Weekly Tax Updates[February 4-8, 2019]

Feb 9, 2019 | Tax Updates

NEW BIR ANNUAL ITR FORMS 1702 1701 & 1700 UNDER TRAIN LAW & FOR APRIL 15 FILING ALREADY RELEASED + KIM HENARES DENIES ‘FIXING’ TAX PROBLEM + MERALCO REFUND SUBJECT TO 15% WITHHOLDING TAX

Other relevant tax updates for this week:

  • COURT OF TAX APPEALS (CTA) DIGESTS
  • SEC LEGAL OPINION ON MISLATEL AS THE 3RD TELECOMMUNICATIONS COMPANY
  • TAX & BUSINESS-RELATED NEWS [JANUARY 26-FEBRUARY 6]

COURT OF TAX APPEALS (CTA) DIGESTS

  1. Retroactive Application Of The Filinvest Ruling On Documentary Stamp Tax (Dst) Imposition On Advances
  2. Pearls Or Shells Cannot Be Considered Marine Food Products Exempt From Vat; Sales Invoices Supporting Export Sales Must Include The Imprinted Word “Zero-Rated”
  3. Burden Of Proof Is Shifted To The Bir In Case Of Taxpayer’s Denial Of Receipt Of Assessment; Sending Assessment Notice To Old Address Despite Taxpayer’s Notice On Change Of Address Results To Void Assessment
  4. Local Investment Shares Of Foreign Government Exempted From Stock Transaction Tax
  5. Requisites For A Successful Refund Or Application For Tax Credit Certificate (Tcc)
  6. Refund Of Adb Employees On The Basis Of Unconstitutional Revenue Memorandum Circular (Rmc) As Decided By Rtc Is Without Basis; The Power To Review The Validity Or Constitutionality Of The Rmc Issued By The Commissioner Of Internal Revenue (Cir) Is Initially Lodged With The Secretary Of Finance, Thereafter The Cta Has The Exclusive Appelate Jurisdiction To Determine The Validity Or Constitutionality Of The Administrative Issuances; A Judgment Rendered Without Jurisdiction Is A Void Judgment
  7. Findings Of Unaccounted Purchases Does Not Constitute Undeclared Income
  8. Imposition Of Income Tax By Local Government Unit (Lgu) Is Prohibited Except When Imposed On Banks & Other Financial Institutions

[RETROACTIVE APPLICATION OF THE FILINVEST RULING ON DST IMPOSITION ON ADVANCES]

The Petitioner E.E. Black Limited Philippine Branch filed a Petition for Review seeking the cancellation of the DST assessment issued by the Respondent Commissioner of Internal Revenue covering the Petitioner’s inter-company advances for the year 2008. The Petitioner argues that it is not liable to pay DST as it merely relied on previous BIR Rulings stating that board resolutions and inter-office memos evidencing intercompany advances cannot be categorized as loan agreements subject to DST. Likewise, it was claimed by the Petitioner that the decision of the Supreme Court in the case of Commissioner of Internal Revenue vs. Filinvest Development Corporation promulgated on July 19, 2011 which effectively reversed previous court decisions and rulings of the BIR should not be applied to transactions or documents issued prior to its promulgation. The Court En Banc ruled that the Filinvest case and the subsequent circular issued may be applied retroactively because prospective effect applies only to decisions issued by the Supreme Court enunciating doctrines. At the time that the intercompany advances were reflected in the Petitioner’s books, there was already a provision under the Tax Code and Revenue Regulations (i.e. Section 179, RR 9-94) which imposes DST even in the absence of debt instrument, as long as the transactions are clearly established. The Petition for Review is DENIED for lack of merit. Consequently, the Petitioner is ordered to pay the DST assessment as well as the corresponding surcharges and interest since the cited BIR Rulings will not grant it automatic reliance on good faith as there is no evidence to support the same and the BIR Rulings issued pertain to other entities. [E.E. BLACK LTD. PHILIPPINE BRANCH VS. COMMISSIONER OF INTERNAL REVENUE, CTA EN BANC CASE NO. 1611, JANUARY 22, 2019]

[PEARLS OR SHELLS CANNOT BE CONSIDERED MARINE FOOD PRODUCTS EXEMPT FROM VAT] [SALES INVOICES SUPPORTING EXPORT SALES MUST INCLUDE THE IMPRINTED WORD “ZERO-RATED”]

The Petitioner, Commissioner of Internal Revenue, filed a Petition for Review seeking the reversal on the earlier decision of the Court in Division cancelling the VAT assessment issued against the Respondent Port Barton Development Corporation. The Petitioner argued that the Respondent failed to submit proof of its claimed export sales of cultured pearls to qualify for zero-rating. Consequently, sales should be subjected to 12% VAT. Likewise, the Petitioner argued that US$ 195,000.00 worth of sales did not qualify for VAT zero-rating for failure to imprint the word “zero-rated sales” in the invoice pursuant to Section 106(A)(2)(a)( 1) of the 1997 Tax Code. Further, the Petitioner averred that the quarterly VAT returns submitted by the Respondent failed to identify the type and nature of its sales transactions as can be seen from the unfilled portions of “Line 17” of its VAT returns. In ruling, the Court states that that the unfilled portion of “Line 17” of the VAT returns is insignificant insofar as proving the fact that the Respondent generated export sales, hence it cannot be a basis for concluding that no export sales have been made. As regards the sale of dead shells of which was not subjected by the Respondent to VAT based on its theory that said transaction is exempt because it represents agricultural and marine products in its original state, the Court agreed with the previous decision that it is not VAT exempt due to the fact that it is not for human consumption and should have been subjected to VAT. As clarified under Section 4.109-1(B) (1)(a) of Revenue Regulations No. 16-2005, the regulation does not include selling of dead shells to be considered a marine food product as VAT exempt sale. Overall, the Court finds that the Petitioner has no deficiency VAT liability since it has sufficient tax credits to cover its output VAT liability. The Petition for Review is DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. PORT BARTON DEVELOPMENT CORPORATION, CTA EN BANC CASE NO. 1743, JANUARY 21, 2019]

[BURDEN OF PROOF IS SHIFTED TO THE BIR IN CASE OF TAXPAYER’S DENIAL OF RECEIPT OF ASSESSMENT] [SENDING ASSESSMENT NOTICE TO OLD ADDRESS DESPITE TAXPAYER’S NOTICE ON CHANGE OF ADDRESS RESULTS TO VOID ASSESSMENT]

The Petitioner, Unisphere International, Inc., filed a Petition for Review seeking the cancellation of the assessment issued by the Respondent Commissioner of Internal Revenue. The Respondent alleged that the Petition should be dismissed since the Petitioner failed to timely file its protest letter. Consequently, the assessment has already become final, executory and demandable and therefore the Petitioner has no more personality to seek redress from the Court. Upon careful perusal of the records, it revealed that there was no valid service of the FAN to the Petitioner. While Respondent maintains that the FAN was duly mailed, Petitioner directly denies its receipt. With this, the burden of proof is passed to the Respondent in proving the release, mailing or sending of the FAN.  FAN was duly mailed at the given address of the Petitioner as per its Income Tax Return, specifically at 1885 President Quirino Avenue, Paco, Manila. However, records show that the same was not the address of the Petitioner at the time the FAN was allegedly mailed. The pieces of evidence of both parties show that before the alleged mailing of the FAN on March 5, 1998, Respondent already knew that Petitioner’s new address is at 213 C. Santos Street, Barangay Ugong, Pasig, as reflected in the Letter of Authority, Second and Final Notice of Presentation of Records and Notice of Informal Conference. Despite the knowledge that the Petitioner had moved to its new address, the Respondent still chose to send the FAN to Petitioner’s old address. Thus, it cannot be said that the mail matter was properly addressed and therefore the Petitioner was not properly informed of the basis of its tax liabilities. Consequently, the Petition was GRANTED resulting to the CANCELLATION of the assessment. [UNISPEHERE INTERNATIONAL INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 8782, JANUARY 18, 2019]

[LOCAL INVESTMENT SHARES OF FOREIGN GOVERNMENT EXEMPTED FROM STT]

The Petitioner, IFC Capitalization (Equity) Fund, LP filed a Petition for Review seeking the refund of alleged erroneously withheld STT on the sale of its listed shares of stock in Banco De Oro (BDO) Unibank, Inc. Petitioner is a non-resident foreign partnership engaged in the business of investing in the private sector banks. Upon trading its BDO shares in the Philippines Stock Exchange (PSE), the stockbrokers withheld STT from the sale proceeds. In counter, the Petitioner referred to the provisions of the Tax Code which states that income derived by a foreign government is exempted from income tax. Through the presentation of various authenticated documents, the Petitioner was able to prove that it is owned by a foreign government. Such being the case, the income derived by the Petitioner from the sale of listed BDO shares in the PSE is exempt from income tax and consequently, STT. The Court GRANTED the Petition for Review ordering the Respondent Commissioner of Internal Revenue to REFUND the Petitioner. [IFC CAPITALIZATION (EQUITY) FUND, LP VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9148, JANUARY 17, 2019]

[REQUISITES FOR A SUCCESSFUL REFUND OR APPLICATION FOR TCC]

The Petitioner, McKinsey & Company (Phils), filed a Petition for Review seeking refund or issuance of TCC representing its excess and unutilized Creditable Withholding Taxes (CWT). In ruling, the court ruled that for one to prove that he/she is entitled to refund or TCC, the following should be met: (1) application should be filed in writing within two (2) years from payment of tax; (2) income payment has been declared as part of the gross income and the fact of withholding is established. Since the Petitioner has sufficiently proven compliance of the foregoing requisites, the Court ordered the Respondent Commissioner of Internal Revenue to refund or issue TCC in favor of the Petitioner. [MCKINSEY & CO. (PHILS.) VS COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9332, JANUARY 17, 2019]

[REFUND OF ADB EMPLOYEES ON THE BASIS OF UNCONSTITUTIONAL RMC AS DECIDED BY RTC IS WITHOUT BASIS] [THE POWER TO REVIEW THE VALIDITY OR CONSTITUTIONALITY OF THE RMC ISSUED BY THE CIR IS INITIALLY LODGED WITH THE SECRETARY OF FINANCE, THEREAFTER THE CTA HAS THE EXCLUSIVE APPELATE JURISDICTION TO DETERMINE THE VALIDITY OR CONSTITUTIONALITY OF THE ADMINISTRATIVE ISSUANCES] [A JUDGMENT RENDERED WITHOUT JURISDICTION IS A VOID JUDGMENT]

Petitioners Irish Fe N. Aguilar & Ruth C. Mangrobang, employees of Asia Development Bank (ADB) filed Petition for Review seeking for refund of alleged erroneously paid income tax for the year 2013. The case revolves on whether or not the compensation of Philippine Nationals employed in ADB is tax exempt in accordance with the agreement between ADB and the Republic of the Philippines (RP-ADB Agreement) while RMC No. 31-2013 issued by the Respondent Commissioner of Internal Revenue provides that only officers and staff of ADB who are not Philippine nationals shall be exempt from income tax. Petitioners argued that they are bound by the RP-ADB Agreement which grants the exemption on income tax on compensation and that an RMC issued is unconstitutional since the Respondent cannot amend or alter the provisions of an international agreement as decided by the RTC of Mandaluyong City. On the other hand, the Respondent countered that the RTC of Mandaluyong has no jurisdiction over the case since the proper Court to render the decision is the Court of Tax Appeals and not the regular courts. Further, Petitioners are Filipino citizens and residents of the Philippines, thus subject to the Philippine income taxation. The Court ruled that Petitioners cannot validly rely on the decisions of the RTC since a judgement rendered without jurisdiction is a void judgement. Further, the RMC is not unconstitutional since the same did not amend or alter the RP-ADB Agreement. It is to be observed upon careful perusal of the agreement that the Respondent merely exercised its power to interpret the provisions of the agreement since it is clear in the RP-ADB agreement that only the foreign nationals working in the Philippines as employed by ADB shall be exempt from income tax. The Petition for Review is DENIED for lack of merit. [IRISH FE N. AGUILAR, RUTH C. MANGROBANG VS. HONORABLE KIM S. JACINTO-HENARES AS COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9299, JANUARY 8, 2019]

[FINDINGS OF UNACCOUNTED PURCHASES DOES NOT CONSTITUTE UNDECLARED INCOME]

The Petitioner Commissioner of Internal Revenue filed a Petition for Review seeking the reversal of the earlier decision of the CTA 3rd Division cancelling the assessment issued against the Petitioner Mt. Blanc Motors, Inc. The issue is centered on the findings of undeclared income arising from unaccounted source of cash arising from the discrepancies noted based on the comparison of purchases declared by the Respondent in the Summary List of Purchases (SLP) vis-à-vis third-party information generated pursuant to the RELIEF system. The Petitioner argued that the findings of unaccounted purchases constitutes findings of unaccounted source of cash and therefore tantamount to findings of undeclared income since there is an inflow of wealth which is considered gain and therefore taxable. In ruling, the Court cited the Commissioner of Internal Revenue vs. Agrinurture, Inc. which provides that a finding of under-declaration of purchase does not by itself result in the imposition of income tax and VAT in the absence of the following three (3) elements, to wit: (1) there must be gain or profit; (2) the gain or profit is realized or received, actually or constructively; and (3) it is not exempted by law or treaty from income tax are not present in the case. The Petition for Review is DENIED. Accordingly, the resolution of the CTA 3rd Division is AFFIRMED with MODIFICATION on the computation of deficiency and delinquency interest in view of the effectivity of TRAIN Law. [COMMISSIONER OF INTERNAL REVENUE VS. MT. BLANC MOTORS, INC., CTA EN BANC CASE NO. 1667, JANUARY 7, 2019]

[IMPOSITION OF INCOME TAX BY LGU IS PROHIBITED EXCEPT WHEN IMPOSED ON BANKS & OTHER FINANCIAL INSTITUTIONS]

The Petitioner City of Davao filed a Petition for Review seeking the reversal of the earlier decision of the Court in Division granting the refund of erroneously paid LBT in favor of the Respondent Anglo Ventures Corporation. The Petitioner argued that the imposition of LBT is correct since the Respondent falls under the definition of banks and other financial institutions in which the local government may impose taxes. In defense, the Respondent stated that nothing in its Articles of Incorporation (AOI) indicates that it falls under the category, thus, should not be subject to such imposition of tax. The power of the local government to impose tax is subject to certain limitations, one of which is the prohibition against imposing income tax except when imposed on bank and other financial institutions. In resolving the case, the Court initially determined of what activities may be construed as performing functions akin to a “bank and other financial institutions”. As defined in numerous laws and revenue issuances, financial intermediaries shall refer to persons or entities whose principal functions include lending, investing, or placement of funds or evidence of indebtedness or equity deposited with them , acquired by them, or otherwise course through them, either for their own account or for the account of others. Upon review of the Respondent’s AOI, the Court pointed out that nothing in the AOI even remotely suggests that it may perform functions of neither a financial intermediary nor a non-bank financial intermediary. Hence, the Petition for Review is hereby DENIED for lack of merit. [CITY OF DAVAO & BELLA LINDA N. TANJILI IN HER OFFICIAL CAPACITY AS THE OFFICER-IN-CHARGE CITY TREASURER’S OFFICE OF DAVAO CITY VS. ANGLO VENTURES CORPORATION, CTA EN BANC CASE NO. 1580, JANUARY 4, 2019]

  1. SEC LEGAL OPINION ON MISLATEL AS THE 3RD TELECOMMUNICATIONS COMPANY

[DETERMINING NATIONALITY OF A CORPORATION USING CONTROL TEST AND GRANDFATHER RULE] [MISLATEL AS 3RD TELECOMMUNICATIONS COMPANY COMPLIED WITH THE 60-40 RULE ON FOREIGN EQUITY RESTRICTION]

  • Mindanao Islamic Telephone Company, Inc. (MISLATEL) was recently declared and confirmed by the National Telecommunications Commission (NTC) as the New Major Player (NMP) of the Philippine Telecommunications market.
  • Being the NMP selected, it has to comply with the requirements issued by the NTC particularly compliance of paid-up capital of at least Php 10 BILLION accompanied by SEC clearance that the terms of the Bidding Agreement comply with the relevant rules on the limitation of foreign equity ownership.
  • The Bidding Agreement was entered into by Udenna Corporation (UDENNA), Chelsea Logistics Holdings Corporation (CHELSEA), China Telecommunications Corporation (CT) and MISLATE.
  • Under the agreement, MISLATEL shall be solely declared as the NMP and recipient of permits and licenses. Further, UDENNA, CHELSEA and CT agreed to invest the necessary capital to MISLATEL for purposes of raising its capital enabling the latter to comply with the capitalization requirements.
  • Currently, the authorized capital stock of MISLATEL only amounts to Php 200 MILLION. UDENNA invested Php 3.5 BILLION. CHELSEA invested Php 2.5 BILLION and lastly CT invested Php 4 BILLION. With this, MISLATEL satisfied the capitalization requirement of which it has a total of Php 10.2 BILLION authorized capital stock.
  • On the SEC compliance on the issue on the limitation of foreign equity ownership, the SEC opined that under the Philippine Constitution, operation of a public utility shall only be granted to citizens of the Philippines or to corporations organized under the laws of the Philippines. Entities engaged in telecommunications are deemed operators of public utility and are also covered by the Constitutional restriction on foreign equity pursuant to the Foreign Investment Act of 1991 (FIA).
  • Under the FIA, a corporation is deemed to be a “Philippine National” if it is organized under the laws of the Philippines of which at least 60% of the capital stock outstanding and entitled to vote is owned and held by citizens of the Philippines.
  • In determining the nationality of a corporation in the Philippines, two tests may be done- the Control Test and Grandfather Rule. The control test states that shares belonging to corporations in which at least 60% of the capital is owned by Filipino Citizens shall be considered as of Philippine nationality. There is no need to further trace the ownership of the 60% (or more) Filipino stockholdings of an investing corporation since it is already considered as Filipino. On the other hand, the Grandfather Rule is the method by which the percentage of Filipino equity in a corporation is computed. Under this rule, the Filipino ownership of the Investing Corporation and Investee Corporation are combined to determine the percentage of Filipino ownership.

Grandfather Rule is only applicable when the 60-40% Filipino-foreign equity is in doubt. In applying the Control Test in this case, results showed that MISLATEL is compliant with the 60-40% requirement, thus, considered as a Philippine national. Likewise, using the Grandfather Rule, the proposed ownership structure in the bidding agreement is still compliant with the foreign ownership limitation for NMP. [SEC OFFICE OF THE GENERAL COUNSEL OPINION NO. 18-24,

III. TAX & BUSINESS-RELATED NEWS [JANUARY 26-FEBRUARY 6]

  1. Analysts, media made 2018 inflation worse, says BSP
  2. Taxes on Meralco refund slashed to 15% – Finance
  3. Ayala Land hikes stake in Laguna Technopark
  4. MB approves insurance package for BSP execs
  5. DOF confident of bill passage on higher sin taxes
  6. Ernesto Pernia: Upper-middle income status still within reach in 2019 for economy
  7. DOF opposes move to remove VAT from fuel
  8. Pag-IBIG Fund mulls higher contribution rate in 2021
  9. Customs post-tax audit on Pampanga factory yields fake insecticides
  10. Prominent businessman faces DOJ charges over SRC breach
  11. Pag-IBIG Fund posts record P31.23-B profit in 2018
  12. BIR missed 2018 collection goal despite new, higher taxes under TRAIN
  13. 20 sugar producing provinces condemn open importation
  14. SEC to issue REIT IRR in next few months
  15. GSIS: Lowering retirement age to cut fund life
  16. IC renews NatRe’s certificate of authority
  17. Kim Henares denies ‘fixing’ tax problem
  18. SSS urges members to update contact info
  19. Bank consortium lends P24.2 billion for CALAX
  20. PCC probes bid rigging charges in government project
  21. Improve tax collection efficiency – JV Ejercito

Analysts, media made 2018 inflation worse, says BSP [Philippine Daily Inquirer, February 06, 2019]
Did market analysts and business reporters make last year’s inflation spike worse by scaring the public into believing that consumer prices would continue rising for a prolonged period?
Source: https://business.inquirer.net/264622/analysts-media-made-2018-inflation-worse-says-bsp#ixzz5eiXFbcUk

Taxes on Meralco refund slashed to 15% – Finance [Manila Times, February 05, 2019]
Withholding taxes on a refund due to customers of Manila Electric Co. (Meralco) have been lowered as provided by the Tax Reform for Acceleration and Inclusion (Train) law, the Finance department announced on Monday.

Source: https://www.manilatimes.net/taxes-on-meralco-refund-slashed-to-15-finance/506898/

Ayala Land hikes stake in Laguna Technopark [The Manila Times, February 05, 2019]

AYALA Land Inc. is planning to buy from Mitsubishi Corp. an additional 20-percent stake in Laguna Technopark Inc. (LTI) for P800 million. In a letter to the Philippine Stock Exchange on Monday, Ayala Land Chief Finance Officer Augusto Bengzon said the stake was equivalent to 8,051 common shares.

Source: https://www.manilatimes.net/ayala-land-hikes-stake-in-laguna-technopark/506836/

MB approves insurance package for BSP execs [Manila Bulletin, February 01, 2019]

The Bangko Sentral ng Pilipinas (BSP) has approved a new insurance package for retiring high-ranking officials such as the governor and the members of the Monetary Board (MB).

Source: https://business.mb.com.ph/2019/02/01/mb-approves-insurance-package-for-bsp-execs/

DOF confident of bill passage on higher sin taxes [The Philippine Star, February 01, 2019]
The Department of Finance (DOF) is optimistic that bills imposing higher taxes on tobacco and alcohol will be passed before Congress takes a break for the campaign period next month. 
Source: https://www.philstar.com/business/2019/02/01/1889747/dof-confident-bill-passage-higher-sin-taxes

Ernesto Pernia: Upper-middle income status still within reach in 2019 for economy [The Philippine Star, February 01, 2019]

Despite prevailing uncertainties in the global economy and a high interest rate environment, the Philippines can still hurdle its goal of becoming an upper middle income economy this year, said Socioeconomic Planning Secretary Ernesto Pernia.
Source: https://www.philstar.com/business/2019/02/01/1889762/ernesto-pernia-upper-middle-income-status-still-within-reach-2019-economy

DOF opposes move to remove VAT from fuel [Philippine Daily Inquirer, January 31, 2019]

The Department of Finance (DOF) is opposing a bill at the Senate that aims to make fuel cheaper by removing the value added tax (VAT) on petroleum products.

Source: https://business.inquirer.net/264417/dof-opposes-move-to-remove-vat-from-fuel#ixzz5ej0tsPBd

Pag-IBIG Fund mulls higher contribution rate in 2021 [Manila Bulletin, January 31, 2019]

State-run Home Development Mutual Fund, commonly known as Pag-IBIG Fund, is considering to raise its three-decade-old members’ contribution rate to keep up with the rising demand for housing loans while retaining its artificially low interest rates.

Source: https://business.mb.com.ph/2019/01/31/pag-ibig-fund-mulls-higher-contribution-rate-in-2021/

Customs post-tax audit on Pampanga factory yields fake insecticides [Manila Times, January 30, 2019]

OPERATIVES of the Bureau of Customs-Enforcement Group (BoC-EG) accidentally discovered a clandestine factory manufacturing fake and toxic insecticides in Pampanga during a post-audit inspection to determine if duties and taxes have been paid for its imported machines and raw materials.

Source: https://www.manilatimes.net/customs-post-tax-audit-on-pampanga-factory-yields-fake-insecticides/504226/

Prominent businessman faces DOJ charges over SRC breach [The Philippine Star, January 30, 2019]

A well-known individual will soon face charges from the Department of Justice (DOJ) for violating the Securities Regulation Code (SRC), acting on a complaint filed earlier by the Securities and Exchange Commission (SEC).
Source: https://www.philstar.com/business/2019/01/30/1889191/prominent-businessman-faces-doj-charges-over-src-breach

Pag-IBIG Fund posts record P31.23-B profit in 2018 [Manila Bulletin, January 30, 2019]

State-run Home Development Mutual Fund (HDMF) ended last year with stronger profit following “record-breaking accomplishments” owing to higher members’ contributions.

Source: https://business.mb.com.ph/2019/01/30/pag-ibig-fund-posts-record-p31-23-b-profit-in-2018/

BIR missed 2018 collection goal despite new, higher taxes under TRAIN [Philippine Daily Inquirer, January 29, 2019]

MANILA, Philippines – Last year’s tax take of the Bureau of Internal Revenue (BIR) fell below target as it also failed to hit the programmed collections from the new or higher excise taxes slapped under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.

Source: https://business.inquirer.net/264325/bir-missed-2018-collection-goal-despite-new-higher-taxes-under-train#ixzz5ej2p8e8S

20 sugar producing provinces condemn open importation [Manila Bulletin, January 28, 2019] Negros and Bukidnon, two of the country’s sugar producing provinces, have separately passed resolutions condemning the plan of the government to liberalize sugar importation in the country.

Source: https://business.mb.com.ph/2019/01/28/20-sugar-producing-provinces-condemn-open-importation/

SEC to issue REIT IRR in next few months [The Philippine Star, January 28, 2019]

The Securities and Exchange Commission (SEC) expects to issue in the coming months the final implementing rules and regulations for the real estate investment trust (REIT) Act, a ranking official said.
Source: https://www.philstar.com/business/2019/01/28/1888623/sec-issue-reit-irr-next-few-months

GSIS: Lowering retirement age to cut fund life [The Philippine Star, January 28, 2019]
The Government Service Insurance System (GSIS) said a proposal to lower the retirement age of government employees to 56 from 60 would slash the actuarial life of the pension fund by 12 years.

Source: https://www.philstar.com/business/2019/01/31/1889458/gsis-lowering-retirement-age-cut-fund-life

IC renews NatRe’s certificate of authority [The Philippine Star, January 28, 2019]

The Insurance Commission (IC) has authorized National Reinsurance Corp. of the Philippines (NatRe) to continue its business for another two years or until 2021.
Source: https://www.philstar.com/business/2019/01/28/1888685/ic-renews-natres-certificate-authority

Kim Henares denies ‘fixing’ tax problem [Manila Times, January 27, 2019]

Former Bureau of Internal Revenue (BIR) commissioner Kim Jacinto Henares on Saturday denied allegations of actress Gretchen Barretto that she helped fix the tax obligation of businesswoman and construction magnate Alice Eduardo, a friend of Kris Aquino.

Source: https://www.manilatimes.net/kim-henares-denies-fixing-tax-problem/502358/

SSS urges members to update contact info [The Philippine Star, January 26, 2019]

State-run Social Security System (SSS) is urging its individually paying members, including self-employed, voluntary members, non-working spouses and overseas Filipino workers (OFWs), to update their contact information with the agency to ensure faster processing of their contributions.
Source: https://www.philstar.com/business/2019/01/27/1888389/sss-urges-members-update-contact-info

Bank consortium lends P24.2 billion for CALAX [The Philippine Star, January 26, 2019]

Metro Pacific Tollways Corp. subsidiary MPCALA Holdings Inc. and a consortium of local banks inked on Thursday night funding requirements for the construction of the Cavite-Laguna Expressway (CALAX) project.
Source: https://www.philstar.com/business/2019/01/26/1888131/bank-consortium-lends-p242-billion-calax

PCC probes bid rigging charges in government project [The Philippine Star, January 26, 2019]

The Philippine Competition Commission (PCC) has started its probe on a possible bid rigging of a government project awarded in 2017.
Source: https://www.philstar.com/business/2019/01/26/1888137/pcc-probes-bid-rigging-charges-government-project

Improve tax collection efficiency – JV Ejercito [Manila Times, January 26, 2019]

SEN. Joseph Victor “JV” Ejercito on Friday urged the government to collect taxes efficiently and go after tax evaders, instead of implementing the second wave of the fuel excise tax increase.

Source: https://www.manilatimes.net/improve-tax-collection-efficiency-jv-ejercito/501939/