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By: Mark Anthony P. Tamayo on April 26, 2018 Business entities engaged in the manufacture of finished products for eventual export typically source the majority of their raw material (RM) inputs from foreign suppliers. These purchases will, upon their importation, be subject to the payment of customs duties and import...

By Euney Marie Mata-Perez on April 19, 2018 With the tax-filing season recently concluded, we are certain that the BIR will be stepping up on its audit and collection efforts. Thus, knowing the rules in assessments, including how the BIR validly serves notices, is crucial. Due process dictates that every...

By: Gerardo Maximo Francisco on April 12, 2018 Many employees took time off work last Monday, April 9, to commemorate Araw ng Kagitingan (Day of Valor), a regular Philippine holiday. Many others, including those whose employers provide services to persons abroad, reported for work on the same day. For those...

By Euney Marie Mata-Perez on April 5, 2018 Value-added tax, or VAT, is not a singular-minded tax on every transactional level. Its assessment bears direct relevance to the taxpayer’s role or link in the production chain. Thus, its imposition is intimately related to the regularity and consistency of the conduct...

By Euney Marie Mata-Perez on March 29, 2018 The TRAIN, or the Tax Reform for Acceleration and Inclusion Law (Republic Act No. 10963), provided some relief or good news to us, taxpayers. It lowered the 20 percent deficiency and delinquency interests to double the legal interest for loans or forbearance...

By: Euney Marie J. Mata-Perez on March 22, 2018 Estate tax is one of the lowest performers in our tax system. Payable six months after death – now extended to one year under the Tax Reform for Acceleration and Inclusion (TRAIN) – the tax is often paid late. The lack...

by Atty. Mark Anthony Tamayo (Last of two parts) In last week’s article, we discussed briefly the link between transfer pricing (TP) and the customs valuation rules and the possible customs and tax implications of related party transactions. One of the conditions on the acceptability of a declared value (particularly...

by Atty. Mark Anthony Tamayo (First of two parts) Corporate taxpayers who source imported goods from related foreign suppliers should ensure that they do not only comply with transfer pricing (TP) rules but also with the rules pertaining to the valuation of imported goods for customs purposes. Both TP and...

by Atty. Mark Anthony Tamayo The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC), both attached agencies of the Department of Finance (DOF), are the country’s main revenue collecting agencies. The government relies heavily on them to fund its various expenditures. Their yearly collection performances are influenced...