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By Euney Marie Mata-Perez on February 17, 2022 The decision by the Commission on Elections’ (Comelec) First Division to junk a disqualification case against presidential candidate Ferdinand “Bongbong” Marcos Jr. recently set social media abuzz. A statement in the decision, penned by Comelec Commissioner Aimee Ferolino, spurred numerous discussions and...

By Nica Marsha Gasapo on February 10, 2022 The Bureau of Internal Revenue (BIR) has finally issued Revenue Memorandum Circular (RMC) 19-2022, the much-awaited clarification and guidance on tax-free exchanges of properties under Section 40(C)(2) of the National Internal Revenue Code of 1997 (Tax Code) as amended by Republic Act...

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...