SUSPENSION OF NOTARIZATION REQUIREMENT UNDER ANTI-RED TAPE AUTHORITY ADVISORY + INCOME TAX & VAT LIABILITY OF BUSINESS LEAGUE AS DECIDED BY TAX COURT + NEW US JOBLESS CLAIMS RISE TO 1.42 MILLION
Other Relevant Tax Updates:
- BIR circularizes the Anti-Red Tape Advisory to speed up delivery of government services
- BIR circularizes the list of expired Tax Credit Certificate (TCC)
- BIR clarifies issuance of Authority to Release Imported Goods (ATRIG) for VAT Exemption on sale and importation of prescription drugs and medicines
- BIR updates Policies and Guidelines on the Tax Reporting of Destructed Inventories and Assets
- BIR circularizes Guidelines in the Filing and Submission of Revised Statement of Assets Liability And Networth (SALN)
- BIR prescribes the use of information return on related-party transactions
- BIR amends Implementing Rules And Regulations (IRR) on VAT Exemption on sale and importation of prescription drugs and medicines under Tax Reform For Acceleration and Inclusion (Train) Law
- Court of Tax Appeals (CTA) Cases Digest
- Tax and Business-Related News [July 18-24]
I. BIR CIRCULARIZES THE ANTI-RED TAPE ADVISORY TO SPEED UP DELIVERY OF GOVERNMENT SERVICES
Revenue Memorandum Circular (RMC) No. 71-2020, issued on July 17, 2020, circularizes the Anti-Red Tape Authority’s Advisory No. 1 Series of 2020 for the adoption of fast-track measures in all government agencies during the COVID-19 state of calamity. To speed up the delivery of government services, all government agencies may be guided by the measures provided such as, but not limited to, granting extension of the validity of permits that are expiring within the period of State of National Emergency, consider electronic submission and approvals, suspension of the notarization requirement for documents to be submitted unless required by law, and employing an online payment scheme or outsourced payment center collections.
II. BIR CIRCULARIZES THE LIST OF EXPIRED TCC
RMC No. 70-2020, issued on July 17, 2020, circularizes the list of expired TCC in compliance with the transitory provisions of RR No. 14-2020.
III. BIR CLARIFIES ISSUANCE OF ATRIG FOR VAT EXEMPTION ON SALE AND IMPORTATION OF PRESCRIPTION DRUGS AND MEDICINES
Revenue Memorandum Order (RMO) No. 23-2020, issued on July 15, 2020, clarifies the issuance of ATRIG for VAT exemption on the sale and importation of prescription drugs and medicines with the following effectivity dates:
- Diabetes, high cholesterol and hypertension beginning January 27, 2020; and
- Cancer, mental illness, tuberculosis and kidney diseases beginning January 1, 2023.
Revenue District Office (RDO) No. 33-Intramuros-Ermita-Malate of Revenue Region No. 6-Manila shall process the application of ATRIG, for consistency and uniformity.
IV.BIR UPDATES POLICIES AND GUIDELINES ON THE TAX REPORTING OF DESTRUCTED INVENTORIES AND ASSETS
RMO No. 21-2020, issued on July 10, 2020, updates the policies, guidelines and procedures for the inspection or supervision of the destruction/disposal and determination of deductible expense pertaining to inventory of goods/assets which have been declared as waste or obsolete due to spoilage, deterioration, obsolescence, expiration, or other causes rendering the same unfit for sale or for use in production.
The RMO now allows third-party to witness the destruction, subject to the approval of the BIR. It also discusses the following highlights:
- Prior application shall be filed with prescribed forms, pertinent documents, and annexes attached to the RMO
- Timeline of application and response of the BIR
- Manner of witnessing, if BIR-initiated or third-party who may be the external auditor or any nominated person of the taxpayer with BIR accreditation and subject to the approval of the BIR
- Timeline on the completion and scheduling
- Proper valuation of the inventory or assets disposed/destructed
- Supporting document on the deductibility of losses with prescribed forms and annexes attached to the RMO
- BIR post audit guidelines, reporting, and procedures to be followed by the BIR before, during, and after the destruction
V. BIR CIRCULARIZES GUIDELINES IN THE FILING AND SUBMISSION OF REVISED SALN
RMC No. 68-2020, issued on July 9, 2020, circularizes the guidelines in the filing and submission of the revised SALN form for the year 2020 pursuant to Civil Service Commission (CSC) Memorandum Circular No. 13 S. 2020.
Vi. BIR PRESCRIBES THE USE OF INFORMATION RETURN ON RELATED-PARTY TRANSACTIONS
Revenue Regulations (RR) No. 19-2020, issued on July 8, 2020, prescribes the use of Information Return on Related Party Transactions or the BIR Form No. 1709 in order to ensure the proper disclosures of related party transactions as well as observance of arm’s length principle to protect the tax base.
The underlying reason for this new requirement is the effective implementation of Philippine Accounting Standards (PAS) No. 24, Related Party Disclosures, for tax purposes. Under this PAS, an entity’s financial statements shall contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.
Highlights include:
- Circumstances to be considered in the determination whether a person or entity is a related party such as control, influence, management, family relationship, equity and ownership, and transactional relationships;
- Required related party disclosures on the financial statements, either by a reporting entity or related party, to provide an understanding of the potential effect of the relationship on the financial statements;
- Procedures and guidelines on how to fill-up BIR Form No. 1709, as well as required attachments.
VII. BIR AMENDS IRR ON VAT EXEMPTION ON SALE AND IMPORTATION OF PRESCRIPTION DRUGS AND MEDICINES UNDER TRAIN LAW
RR No. 18-2020 issued on July 8, 2020, amends pertinent provisions on VAT exemption on the sales and importation of prescription drugs and medicines under TRAIN Law.
The following transactions shall be exempt from VAT:
- Sale or importation of prescription drugs and medicines for diabetes, high cholesterol, and hypertension beginning January 1, 2020; and
- Cancer, mental illness, tuberculosis, and kidney diseases beginning January 1, 2023.
The VAT exemption shall only apply to sale or importation by the manufacturers, distributors, wholesalers and retailers of drugs and medicines included in the “list of approved drugs and medicines” issued by the Department of Health (DOH) for this purpose.
VIII. CTA CASES DIGEST
- Non-bank financial institution is subject to 5% Gross Receipts Tax (GRT)on its income actually or constructively received; filing of refund must be within two (2) years from the date of payment
- Advance VAT paid upon withdrawal of refined sugar shall be allowed as credit against output tax arising from its subsequent sale
- Valid protest letter must state facts and laws; court will only have jurisdiction if petition for review is filed on time; used language or tenor in the demand letter is important to know if this is proper subject of an appeal to the court
- Criteria for claiming Input VAT Refund
- 15-day period to issue Formal Assessment Notice (FAN)reckoned from the taxpayer’s receipt of Preliminary Assessment Notice (PAN) is mandatory
- Memorandum of Assignment (MOA) cannot be regarded as a valid Letter of Authority (LOA)within the context of law and regulations
- When one party to the loan agreement is, however, exempted from tax, the other party not exempt shall be directly liable for the Documentary Stamp Tax (DST)
- Taxpayer considered as a business league under section 30 (f) of the tax code but was still subjected to income tax for failure to determine source of income; annual membership fees are not subject to vat but registration fees and sponsorship fees are considered vatable;the court has no jurisdiction to compel a taxpayer to pay compromise penalty because by its very nature, it implies mutual agreement between parties
- Sales and purchases coming from data reliefmust be further confirmed and verified; authority of the BIR to examine must be covered only by what is indicated in the LOA; Creditable Withholding Tax (CWT) must be claimed in the same quarter
- Applicability of Doctrine of Apparent Authorityor ostensible agency amplified
[NON-BANK FINANCIAL INSTITUTION IS SUBJECT TO 5% GRT ON ITS INCOME ACTUALLY OR CONSTRUCTIVELY RECEIVED] [FILING OF REFUND MUST BE WITHIN TWO (2) YEARS FROM THE DATE OF PAYMENT]
Petitioner Aeon Credit Service (Philippines), Inc. filed a Petition for Review seeking for refund or issuance of Tax Credit Certificate (TCC) in the amount of Php 3,982,780.58 representing its alleged mistaken and overpaid 2016 GRT. Petitioner argued that as a non-bank financial institution, it is subject to 5% percentage tax on its gross receipts pursuant to the Tax Code of 1997. Likewise, the term gross receipts as explained in Revenue Memorandum Circular (RMC) No. 51-2016 provides that GRT shall only apply to income actually or constructively received during a taxable period. In ruling, the Court held that income earned and subjected to Percentage Tax in 2015 but collected in 2016 is not proper to be refunded under the present claim (i.e. 2016 refund). Petitioner should have filed a separate claim for refund of the erroneously paid 2015 GRT on the accrued income. Thus, the Petition was PARTIALLY GRANTED resulting in a reduced amount of entitlement of Php 3,455,457.24. [AEON CREDIT SERVICE (PHILIPPINES), INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9770, JULY 15, 2020]
ADVANCE VAT PAID UPON WITHDRAWAL OF REFINED SUGAR SHALL BE ALLOWED AS CREDIT AGAINST OUTPUT TAX ARISING FROM ITS SUBSEQUENT SALE
Petitioner Sucden Philippines, Inc. filed a Petition for Review seeking for refund on alleged erroneously collected advanced output VAT on refined sugar subsequently sold to Del Monte Philippines, Inc. In ruling, the Court discussed that the VAT on the sale of sugar shall be paid in advance by the owner/seller before any warehouse receipts or quedans are issued or before the sugar is withdrawn from any sugar refinery/mill. Likewise, the proprietor of a sugar refinery mill shall not allow the issuance of quedan/warehouse receipts or allow any withdrawal of sugar from its premises without proof of payment of advance VAT. The VAT required to be paid in advance is the very same VAT to be imposed on the subsequent sale of refined sugar and that any advance VAT paid upon withdrawal shall be allowed as credit against its output tax arising from the sales of refined sugar. However, if a VAT registered supplier from the Customs territory sold to an ECOZONE enterprise, it shall be treated as export sales. Since the output tax thereof is at 0% VAT rate, such unutilized advance VAT payment may be the subject of a refund claim. Upon verification of submitted documents, it was established that the Petitioner’s sale to Del Monte were indeed VAT zero-rated. However, Petitioner failed to sufficiently prove that the advance payment subject of its claim for refund actually pertains to its zero-rated sales to Del Monte, and that it was not credited/applied against its output VAT at 12%. Thus, the Petition was DENIED. [SUCDEN PHILIPPINES, INC. VS COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9754, JULY 15, 2020]
[VALID PROTEST LETTER MUST STATE FACTS AND LAWS] [COURT WILL ONLY HAVE JURISDICTION IF PETITION FOR REVIEW IS FILED ON TIME] [USED LANGUAGE OR TENOR IN THE DEMAND LETTER IS IMPORTANT TO KNOW IF THIS IS PROPER SUBJECT OF AN APPEAL TO THE COURT]
Petitioner JTKC Land, Inc. filed a Petition for Review seeking for the cancellation of the assessment issued by the Respondent CIR. Respondent argued that the Petitioner failed to submit a valid protest on the assessment notice, hence, the Court should dismiss the Petition due to lack of jurisdiction. In ruling, the Court held that in filing a protest letter, it is required that the protest letter shall state the facts, the applicable law, rules and regulations or jurisprudence on which it is based. Given that there is no valid protest against the assessment, then the assessment effectively became final and can no longer be contested. It did not become a “disputed assessment” within the contemplation of the Court’s exclusive appellate jurisdiction under the law. Moreover, even assuming that the protest is valid, it was noted that the Petition for Review was not filed on time since it was filed on May 10, 2017 after receiving a Demand Letter on May 4, 2017, despite having received a subsequent Preliminary Collection Letter on July 2, 2014, which should be the proper subject of an appeal to the Court. Thus, the Petition was DISMISSED for lack of jurisdiction. [JTKC LAND, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9597, JULY 13, 2020]
CRITERIA FOR CLAIMING INPUT VAT REFUND
Petitioner New York Philippines, Inc. filed a Petition for Review seeking for refund or issuance of Tax Credit Certificate (TCC) on the alleged excess and unutilized input VAT attributable to zero-rated sales in the amount of Php 46,835,732.67. Respondent CIR argued that the Petitioner failed to substantiate its claim. In ruling, the Court held that in order to claim VAT zero-rating, the service must be other than processing, manufacturing or repacking of goods; payment for such services must be in acceptable foreign currency accounted for in accordance with the Bangko Sentral ng Pilipinas rules and regulations; and the recipient of such services is doing business outside the Philippines. Upon verification of submitted documents, not all zero-rated sales are duly supported by bank advices or proof of inward remittances and zero-rated official receipts. Likewise, Petitioner failed to comply with the invoicing requirements such as the presence of official receipts and invoices with no dates or issued within the taxable year, and some are without or invalid TIN. Thus, the Petition was PARTIALLY GRANTED resulting in a reduced amount of Php 9,582,877.37 as valid claims. [NEW YORK PHILIPPINES, INC. VS. COMMISSIONER OF INTER REVENUE, CTA CASE NO. 9669, JULY 9, 2020]
15-DAY PERIOD TO ISSUE FAN RECKONED FROM THE TAXPAYER’S RECEIPT OF PAN IS MANDATORY
Petitioner Solutions Using Renewable Energy, Inc. filed a Petition for Review seeking for the cancellation of the assessment issued by the Respondent CIR on the grounds of violation of its right to due process. Petitioner claimed that the Respondent failed to properly observe the mandatory 15-day period to issue FAN reckoned from the taxpayer’s receipt of PAN. Records show that the Petitioner received a copy of the PAN dated December 23, 2013 on January 7, 2014. Thus, the Petitioner has 15 days or until January 22, 2014 within which to file a reply or protest against the PAN. Prior to the lapse of the fifteen-day period within which Petitioner can respond to the PAN, Petitioner received the Formal Letter of Demand (FLD) dated January 13, 2014 and FAN on the same day. Notably, the BIR did not even wait for the Petitioner to reply to the PAN before issuing the FLD and FAN on January 13, 2014. Therefore, the assessment notices were issued by the BIR even before the lapse of the fifteen-day period within which the Petitioner could file a reply or protest to the PAN. Consequently, the Petition was GRANTED resulting in the CANCELLATION of the assessment. [SOLUTIONS RENEWABLE ENERGY, INC. VS COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 8974, JULY 9, 2020]
MOA CANNOT BE REGARDED AS A VALID LOA WITHIN THE CONTEXT OF LAW AND REGULATIONS
Petitioner Jed Marketing Corporation filed a Petition for Review seeking for the cancellation of the assessment issued by the Respondent CIR. Petitioner argued that the absence of a validly issued LOA authorizing a different Revenue Officer (RO) to audit the Petitioner’s records renders the present assessment void. In ruling, the Court cited Revenue Memorandum Circular (RMC) No. 43-90 which provides that the continuation of audit by an RO other than the officer named in a previous LOA, requires the issuance of a new LOA. In the present case, a MOA was issued instead of an LOA. The said MOA cannot be regarded as a valid LOA within the context of the law and regulations. It is clear in the language of RMC No. 43-90 that any re-assignment/transfer of cases to another RO shall require the issuance of a new LOA. The absence of an LOA authorizing the RO to audit Petitioner rendered the assessment void. Thus, Petition was DENIED. [JED MARKETING CORPORATION VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9709, JULY 9, 2020]
WHEN ONE PARTY TO THE LOAN AGREEMENT IS, HOWEVER, EXEMPTED FROM TAX, THE OTHER PARTY NOT EXEMPT SHALL BE DIRECTLY LIABLE FOR THE DST
Petitioner South Negros Biopower, Inc. filed a Petition for Review seeking for refund on its alleged erroneously paid DST. Petitioner argued that its loan agreement with International Finance Corporation (IFC) is exempt from DST, thus, making its DST payment erroneous. In ruling, the Court discussed that DST is levied on the exercise by person of certain privileges conferred by law for the creation, revision or termination of specific legal relationships through the execution of specific instrument. The DST due on loan agreement shall be paid by the person making, signing, issuing, accepting or transferring the instrument. When one party to the loan agreement is, however, exempted from tax, the other party not exempt shall be directly liable for the DST. Since IFC is immune from the liability for the collection or payment of any tax or duty, Petitioner, being the other party to the transaction who is not exempt from tax, is directly liable to pay the DST. Simply put, Petitioner’s payment of DST is not erroneous as Petitioner was the party liable to pay the same pursuant to the Loan Agreement and the clear language of law. Thus, Petition was DENIED. [SOUTH NEGROS BIOPOWER, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9921, JULY 8, 2020]
[TAXPAYER CONSIDERED AS A BUSINESS LEAGUE UNDER SECTION 30 (F) OF THE TAX CODE BUT WAS STILL SUBJECTED TO INCOME TAX FOR FAILURE TO DETERMINE SOURCE OF INCOME] [ANNUAL MEMBERSHIP FEES ARE NOT SUBJECT TO VAT BUT REGISTRATION FEES AND SPONSORSHIP FEES ARE CONSIDERED VATABLE] [THE COURT HAS NO JURSIDICTION TO COMPEL A TAXPAYER TO PAY COMPROMISE PENALTY BECAUSE BY ITS VERY NATURE, IT IMPLIES MUTUAL AGREEMENT BETWEEN PARTIES]
Petitioner Contact Centers Association of the Philippines, Inc. filed a Petition for Review seeking for the cancellation of the assessment issued by Respondent CIR. Petitioner argued that it is exempt from income tax because it falls under the purview of Section 30 (F) of the 1997 Tax Code. In ruling, the Court held that in order to be exempt under Section 30 (F) of the 1997 Tax Code ,the following requirements should be met; (1) business league is not organized for profit; (2) no part of its net income inure to the benefit of any individual; and (3) the income must not be from any properties, real or personal, or from any activities conducted for profit. Scrutiny of the Articles of Incorporation revealed that Petitioner is considered a business league not conducted for profit. On VAT assessment, Petitioner argued that it is not liable to pay such tax since its receipts are not derived in the course of trade or business. However, the court is not convinced. Notwithstanding the Petitioner’s classification as a business league, it should provide sufficient evidence that the payments received operate to be used for the furtherance of the association only. Scrutiny of documents revealed that (1) annual membership fees should not be taxed since these do not constitute income but merely a return of capital; (2) registration fees collected from non-members is considered a sale of service, the latter being permitted to join and participate in events of the Petitioner; (3) Sponsorship fees collected is considered a sale of service since sponsorships were in exchange for some benefits relative to the sponsor’s participation; and (4) other collections received should be taxed for failure to provide proof that the same should not be or are already subjected to VAT. For the imposition of compromise penalty, the same should be cancelled since such amounts are only suggested in settlement of criminal liability and may not be imposed or exacted on the Petitioner in the event that it refuses to pay the same. Compromise penalty implies mutual agreement between the parties. Since the Petitioner did not agree to settle the same, the compromise should not be imposed. Thus, the Petition was PARTIALLY GRANTED. [CONTACT CENTERS ASSOCIATION OF THE PHILIPPINES, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9666, JULY 8, 2020]
[SALES AND PURCHASES COMING FROM DATA RELIEF MUST BE FURTHER CONFIRMED AND VERIFIED] [AUTHORITY OF THE BIR TO EXAMINE MUST BE COVERED ONLY BY WHAT IS INDICATED IN THE LOA] [CWT MUST BE CLAIMED IN THE SAME QUARTER]
Petitioner CIR filed a Petition for Review seeking to reverse the CTA Special Second Division’s earlier decision cancelling the assessment issued against the Respondent Ayala Property Management Corporation. On findings on the disallowance of excess tax credit from Taxable Year (TY) 2008 amounting to Php 68,437,216, Petitioner argued that Respondent failed to refute the issue in its protest letter in the administrative level and in the Petition decided by CTA Special Second Division. In ruling, the Court held that since the disallowance of excess tax credits is not an item in the Petitioner’s assessment, and was not included in the details of discrepancies, the authority of the Petitioner to examine covers only TY 2009 and cannot assess TY 2008 considering the tax benefit will be in succeeding year. On findings of unaccounted income resulting from matching of Summary List of Purchases (SLP) of third parties vis-à-vis Summary List of Sales (SLS) of the Respondent, Revenue Memorandum Order (RMO) No. 4-03 requires the verification of the amounts reflected in the Summary List of Sales and Purchases (SLSP) with confirmation from third parties and other externally sourced data. On the disallowance of CWT due to timing difference, Respondent argued they it had no opportunity to use them in TY 2008 since CWTs were only issued in TY 2009. However, the Court was not convinced in the argument of Respondent and explained that creditable taxes withheld must be claimed as credit against the income tax liability in the same quarter of the taxable year in which it was earned. Thus, the Court PARTIALLY GRANTED the Petition with modification and affirmation of the Petitioner’s disallowance of out-of-period CWT. [COMMISSIONER OF INTERNAL REVENUE VS. AYALA PROPERTY MANAGEMENT CORPORATION, CTA EN BANC NO. 2053, JULY 7, 2020]
APPLICABILITY OF DOCTRINE OF APPARENT AUTHORITY OR OSTENSIBLE AGENCY AMPLIFIED
Petitioners Makati City and its City Treasurer Nelia A. Barlis filed a Petition for Review seeking reversal of the Court in Division’s earlier decision cancelling the Local Business Tax (LBT) assessment of Respondent Destiny Cable, Inc. due to the Petitioner’s failure to properly serve the Notice of Assessment (NOA). In ruling, the Court applied the Principle of Apparent Authority or Ostensible Agency which provides that a corporation is estopped form denying agent’s authority if it knowingly permits one of its officers or agent to act within the scope of an apparent authority. Evidently, not even one of the cited elements was met, to wit: (a) the acts of Respondent justifying belief in the agency by Petitioners; (b) knowledge thereof by Respondent which is sought to be held; and, (c) reliance thereon by Petitioner consistent with ordinary care and prudence. The record is bereft of any proof showing that Respondent committed any overt act that would induce belief that agency exists between Respondent and Mr. Grafin or created any incident that would promote suspicion that Mr. Grafin was bestowed with authority to receive the NOA in behalf of Respondent. Moreover, Petitioners did not even attempt to rectify the errors committed despite having been subsequently provided by Mr. Grafin with the correct address of Respondent and details of its authorized representative. Thus, Petitioners failed to validly serve the NOA effectively depriving Respondent of its right to be informed of the questioned assessment and to contest the same, justifying the cancellation of LBT assessment. Consequently, the Petition was GRANTED resulting in the CANCELLATION of the assessment. [THE CITY OF MAKATI AND HONORABLE NELIA A. BARLIS, IN HER CAPACITY AS CITY TREASURER VS. DESTINY CABLE, INC., CTA EN BANC CASE NO. 1890, JULY 1, 2020]
IX. TAX AND BUSINESS-RELATED NEWS [JULY 18-24]
- ‘Number coding’ system, limited ‘walk-in’ at SSS branches in place to curb virus spread
- Cebu Landmasters says 100-hectare reclamation project gets DENR nod
- New US jobless claims rise to 1.42 million amid COVID-19 surge
- Emirates to cover virus-related medical costs
- DOF: PH still has margin of freedom to borrow in virus fight
- Foreign investments continued sharp downtrend in April
- Marcos wants PPE, medical supply manufacturers exempted from some taxes
- Nike to cut jobs, boost direct-to-consumer venture
- Korea revises tax rules to respond to post-coronavirus economy
- First-half budget deficit swelled as COVID-19 dole outs hiked gov’t spending
- ANALYSIS: FDI and remittance flows into the Philippines are drying up
- LRT-2 to end trips early from July 27 to Aug. 2
- Kapa founder Joel Apolinario arrested in Surigao del Sur
- Marked tax-paid fuel breached 10 billion liters in mid-July
- World facing bankruptcy time bomb: study
- US antitrust regulator may question Facebook chief: report
‘Number coding’ system, limited ‘walk-in’ at SSS branches in place to curb virus spread [ABS-CBN News, July 24, 2020]
State pension fund the Social Security System (SSS) said Friday, a “number coding system” is in place to handle member transactions aimed at regulating the number of people at its branches to prevent further spread of the virus.
Cebu Landmasters says 100-hectare reclamation project gets DENR nod [ABS-CBN News, July 24, 2020]
Cebu Landmasters Inc. said Friday its 100-hectare reclamation project in Cebu City received an environmental compliance certificate (ECC) after a 2-year review period.
New US jobless claims rise to 1.42 million amid COVID-19 surge [ABS-CBN News, July 23, 2020]
Claims for government benefits by newly unemployed American workers rose to 1.42 million last week, the Labor Department said Thursday, reversing weeks of declines as coronavirus cases skyrocket nationwide.
Emirates to cover virus-related medical costs [ABS-CBN News, July 23, 2020]
Emirates, the largest airline in the Middle East, will cover customers’ coronavirus-related medical costs in a bid to “boost travel confidence,” the Dubai Media Office reported Thursday.
Source: https://news.abs-cbn.com/business/07/23/20/emirates-to-cover-virus-related-medical-costs
DOF: PH still has margin of freedom to borrow in virus fight [Philippine Daily Inquirer, July 23, 2020]
With the share of the Philippines’ foreign debt to its economy relatively low compared to most of its Asian neighbours, the government could afford to borrow more in its fight against the new coronavirus disease (COVID-19), the Department of Finance (DOF) said.
Foreign investments continued sharp downtrend in April [Philippine Daily Inquirer, July 23, 2020]
The amount of long-term equity investments entering the Philippines from abroad declined sharply in April, extending a downtrend experienced in the first quarter, which the central bank attributed to the onset of the coronavirus pandemic.
Marcos wants PPE, medical supply manufacturers exempted from some taxes [ABS-CBN News, July 23, 2020]
Sen. Imee Marcos on Thursday pushed to exempt local medical supply manufacturers from some taxes to ensure that Filipino-owned businesses would be more competitive against their international counterparts amid the coronavirus disease 2019 (COVID-19) crisis.
Nike to cut jobs, boost direct-to-consumer venture [ABS-CBN News, July 23, 2020]
Nike said Wednesday it expects to cut jobs as it announced a slew of new executive appointments to accelerate direct-to-consumer initiatives amid the coronavirus pandemic.
Source: https://news.abs-cbn.com/business/07/23/20/nike-to-cut-jobs-boost-direct-to-consumer-venture
Korea revises tax rules to respond to post-coronavirus economy[Philippine Daily Inquirer, July 22, 2020]
South Korea on Wednesday unveiled a set of revised taxation rules aimed at better dealing with the widening economic gap and altered tax realities under the COVID-19 context.
First-half budget deficit swelled as COVID-19 dole outs hiked gov’t spending [Philippine Daily Inquirer, July 22, 2020]
The national government’s budget deficit swelled by 1,214 percent to P560.4 billion during the first half as COVID-19-related expenditures jacked up public spending, and even as the fiscal gap swung to a surplus for the first time in 12 years during the month of June due to the extended tax-payment deadline.
ANALYSIS: FDI and remittance flows into the Philippines are drying up [ABS-CBN News, July 22, 2020]
Foreign Direct Investments (FDIs) entering into the Philippines are drying up at an alarming rate. Data from the Bangko Sentral ng Pilipinas shows FDI inflows declined by 67.9 percent year on year in April.
LRT-2 to end trips early from July 27 to Aug. 2 [ABS-CBN News, July 22, 2020]
The Light Rail Transit Authority said Wednesday the LRT-2 line would end trips early from July 27 until Aug. 2 to give way to the installation of new power cables.
Source: https://news.abs-cbn.com/business/07/22/20/lrt-2-to-end-trips-early-from-july-27-to-aug-2
Kapa founder Joel Apolinario arrested in Surigao Del Sur [ABS-CBN News, July 21, 2020]
KAPA Community Ministry International Founder Joel Apolinario has been arrested in Lingig, Surigao del Sur for syndicated estafa, an official confirmed Tuesday.
Source: https://news.abs-cbn.com/business/07/21/20/kapa-founder-joel-apolinario-arrested-in-surigao-del-sur
Marked tax-paid fuel breached 10 billion liters in mid-July [Philippine Daily Inquirer, July 20, 2020]
The government has collected excise taxes and import duties from over 10 billion liters of oil products as of mid-July through the fuel marking program.
World facing bankruptcy time bomb: study [ABS-CBN News, July 20, 2020]
Governments around the world are scrambling to save companies battered by coronavirus lockdowns but the world is nevertheless facing a massive surge in bankruptcies by a third, a study conducted by a trade insurance firm said Monday.
Source: https://news.abs-cbn.com/business/07/20/20/world-facing-bankruptcy-time-bomb-study
US antitrust regulator may question Facebook chief: report [ABS-CBN News, July 18, 2020]
US regulators may question Facebook chief Mark Zuckerberg and his right-hand executive to determine if the social network has broken monopoly laws, according to a Wall Street Journal report Friday.
Source: https://news.abs-cbn.com/business/07/18/20/us-antitrust-regulator-may-question-facebook-chief-report
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