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By Gerardo Maximo Francisco on February 3, 2022 First of a series On Nov. 11, 2021, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) issued IATF Resolution 148-B, Series of 2021, which approved the following measure that took effect on Dec. 1, 2021: “In areas where...

By Euney Marie Mata-Perez on January 27, 2022 The official campaign period for the May 2022 national and local elections will start soon and candidates will be, or perhaps have already started, soliciting campaign contributions. The giving of campaign contributions is recognized under Batas Pambansa 881 or the Omnibus Election Code of...

By Ellaine Anne Bernardino on January 20, 2022 A Letter of authority (LoA) issued by the Bureau of Internal Revenue (BIR) empowers a revenue officer (RO) to examine the books of accounts and other accounting records of a taxpayer for the purpose of collecting the correct taxes. The BIR’s practice...

By Nica Marsha Gasapo on January 13, 2022 PRESIDENT Rodrigo Duterte has signed into law Republic Act (RA) 11595, which amended certain provisions of the Retail Trade Liberalization Act of 2000 (RTLA). It consolidated House Bill 59 and Senate Bill 1840, which were passed by the House of Representatives and...

By Euney Marie Mata-Perez on January 6, 2022 HAPPY New Year! We have hurdled 2021, which was not easy and full of challenges. Nonetheless, we continue to be grateful to have survived the year. We all are hoping that 2022 will be much better. However, with the national elections near,...

By Mark Anthony Tamayo on December 30, 2021 Last of a series In last week’s article, we briefly compared Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) audits. Further differences are highlighted here. Audit timeframe The BIR and the BOC are mandated to complete their audits within 120...

By Mark Anthony Tamayo on December 23, 202 First of a series Recently, the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) respectively issued Letters of Authority (LOAs) and Audit Notification Letters (ANLs) to selected taxpayers and importers. It may thus be the most propitious time to...

By Euney Marie Mata-Perez on December 16, 2021 Foreign direct investment (FDI) inflows took a beating during the Covid-19 pandemic. Government-imposed travel bans and quarantines for foreign travelers likely contributed, so it is thus crucial that the government pass economic measures to promote FDIs. Early this year, we saw the...

By Euney Marie Mata-Perez on December 9, 2021 In cross-border transactions, the allocation of the power to tax between taxing jurisdictions over buyers and sellers of tangible or physical goods is crucial. In the pre-internet age, the buyer’s and seller’s actual geographic location was critical. Most existing income treaties, which...