2023. Posted in MTF Articles, News.

By Euney Marie Mata-Perez on July 6,2023 SECTION 2 of Republic Act 8799, or the “Philippines’ Securities Regulation Code,” declares that the State shall establish a socially conscious, free market that regulates itself, encourage the widest participation of ownership in enterprises,...

Election of directors and the holdover principle

Written on June 22, 2023. Posted in MTF Articles, News.

By Nica Marsha Gasapo on June 22,2023 THE board of directors of a corporation is the seat of corporate power. Under the law, the board is clothed with authority to exercise the corporate powers, conduct all business and control all properties of the corporation. The election of the members of...

The benefits of treasury shares

Written on June 15, 2023. Posted in MTF Articles, News.

By Euney Marie Mata-Perez on June 15,2023 THE outstanding capital stock of a corporation shall constitute a trust fund held by the corporation for the benefit of its creditors. It shall not be returned to the stockholders by repurchase of shares, except in the manner as provided for under...

Written on June 14, 2023. Posted in News, News and Updates.

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

Written on May 25, 2023. Posted in News, News and Updates.

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?

Written on May 11, 2023. Posted in MTF Articles, News, News and Updates.

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...