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By: Mark Anthony P. Tamayo on January 9,2020 The idea of the International Commercial Terms, or Incoterms®, was first conceived by the International Chamber of Commerce in 1921, with the first edition published in 1936. Since 1980, Incoterms® have been updated every decade in order to align the rules with changes...

              By: Euney Marie J. Mata-Perez on December 26,2019 THIS year passed like a breeze. We just celebrated Christmas. Everyone is still in a holiday mood. In our last article for the year, we deem it fit to look back at 2019 and review some...

By: Euney Marie J. Mata-Perez on December 19,2019 The withholding tax obligations in the Philippines are not simple. Philippine taxpayers are required to withhold creditable withholding taxes (CWT) at varying rates on several income payments, and remit the taxes withheld to the Bureau of Internal Revenue (BIR). A CWT is an...

By: Euney Marie J. Mata-Perez on December 5,2019 The Philippines is becoming a major player in the offshore gaming industry worldwide. Owing to our regulatory framework, offshore gaming operations can be granted licenses and be regulated, thereby, be legalized in the country. The main licensor is the Philippine Amusement and Gaming...

By: Mark Anthony P. Tamayo on November 28,2019 Last of two parts IN last week’s column, we discussed the basic concept of a customs bonded warehouse (CBW) in line with the newly issued guidelines under Customs Administrative Order (CAO) 13-2019. In this column, we shall discuss the associated costs in...

By: Mark Anthony P. Tamayo on November 21,2019 First of two parts The new guidelines on the establishment, operation, supervision and control of customs bonded warehouses (CBWs) was recently issued by the Department of Finance (DoF) and Bureau of Customs (BoC). Customs Administrative Order (CAO) No. 13-2019, which took effect...

By: Euney Marie J. Mata-Perez on November 14,2019 NEW rules on taxation of digitalized transactions are being proposed by OECD (Organization for Economic Co-operation and Development), and these rules will be game changing in international taxation. The power of taxation is exercised by each state. It is generally exercised over...

By: Euney Marie J. Mata-Perez on November 7,2019 The world is getting smaller. Cross-border and digital transactions are becoming an integral part of business and everyday life. Thus, a global approach to taxing digital transactions is essential; otherwise, the risk of different countries promulgating their own rules leading to double...

By: Euney Marie J. Mata-Perez on October 31,2019 So much has been written about the rationalization of tax incentives under the proposed Comprehensive Income Tax and Incentives Rationalization Act (Citira) or House Bill 4157. Thus, an understanding as to how the rationalization actual works is crucial. In the overall, Citira...