NCR QUARANTINE TO HAVE MINIMAL ECONOMIC IMPACT ACCORDING TO NEDA CHIEF + SSS READY TO PAY UNEMPLOYMENT BENEFITS + DOF ORDERS GIS SSS TO PURCHASE MORE SHARES AMID STOCK MARKET SLUMP
Other Relevant Tax Updates:
- CTA Case Digests
- Tax and business-related news [March 5-13]
I. CTA CASE DIGESTS
- Court is not bound by issues raised by the parties, but may also rule upon related issues necessary to achieve an orderly disposition of the case; absence of authority of Revenue Officer (RO) to conduct audit makes the assessment null and void
- Proof of VAT zero-rating sales indispensable in the claim of input vat refund of Regional Operating Headquarter (ROHQ); claim for input vat refund is not based on theory of erroneous payment but based on recovery of excess and unutilized input vat; excess input tax or creditable input tax is not erroneously, excessively or illegally collected tax; sales that were disallowed as zero-rated sales does not necessarily follow that the same should be subject to 12% vat
- Law allows allocation of input taxes in case the same are not directly and entirely attributable to zero rated sales; PEZA & SBMA registration papers are sufficient proof of zero-rated sales
- Failure to convert Letter Notice (LN) to Letter of Authority (LOA) renders the assessment void and without effect; RO cannot examine a taxpayer or recommend the assessment of any deficiency tax due in the absence of LOA
- Writ of certiorari can be issued only after court is satisfied with proof that the act prejudicing a right was arrived through blatant misuse of judicial power; relevancy for the purpose of admissibility can only be determined after the court has been given opportunity to appreciate the evidence presented before it; right of Local Government Unit (LGU) to inspect books of accounts is clarified
- Requisites for claiming input vat refund; taxpayer may submit new documents in CTA even if not presented previously to BIR
- Compromise rate must not be reduced below 40% of the original assessed amount unless approved by Regional Evaluation Board (REB); discretionary authority to compromise granted to the BIR commissioner is never meant to be absolute; withdrawal of petition renders assessment final and executory
[COURT IS NOT BOUND BY ISSUES RAISED BY THE PARTIES, BUT MAY ALSO RULE UPON RELATED ISSUES NECESSARY TO ACHIEVE AN ORDERLY DISPOSITION OF THE CASE] [ABSENCE OF AUTHORITY OF RO TO CONDUCT AUDIT MAKES THE ASSESSMENT NULL AND VOID]
Petitioner Liberty Flour Mills, Inc. filed a Petition for Review seeking for the cancellation of the assessment issued by the Respondent Commissioner of Internal Revenue (CIR). Both parties raised the issue on whether the Petitioner is liable for alleged deficiency assessment based on a number of tax assessment issues raised. In ruling, the Court ruled that in deciding a case, it is not bound by the issues specifically raised by the parties, but may also rule upon related issues necessary to achieve an orderly disposition of the case. Simply, the general rule is that appeals can only raise questions of law or fact that (a) were raised in the court below, and (b) are within the issues framed by the parties therein. However, the same admits of certain exceptions, namely, (i) in the interest of justice, matters of record having some bearing on the issue submitted which the parties failed to raise or the lower court ignore, and (ii) questions involving matters of public importance. Upon scrutiny, ROs named in the LOA were different from those who actually examined the Petitioner’s books of accounts and other accounting records. Consequently, assessments are void due to the absence of authority on the part of the ROs who conducted the examination and only the CIR or his duly authorized representatives are granted such power to issue Memorandum of Assignment. The Petition for Review is GRANTED resulting in the CANCELLATION of the assessment. [LIBERTY FLOUR MILLS, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA Case No. 9603, MARCH 2, 2020]
[PROOF OF VAT ZERO-RATING SALES INDISPENSABLE IN THE CLAIM OF INPUT VAT REFUND OF ROHQ] [CLAIM FOR INPUT VAT REFUND IS NOT BASED ON THEORY OF ERRONEOUS PAYMENT BUT BASED ON RECOVERY OF EXCESS AND UNUTILIZED INPUT VAT] [EXCESS INPUT TAX OR CREDITABLE INPUT TAX IS NOT ERRONEOUSLY, EXCESSIVELY OR ILLEGALLY COLLECTED TAX] [SALES THAT WERE DISALLOWED AS ZERO-RATED SALES DO NOT NECESSARILY FOLLOW THAT THE SAME SHOULD BE SUBJECT TO 12% VAT]
Petitioner CIR filed a Petition for Review seeking reversal of the earlier decision of the Court directing it to refund the Petitioner MSCI Hong Kong Limited representing its unutilized and excess input VAT attributable to its zero-rated sales. Petitioner argues that the Respondent’s sale of services that do not qualify for zero-rating should be subjected to 12% output VAT. Records show that not all amounts of zero-rated sales were inwardly remitted as shown in the Transaction Credit Advances from Bank of America. In ruling, the Court ruled that sales which were disallowed as zero-rated sales do not necessarily follow that the same should be subject to 12% VAT absent any convincing proof to that effect. Likewise, the determination of Respondent’s output VAT liability is merely for the purpose of ascertaining respondent’s entitlement of its unutilized input VAT claim for refund and not for the purpose of imposition of deficiency tax. The Court should need to determine first if the corresponding output VAT liability on the amount representing respondent’s sale of services qualify for zero-rating. The disallowed zero-rated sales do not necessarily follow that the same should be subject to 12% VAT. In contrast, the claim for refund subject of the present case is not based on theory of erroneous payment but is filed to recover excess and unutilized input value-added tax under Section 112(A) and (C) of the 1997 Tax Code. Excess input tax or creditable input tax is not an erroneously, excessively, or illegally collected tax. The Petition for Review is DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. MSCI HONG KONG LIMITED, CTA CASE NO. 2417, FEBRUARY 27, 2020]
[LAW ALLOWS ALLOCATION OF INPUT TAXES IN CASE THE SAME ARE NOT DIRECTLY AND ENTIRELY ATTRIBUTABLE TO ZERO RATED SALES] [PEZA & SBMA REGISTRATION PAPERS ARE SUFFICIENT PROOF OF ZERO-RATED SALES]
The case involves a Consolidated Petition for Review seeking for the reconsideration of the earlier decision of the Court in Division disallowing some zero-rated sales and the related input VAT. Air Liquide argues that all sales made by a VAT-registered supplier from the Customs Territory to an ECOZONE-Located enterprise shall be subject to VAT, at zero-percent (0%) rate, even in the absence of a Certificate of PEZA-registration. The CIR, on the other hand, asserts that the Court in Division erred in ruling that the amount of input tax was attributable to Air Liquide’s zero-rated sales, and that its customers TST, Inc. and Temic Semiconductor Test, Inc. were one and the same entities, thus, should be disallowed. In ruling, the Court disallowed some of Air Liquide zero rated sales including MME Technologies, Inc. Records show that MME failed to issue no VAT Zero-Rating Certification. Likewise, Court in Division could not be faulted in disallowing some of zero-rated sales of Air Liquide due to absence of proof that they were PEZA/SBMA registered. Moreover, the creditable input tax due or paid attributable to zero-rated or effectively zero-rated sales is not limited to those input taxes on purchases which form part of the finished product. The law allows the allocation of input taxes in case the same are not directly and entirely attributed to any of the sales. Lastly, records show that the supporting invoices issued under TST, Inc. has the same business address as that of Temic Semiconductor Test (TST), Inc. Thus, TST, Inc. and Temic Semiconductor Test, Inc. are one and the same entities. Hence, Air Liquide’s sale of goods to TST, Inc. was allowed zero-rating. The Consolidated Petition is DENIED for lack of merit and the assailed decision of the Court in Division is AFFIRMED. [AIR LIQUIDE PHILIPPINES, INC. VS. COMMISSIONER OF INTERNAL REVENUE & COMMISSIONER OF INTERNAL REVENUE VS. AIR LIQUIDE PHILIPPINES, INC. CTA EN BANC CASE NOS. 1844& 1897, FEBRUARY 26, 2020]
[FAILURE TO CONVERT LN TO LOA RENDERS THE ASSESSMENT VOID AND WITHOUT EFFECT] [RO CANNOT EXAMINE A TAXPAYER OR RECOMMEND THE ASSESSMENT OF ANY DEFICIENCY TAX DUE IN THE ABSENCE OF LOA]
Petitioner Geniographics Incorporation filed a Petition for Review seeking for the cancellation of the assessment issued by the Respondent CIR. Several issues were raised but the main issue is centred on the validity of the assessment due to the absence of LOA. Petitioner argued that the LN issued was not converted into LOA contrary to guidelines in Revenue Memorandum Order No. 32-2005. In resolving the case, the Court cited Section 6 of the Tax Code, which provides that an authorization from the CIR or from his duly authorized representative is needed in order to examine any taxpayer. Otherwise stated, RO cannot examine a taxpayer or recommend the assessment of any deficiency tax due in the absence of a LOA. The Court also cited the landmark case of Medicard Philippines, Inc. wherein the Supreme Court declared the assessment void and without effect for failure to convert LN to LOA. Hence, the Petition for Review is GRANTED resulting in the CANCELLATION of the assessment. [GENIOGRAPHICS INCORPORATION VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9712, FEBRUARY 10, 2020]
[WRIT OF CERTIORARI CAN BE ISSUED ONLY AFTER COURT IS SATISFIED WITH PROOF THAT THE ACT PREJUDICING A RIGHT WAS ARRIVED THROUGH BLATANT MISUSE OF JUDICIAL POWER] [RELEVANCY FOR THE PURPOSE OF ADMISSIBILITY CAN ONLY BE DETERMINED AFTER THE COURT HAS BEEN GIVEN OPPORTUNITY TO APPRECIATE THE EVIDENCE PRESENTED BEFORE IT] [RIGHT OF LGU TO INSPECT BOOKS OF ACCOUNTS IS CLARIFIED]
Petitioner Smart Communications Inc. filed a Petition for Certiorari seeking for the reversal of the earlier decision of Regional Trial Court (RTC) granting Respondent City of Makati’s Motion for Production or Inspection of documents and denying Petitioner’s Motion for Reconsideration. The issue is centred on whether RTC committed grave abuse of discretion amounting to lack or excess of jurisdiction in arriving at its decision to allow Respondent to inspect documents. Petitioner argues that the RTC’s decision would be tantamount to permitting Respondent to conduct second audit. Petitioner challenges the relevancy of producing documents with information outside the jurisdiction of the Respondent and periods that it can no longer be assessed. In ruling, the Court finds no grave abuse of discretion on the part of RTC, and the grant of the motion for production of documents will not expose Petitioner to re-audit. The errors sought to be corrected by a writ of certiorari are of such nature that, if allowed to stand, they would result in a substantial injury to Petitioner to whom no other remedy was available. The Court does not perceive any injury of such magnitude if the assailed resolutions are allowed to stand. Neither can grave abuse of discretion be attributed to the actions of public respondent in arriving at the assailed resolutions, to render them void for being beyond the lower court’s jurisdiction. In addition, the relevancy found by the lower court to warrant the production of the subject documents is only for the purpose of discovery. The actual relevancy of a piece of evidence or its relevancy for the purpose of admissibility is a wholly different matter. Relevancy of the latter kind can only be determined after the court has been given an opportunity to appreciate the evidence presented before it. Meantime, it is impossible for this Court to determine the materiality of the subject documents prior to their production. The Petition is DENIED for lack of merit. [SMART COMMUNICATIONS INC. VS. CITY OF MAKATI, CTA AC NO. 228, FEBRUARY 5, 2020]
[REQUISITES FOR CLAIMING INPUT VAT REFUND] [TAXPAYER MAY SUBMIT NEW DOCUMENTS IN CTA EVEN IF NOT PRESENTED PREVIOUSLY TO BIR]
Petitioner Orica Philippines, Inc. filed a Petition for Review seeking for refund of unutilized input taxes attributable to its zero-rated direct export sales. Respondent CIR denied the claim for failure of the Petitioner to submit supporting documents. Respondent further argued that the Petitioner cannot present additional documents it did not present at the administrative level. In ruling, the Court ruled that the Petitioner can still submit additional documents, the Court being a court of record. Even documentary evidences submitted in the BIR are of no value unless the same is formally offered in Court. Nonetheless, the Court enumerated the requisites to be entitled to refund, to wit: (1) taxpayer is VAT-registered; (2) the claim for refund was filed within the prescribed period; (3) there must be zero-rated or effectively zero-rated sales; (4) input taxes were incurred or paid; (5) such input taxes are attributable to zero-rated or effectively zero-rated sales; and (6) such input taxes were not applied against any output tax liability. Upon scrutiny of documents, the Court ruled that (1) certain zero-rated sales were disallowed for failure of the Petitioner to prove that such were paid in acceptable foreign currency and indeed shipped to respective foreign countries; (2) certain input taxes were disallowed for failure of the Petitioner to properly substantiate with validly-accomplished official receipts and invoices; and (3) Petitioner failed to prove that the excess input taxes attributable to zero-rated sales were not applied against any output tax liability. The Petition for Review is DENIED for lack of merit. [ORICA PHILIPPINES, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO 9717, FEBRUARY 4, 2020]
[COMPROMISE RATE MUST NOT BE REDUCED BELOW 40% OF THE ORIGINAL ASSESSED AMOUNT UNLESS APPROVED BY REB] [DISCRETIONARY AUTHORITY TO COMPROMISE GRANTED TO THE BIR COMMISSIONER IS NEVER MEANT TO BE ABSOLUTE] [WITHDRAWAL OF PETITION RENDERS ASSESSMENT FINAL AND EXECUTORY]
Petitioner ESCA International, Inc. filed a Petition for Review seeking for the reversal of the resolution of the Court’s 1st Division declaring as final the deficiency tax assessment issued by the Respondent CIR. Petitioner argued that the subsequent compromise reached with the Respondent, decreasing the Petitioner’s tax liability, had rendered its judicial protest moot and academic. Likewise, Petitioner asserted that there was already a valid settlement of the case pursuant to the Final Decision on Disputed Assessment (FDDA) and the Amended Assessment Notice (AAN) which was settled. In the earlier ruling, the Court 1st Division held that the compromise agreement was invalid since the Petitioner’s tax liability was reduced below 40% of the original assessed amount without the approval of the REB and in violation of Section 204 of the Tax Code. In ruling, the Court ruled that the Petitioner’s later payment and its allegation that the same serves as full settlement of its tax liabilities can only be deemed, as the Court 1st Division, a settlement pursuant to a compromise. The discretionary authority to compromise granted to the BIR Commissioner is never meant to be absolute, uncontrolled and unrestrained. The BIR Commissioner would have to exercise his discretion within the parameters set by the law, and in case he abuses his discretion, the Court may correct such abuse if the matter is appealed to them. Thus, without a valid compromise agreement between Petitioner and Respondent, the grant of Petitioner’s withdrawal of its Petition for Review had the effect of rendering Respondent’s decision final and executory. The Petition is DENIED. [ESCA INTERNATIONAL, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA EN BANC CASE NO. 1980, DECEMBER 4, 2019]
II. TAX & BUSINESS-RELATED NEWS [MARCH 5-13]
- NCR quarantine to have minimal economic impact-Neda chief
- PSE-listed firms must disclose business impact of COVID19, risk mitigation plans
- Dominguez orders GSIS, SSS to purchase more shares amid stock market slump
- DOF, BSP, GSIS, ADB closed down to disinfect vs COVID-19
- P91-B tax loss seen from COVID-19
- 1/4 of registered POGO workers are Filipino, says Pagcor
- SSS ready to pay unemployment benefits
- COVID-19 to hit Pagcor revenues
- Bangko Sentral Gov. Diokno on self-quarantine, work at headquarters suspended
- Explosion in forex volatility due to coronavirus cheers some, bruises others
- Coronavirus uncertainty sinks Dow into bear market territory
- Asia stocks extend global rout on coronavirus fears
- Oil subdued after heavy falls on price war
- Australia unveils $11 billion stimulus to ease virus downturn
- Dow falls 8.7 percent as US stocks face another rout
- What virus? Pagcor expects strong 2020 for PH casino
- Dominguez: P91-B shortfall as result of COVID-19 to be financed by borrowing
- DOF concedes CITIRA OK won’t happen before Congress’ Lent vacation
- SEC clears MerryMart’s P1.6B IPO
- COVID-19 shuts down 19 firms, lays off 300 workers
- PEZA allows IT firms work-from-home option
- POGOs have no AML/CTF compliance-AMLC study
- Huge job losses seen due to COVID-19
- ERC revokes Peco’s provisional permit
- BOC modernization project OKd
- Gov’t to withdraw tax perks extended to MNCs’ operating HQs
- Dominguez to legislators: ‘You don’t want Pogos? Pass a law!’
- BIR shuts down Manila Cockers Club for P1.3B unpaid taxes
NCR quarantine to have minimal economic impact-Neda chief [Philippine Daily Inquirer, March 13, 2020]
The one-month community quarantine of Metro Manila—the country’s economic and financial hub – to contain the spread of 2019 coronavirus disease (COVID-19) would only have a short-term impact on the economy, Socioeconomic Planning Secretary Ernesto M. Pernia said Friday.
PSE-listed firms must disclose business impact of COVID19, risk mitigation plans [Philippine Daily Inquirer, March 13, 2020]
The Securities and Exchange Commission (SEC) has directed all publicly-listed companies to disclose the impact of the coronavirus (COVID19) pandemic on their business operations alongside measures to mitigate risks.
Dominguez orders GSIS, SSS to purchase more shares amid stock market slump [Philippine Daily Inquirer, March 13, 2020]
President Duterte’s chief economic manager has ordered the country’s two state-run pension funds to buy more shares of stocks amid a slump in stock markets here and abroad.
DOF, BSP, GSIS, ADB closed down to disinfect vs COVID-19 [Philippine Daily Inquirer, March 12, 2020]
To prevent the coronavirus disease from spreading following exposure of the country’s top economic officials to a COVID-19 patient, the Department of Finance (DOF), the Bangko Sentral ng Pilipinas (BSP), the Government Service Insurance System (GSIS), as well as the Asian Development Bank (ADB) on Thursday temporarily suspended operations to disinfect their facilities.
P91-B tax loss seen from COVID-19 [Philippine Daily Inquirer, March 12, 2020]
The government will augment the estimated P91 billion in foregone revenues coming from COVID-19’s impact on trade and industries through additional borrowings, Finance Secretary Carlos Dominguez III said.
Source: https://business.inquirer.net/292300/p91-b-tax-loss-seen-from-covid-19#ixzz6GY2Rni9M
1/4 of registered POGO workers are Filipino, says Pagcor [Philippine Daily Inquirer, March 12, 2020]
A quarter of the people employed by licensed Philippine offshore gaming operator (Pogo) firms are Filipinos, according to the country’s casino regulator, debunking the assertion of critics that the lucrative sector benefits only Chinese workers.
SSS ready to pay unemployment benefits [Manila Bulletin, March 12, 2020]
State-run Social Security System (SSS) assured that it is prepared to pay unemployment benefits to workers who may lose jobs as a result of the possible layoffs in, or closures of, private companies hit by the economic fallout from the coronavirus disease (COVID-19).
Source: https://business.mb.com.ph/2020/03/12/sss-ready-to-pay-unemployment-benefits/
COVID-19 to hit Pagcor revenues [Manila Bulletin, March 12, 2020]
The country’s casino gaming and entertainment facilities are taking the hit from travel restrictions imposed by the government to contain the coronavirus disease (COVID-19) outbreak, the Philippine Amusement and Gaming Corp. (Pagcor) said yesterday.
Source: https://business.mb.com.ph/2020/03/11/covid-19-to-hit-pagcor-revenues/
Bangko Sentral Gov. Diokno on self-quarantine, work at headquarters suspended [ABS-CBN News, March 12, 2020]
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Thursday he was going on self-quarantine while work at the central bank’s headquarters and security plant complex was suspended for 2 days to give way to cleaning.
Explosion in forex volatility due to coronavirus cheers some, bruises others [ABS-CBN News, March 12, 2020]
Investors are scrambling to adjust their portfolios to a surge of volatility in foreign exchange markets, as the coronavirus outbreak and massive swings in oil prices roil currencies around the globe.
Coronavirus uncertainty sinks Dow into bear market territory [ABS-CBN News, March 12, 2020]
The dollar weakened and the Dow Jones industrials entered bear market territory on Wednesday on mounting worries about the global economy after world health officials declared a coronavirus pandemic and Reuters reported a White House gag order on top-level US meetings on the outbreak.
Asia stocks extend global rout on coronavirus fears [ABS-CBN News, March 12, 2020]
Stocks in Asia sank at the open on Thursday, extending a global rout as fears intensify over the spread of the new coronavirus, now dubbed a pandemic by the World Health Organization.
Source: https://news.abs-cbn.com/business/03/12/20/asia-stocks-extend-global-rout-on-coronavirus-fears
Oil subdued after heavy falls on price war [ABS-CBN News, March 12, 2020]
Oil prices were subdued in early Asian trade Thursday following sharp falls overnight, after Saudi Arabia and the UAE escalated a price war by vowing to pump millions more barrels of crude.
Source: https://news.abs-cbn.com/business/03/12/20/oil-subdued-after-heavy-falls-on-price-war
Australia unveils $11 billion stimulus to ease virus downturn [ABS-CBN News, March 12, 2020]
Australia on Thursday unveiled a massive $11 billion spending plan designed to curb the economic hit from the coronavirus pandemic and avert the country’s first recession in 29 years.
Dow falls 8.7 percent as US stocks face another rout [ABS-CBN News, March 12, 2020]
Wall Street stocks were deep in the red early Thursday, resuming after a 15-minute suspension as the economic pain from the coronavirus deepens and widens.
Source: https://news.abs-cbn.com/business/03/12/20/dow-falls-87-percent-as-us-stocks-face-another-rout
What virus? Pagcor expects strong 2020 for PH casino [Philippine Daily Inquirer, March 11, 2020]
The local gaming industry — which includes traditional casinos and online gaming operators — were expected to yield higher revenues in 2020 although it remains to be seen to what extent the global coronavirus epidemic (COVID-19) will deter players and bettors, according to the chief of the state gaming regulator.
Dominguez: P91-B shortfall as result of COVID-19 to be financed by borrowing [Philippine Daily Inquirer, March 11, 2020]
The government estimate of a revenue shortfall from COVID-19’s impact is around P91 billion which Finance Secretary Carlos G. Dominguez III said could be replaced by borrowings.
DOF concedes CITIRA OK won’t happen before Congress’ Lent vacation [Philippine Daily Inquirer, March 11, 2020]
Finance Secretary Carlos G. Dominguez III on Wednesday (March 11) conceded that the Senate could no longer pass the proposed Corporate Income Tax and Incentives Reform Act (CITIRA) before Congress goes on Lenten break.
SEC clears MerryMart’s P1.6B IPO [Philippine Daily Inquirer, March 11, 2020]
The Securities and Exchange Commission has approved an initial public offering (IPO) worth as much as P1.6 billion planned by retailer MerryMart Consumer Corp., led by young tycoon Edgar Sia II.
COVID-19 shuts down 19 firms, lays off 300 workers [Philippine Daily Inquirer, March 10, 2020]
More than 300 workers lost their jobs since February as COVID-19 ran roughshod over the tourism sector and despite economic managers’ assessment that the virus’ financial impact overall was “not worrisome.”
Source: https://business.inquirer.net/292211/covid-19-shuts-down-19-firms-lays-off-300-workers#ixzz6GY5cVFIb
PEZA allows IT firms work-from-home option [Manila Bulletin, March 10, 2020]
I.T. enterprises registered with the Philippine Economic Zone Authority (PEZA) are now allowed to implement work-from-home option without its prior approval.
Source: https://business.mb.com.ph/2020/03/10/peza-allows-it-firms-work-from-home-option/
POGOs have no AML/CTF compliance-AMLC study [Manila Bulletin, March 10, 2020]
Philippine offshore gaming operators (POGOs) are not compliant with anti-money laundering/counter-terrorism financing (AML/CTF) rules and is a potential breeding ground for fraudulent activities, based on a study conducted by the country’s financial intelligence unit, the Anti-Money Laundering Council (AMLC).
Source: https://business.mb.com.ph/2020/03/10/pogos-have-no-amlctf-compliance-amlc-study/
Huge job losses seen due to COVID-19 [Philippine Daily Inquirer, March 7, 2020]
In a report titled “The Economic Impact of the COVID-19 Outbreak on Developing Asia,” the ADB said that among its member-countries, expected to be “significantly affected” by the disease’s economic fallout included those “with strong trade and production linkages with China.”
Source: https://business.inquirer.net/292053/huge-job-losses-seen-due-to-covid-19#ixzz6GY5wWs3L
ERC revokes Peco’s provisional permit [Philippine Daily Inquirer, March 7, 2020]
The Energy Regulatory Commission (ERC) has revoked the provisional permit for the continued operation of Panay Electric Co. (PECO), paving the way for the Razon group’s More Electric and Power Corp. to take offer the electricity distribution business in Iloilo City.
Source: https://business.inquirer.net/292051/erc-revokes-pecos-provisional-permit#ixzz6GY65gX6O
BOC modernization project OKd [Philippine Daily Inquirer, March 7, 2020]
Economic managers on Friday green-lighted the planned P5.5-billion project to modernize the Bureau of Customs (BOC) which was aimed at further boosting the government’s tax revenue.
Source: https://business.inquirer.net/292034/boc-modernization-project-okd#ixzz6GY6EZRL8
Gov’t to withdraw tax perks extended to MNCs’ operating HQs [Philippine Daily Inquirer, March 7, 2020]
The Philippines will do away with the tax perks given to multinational companies’ (MNCs) regional operating headquarters (ROHQ) so the country could take part in the Organization for Economic Cooperation and Development (OECD)-led initiative aimed at catching tax evaders across wider borders.
Dominguez to legislators: ‘You don’t want Pogos? Pass a law!’ [Philippine Daily Inquirer, March 6, 2020]
If legislators wanted Philippine offshore gaming operators (Pogos) out of the country due to the social ills they’re supposed to bring, they should pass a law making online casino operations entirely illegal, according to Finance Secretary Carlos G. Dominguez III.
BIR shuts down Manila Cockers Club for P1.3B unpaid taxes [Philippine Daily Inquirer, March 6, 2020]
The Bureau of Internal Revenue (BIR) on Thursday night temporarily shut down the online betting operations of Manila Cockers Club Inc. due to P1.3 billion in unpaid taxes.
If you wish to get a copy of the complete texts of the above issuances, send us an email thru taxseminars@dmdcpa.com.ph.
Recent Comments