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By: Atty. Kathleene Guiang on September 3,2020 A valid demand is essential to the validity of a Bureau of Internal Revenue (BIR) assessment of deficiency taxes against a taxpayer. This demand is ordinarily expressed in a formal letter of demand (FLD), which is issued and delivered with a final assessment...

By: Atty. Euney Marie Mata-Perez on August 27,2020. Taxpayers recently received some good news on how capital gains tax on the sale of unlisted shares of stocks is now calculated. This came in the form of the Bureau of Internal Revenue’s (BIR) issuance of Revenue Regulations (RR) 20-2020, which revised...

By: Atty. Aziza Hannah Bacay on August 20,2020 Taxes are the lifeblood of the government. To ensure that the government lives, the Bureau of Internal Revenue was granted the power to collect taxes and even issue assessments against taxpayers if their taxes are deficient. To balance this power, the law...

By: Atty. Nica Marsha Gasapo on August 13,2020 Covid-19 has caused so many disruptions in our everyday lives. To curb its spread, the government had to impose strict lockdowns that stalled the economy’s growth. However, certain sectors that capitalized on technology managed to stay afloat and withstood the logistical nightmare...

By: Atty. Mark Anthony Tamayo on August 6,2020 Any scheme that has to do with minimizing, eliminating or altering the incidence of taxation may be closely scrutinized and ultimately questioned by tax authorities. There is no question that the adoption of fraudulent means to deliberately reduce, deceive or conceal one’s...

By: Atty. Gerardo Maximo Francisco on July 30,2020 In a case we handled, the Supreme Court (SC) confirmed the entry of the judgment of its resolution affirming with finality the decisions of the Court of Tax Appeals (CTA) and the Regional Trial Court (RTC) of Makati that Makati City does...

By: Atty. Mark Anthony Tamayo on July 23,2020. In tax litigation, assessments from the Bureau of Internal Revenue (BIR) are generally accorded the presumption of correctness and being made in good faith (Marcos II v. Court of Appeals, GR. 120880, June 5, 1997). In the absence of evidence to the contrary,...

By: Atty. Euney Marie Mata-Perez on July 16,2020 The integrity of a financial system is a key factor in its financial stability. Finance Secretary Carlos Dominguez 3rd and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno recently reiterated the need to amend Republic Act (RA) 1405, or the “Bank Secrecy...

By: Atty. Euney Marie Mata-Perez on July 9,2020 The coronavirus disease 2019 (Covid-19) pandemic and the community quarantines imposed to curb its spread certainly affected people’s lifestyles. It also affected their spending habits, as seen in the increase in the use of the internet and various online platforms to purchase...