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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...

By Atty. Euney Mata-Perez Today is a good and exciting day for our law firm. Beginning today and every Thursday, we have the privilege (thank you, The Manila Times!) of being able to share and write here about our work and passion – the law. We love the law because...

MTF Partner and customs law expert, Atty. Mark Anthony P. Tamayo, was inducted as a new member of the Tax Management Association of the Philippines, during the TMAP induction and membership meeting held last January 25, 2017. BIR Commissioner Cesar R. Dulay was the guest speaker and inducting officer of...

The TRAIN or Tax Reform for Acceleration and Inclusion Law (Republic Act No. 10963) provided some relief to us, taxpayers. TRAIN amended Section 2491 of our Tax Code to prohibit expressly the simultaneous or overlap in the imposition of the 20% deficiency interest and 20% delinquency interest, and to clarify...

Mata-Perez Tamayo & Francisco (MTF Counsel) conducted a successful Tax and Customs Update Seminar on Monday, February 5, 2018, at the Shangri-La Makati. Atty. Euney Marie J. Mata-Perez, the Managing Partner of the firm, discussed the salient changes under the Tax Reform Acceleration and Inclusion (TRAIN) Act,  while Atty. Mark...

The Tax Reform for Acceleration and Inclusion (TRAIN) Act, otherwise known as Republic Act (RA) 10963, is basically a blend of increases as well as reductions in tax rates. While it increased the tax on certain passive incomes, documentary stamp as well as excise on petroleum products, minerals, automobiles and...

We wish to advise you that the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular 105-2017, dated December 28, 2017, revising the withholding tax table on compensation pursuant to the Tax Code amendments introduced by Republic Act (RA) 10963, or the Train Law. Beginning January 1, 2018, every...