BIR ENHANCES CHATBOT-REVIE, WHICH NOW INCLUDES TIN VERIFICATION/VALIDATION, RDO FINDER & eCOMPLAINT
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [NOVEMBER 16-21]
- BIR ENHANCES CHATBOT-REVIE, WHICH NOW INCLUDES TIN VERIFICATION/VALIDATION, RDO FINDER & eCOMPLAINT
- BIR CLARIFIES ISSUES RELATIVE TO THE IMPLEMENTATION OF RR NO. 13-2022 ON THE INCOME TAX TREATMENT OF EQUITY-BASED COMPENSATION
1. TAX & BUSINESS-RELATED NEWS [NOVEMBER 16-21]
- ERC eyes suspension of FIT-All charges
- Salceda shrugs off report on replacing Diokno as DOF chief
- DoubleDragon targets over $137M in sales from Japan condotel
- Grab Philippines, SSS, PhilHealth, Pag-IBIG launches social protection program for driver- and delivery-partners
- Megaworld to build P15-B township, gaming complex at former Manila racetrack
- Honest Parañaque employee who returned taxpayer’s money gets promoted
- Peza eyes 13 new ecozones
- IKEA Pasay City offers up to 50 pct off on select items to celebrate 1st anniversary
- Asia embraces work from home but bosses say no to four-day week
- DOE seeks revision of foreign investment negative list
- Prelude to exit: Dennis Uy to consolidate Conti’s, Wendy’s under P3.4B food company
- CSC may soon conduct licensure exams online, regionalized like SC’s Bar exams
- Higher operating expenses curbed Phinma’s 9-month profit
- Anyare? Ayala group drops BPI to move to ‘more advanced stock transfer agent’
- 3 Metro Manila subway segment deals to be awarded next year
- DOE chief wants Napocor to explore nuclear energy
- Lucio Co’s PBCOM achieves universal bank status
- ‘Allow people to leave the company with dignity’: How Airbnb CEO’s pandemic layoffs stand in stark contrast to Meta and Twitter
- SPNEC finds site for world’s largest solar farm
- Amazon confirms it has begun laying off employees
- Office vacancy rates in MM still elevated in Q3
- Cebu-based firm allegedly used Japanese firm’s computer program without permission
- BIR issues vape law tax guidelines
- Moody’s shutting consulting business in China, cutting staff
- Insurance industry seen to benefit from revenge travel, reopening economy: stakeholder
- Sorry na: SMC Infra waives toll fees as RFID glitch causes expressway traffic jam
- No jowa, no problem: Fast food chain to set up ‘Single VIP’ section for 5 days
- Grab PH, driver partners co-develop commission scheme
ERC eyes suspension of FIT-All charges [Inquirer Mobile, November 21, 2022]
The FIT-All is one of the components of the electricity bill that is collected from all power consumers and used to subsidize eligible renewable energy power producers. The proceeds go to a fund managed by the state-run National Transmission Corp. (TransCo).
Salceda shrugs off report on replacing Diokno as DOF chief [CNN Philippines, November 21, 2022]
In a statement on Monday, Salceda said only President Ferdinand Marcos Jr. can decide on Cabinet appointments.
https://www.cnnphilippines.com/news/2022/11/21/Salceda-shrugs-off-report-replacing-DOF-chief-.html
DoubleDragon targets over $137M in sales from Japan condotel [Inquirer Mobile, November 21, 2022]
Listed property developer DoubleDragon Corp. expects to generate over $137 million in sales from its first overseas project, the Hotel 101 in Niseko, Hokkaido in Japan, marking the beginning of an aggressive international strategy.
Grab Philippines, SSS, PhilHealth, Pag-IBIG launches social protection program for driver- and delivery-partners [Manila Bulletin, November 21, 2022]
In celebration of the Buwan ng Tagapaghatid, and to recognize the invaluable trust and support of its driver-partners, Grab Philippines–together with the Philippine Health Insurance Corporation (PhilHealth), Social Security System (SSS), and Pag-IBIG Fund–announces its Social Protection Program which aims to help create a stronger social safety net for Grab driver- and delivery-partners in the Philippines, by supporting , educating, and connecting Grab partners to various social welfare services of the government.
Megaworld to build P15-B township, gaming complex at former Manila racetrack [Philippine Daily Inquirer, November 21, 2022]
Tan-led Megaworld Corp. announced plans on Monday to build an Old Manila-themed estate to be called Winford Resort on a three-hectare land in the San Lazaro Tourism and Business Park.
Honest Parañaque employee who returned taxpayer’s money gets promoted [Manila Bulletin, November 21, 2022]
The city government of Parañaque rewarded and gave instant promotion to an honest employee for returning P30,000 to a taxpayer who left the money while settling her taxes at the City Hall on Nov. 17.
https://mb.com.ph/2022/11/21/honest-paranaque-employee-who-returned-taxpayers-money-gets-promoted/
Peza eyes 13 new ecozones [Philippine Daily Inquirer, November 21, 2022]
Currently, there are about 420 economic zones strewn across the Philippines, 10 percent or about 40 of which are located in Mindanao.
https://business.inquirer.net/373967/peza-eyes-13-new-ecozones
IKEA Pasay City offers up to 50 pct off on select items to celebrate 1st anniversary [ABS-CBN News, November 21, 2022]
From Nov. 21 to Nov. 25, shoppers can avail of up to 50 percent discount on IKEA home furnishings and select food offerings at the Swedish restaurant, Bistro and Cafe, it said.
https://news.abs-cbn.com/business/11/21/22/ikea-pasay-offers-discounts-on-1st-anniversary
Asia embraces work from home but bosses say no to four-day week [Bloomberg, November 20, 2022]
The number of Asian businesses expecting employees to spend their entire working life operating from an office has plummeted during the pandemic, in a pivot to hybrid working that looks here to stay.
https://sg.finance.yahoo.com/news/asia-embraces-home-bosses-no-201717392.html
DOE seeks revision of foreign investment negative list [The Philippine Star, November 21, 2022]
The Department of Energy (DOE) will seek for the revision of the foreign investment negative list to reflect the opening of the renewable energy sector to full foreign ownership.
Prelude to exit: Dennis Uy to consolidate Conti’s, Wendy’s under P3.4B food company [Bilyonaryo, November 20, 2022]
Babbler said Uy has been negotiating with several investors for his food business but they could not agree on the price or mode of sale.
CSC may soon conduct licensure exams online, regionalized like SC’s Bar exams [Manila Bulletin, November 20, 2022]
“In line with our vision to transition from the conventional pen-and paper examinations, the Commission plans to introduce digitalized and localized examinations for the CSC-PPT [Civil Service Examinations – Pen and Paper Test] sustaining the momentum of the digital shift pioneered by the Supreme Court…,” Nograles said in his letter.
Higher operating expenses curbed Phinma’s 9-month profit [Inquirer Mobile, November 19, 2022]
Diversified conglomerate Phinma Corp. said profits in the first nine months of the year slowed as higher costs at its education and construction materials segments blunted overall growth in revenues.
Anyare? Ayala group drops BPI to move to ‘more advanced stock transfer agent’ [Bilyonaryo, November 19, 2022]
Three publicly-listed subsidiaries of Ayala – ACE Enexor (ACEX), ACEN and AREIT – announced that they were dropping BPI Stock Transfer Office (BPI STO) on January 31, 2023.
3 Metro Manila subway segment deals to be awarded next year [Inquirer Mobile, November 19, 2022]
Three construction packages of the 33-kilometer Metro Manila Subway project are set to be awarded next year, according to a Department of Transportation (DOTr) official.
DOE chief wants Napocor to explore nuclear energy [Inquirer Mobile, November 19, 2022]
Energy Secretary Raphael Lotilla has urged the state-owned National Power Corp. (Napocor) to consider tapping nuclear energy to sustain its mandate of supplying electricity to far-flung areas.
Lucio Co’s PBCOM achieves universal bank status [Inquirer Mobile, November 19, 2022]
Tycoon Lucio Co’s Philippine Bank of Communications (PBCOM) has obtained a key universal banking license, allowing it to offer the same services as the country’s top lenders.
‘Allow people to leave the company with dignity’: How Airbnb CEO’s pandemic layoffs stand in stark contrast to Meta and Twitter [Yahoo Finance, November 18, 2022]
A senior Twitter engineer was apparently fired via tweet by Elon Musk after the two tussled briefly on the app about Twitter on Android.
https://finance.yahoo.com/news/allow-people-leave-company-dignity-154904336.html
SPNEC finds site for world’s largest solar farm [Inquirer Mobile, November 18, 2022]
SP New Energy Corp. (SPNEC), the listed entity of Leandro Leviste’s Solar Philippines Power Project Holdings Inc., has secured 2,000 hectares of land bordering Nueva Ecija and Bulacan for a project dubbed the “largest solar farm” in the world.
Amazon confirms it has begun laying off employees [ABS-CBN News, November 18, 2022]
US media have previously reported that the platform and its various branches will lay off about 10,000 employees.
https://news.abs-cbn.com/business/11/18/22/amazon-confirms-it-has-begun-laying-off-employees
Office vacancy rates in MM still elevated in Q3 [Inquirer Mobile, November 18, 2022]
Vacancy rates in Metro Manila’s premium office space market continued to hover in the double digits in the third quarter of this year, as landlords stuck to high rates that left “large gaps” between bids and asking rents.
Cebu-based firm allegedly used Japanese firm’s computer program without permission [Cebu Daily News, November 18, 2022]
The NBI-CEBDO on Nov. 15, implemented a Warrant to Search, Seize, and Examine Computer Data (WSSECD), against the owners, employees, and occupants of a company in Apas Barangay Lahug, Cebu City for alleged illegal access.
https://cebudailynews.inquirer.net/475475/nbi-raids-firm-in-apas-seizes-computers-devices
BIR issues vape law tax guidelines [ABS-CBN News, November 18, 2022]
“BIR will have exclusive jurisdiction over taxpayer registration, setting the products’ floor price, drafting and publication of revenue regulations covering vape items,” Tolentino said.
https://news.abs-cbn.com/business/11/18/22/bir-issues-vape-law-tax-guidelines
Moody’s shutting consulting business in China, cutting staff [Inquirer Mobile, November 18, 2022]
Moody’s Corp is shutting its China consulting business and is laying off people associated with the unit in multiple locations across the country, two people with knowledge of the matter said on Friday.
Insurance industry seen to benefit from revenge travel, reopening economy: stakeholder [ABS-CBN News, November 18, 2022]
The insurance industry will benefit from the post-pandemic reopening of the economy that is fueling revenge travel and spending, FPG Insurance Chief Underwriting Officer Sharon Navarro said on Friday.
Sorry na: SMC Infra waives toll fees as RFID glitch causes expressway traffic jam [Bilyonaryo, November 17, 2022]
Bilyonaryo Ramon Ang’s San Miguel Infrastructure apologized to thousands of motorists who endured hours of bumper to bumper traffic along South Luzon Expressway and Skyway due to an RFID system glitch.
No jowa, no problem: Fast food chain to set up ‘Single VIP’ section for 5 days [ABS-CBN News, November 17, 2022]
In a statement, McDonald’s Philippines said customers can access the Single VIP section by redeeming any of its “Single 11” deals in participating branches through the fast food chain’s mobile app. They will be given a “golden ticket,” which they can use in the area.
https://news.abs-cbn.com/life/11/17/22/fast-food-chain-to-set-up-single-vip-section
Grab PH, driver partners co-develop commission scheme [Manila Bulletin, November 16, 2022]
Grab issued the statement after national president of Laban TNVS Jun De Leon opposed the Grab’s alleged 2-percent commission rate increase scheduled to be implemented on Dec. 1, 2022.
https://mb.com.ph/2022/11/16/grab-ph-driver-partners-co-develop-commission-scheme/
2. BIR ENHANCES CHATBOT-REVIE, WHICH NOW INCLUDES TIN VERIFICATION/VALIDATION, RDO FINDER & eCOMPLAINT
Revenue Memorandum Circular (RMC) No. 146-2022, issued on November 10, 2022, circularizes the availability of Tax Identification Number (TIN) verification/validation, Revenue District Office (RDO) finder, and eComplaint facility in the newly enhanced BIR’s Digital Assistant Chatbot-Revie which was initially launched in June 2021. Taxpayers utilizing the facility will also have the option to chat with a live agent in case they need further clarification on the answers provided by Revie.
3. BIR CLARIFIES ISSUES RELATIVE TO THE IMPLEMENTATION OF RR NO. 13-2022 ON THE INCOME TAX TREATMENT OF EQUITY-BASED COMPENSATION
Revenue Memorandum Circular (RMC) No. 143-2022, issued on November 9, 2022, clarifies several issues relative to the implementation of Revenue Regulation (RR) No. 13-2022 on the income tax treatment of equity-based compensation granted by employers to its employees.
Highlights include:
- The effectivity date of RR No. 13-2022 is October 29, 2022, which shall be applied prospectively. Thus, any exercise or availment by employee-grantee (whether rankand-file or occupying a managerial or supervisory position) of the granted equity-based compensation on or after October 29, 2022, shall be considered as compensation, which shall be subject to Withholding Tax on compensation.
- Neither Capital Gains Tax (CGT) nor Documentary Stamp Tax (DST) shall be imposed upon grant of equity-based compensation, whether with or without an option price (which is, for the avoidance of doubt, different from the exercise price) since there is no realized capital gain on the part of the employer-grantor.
- Sale, barter, or exchange by employee-grantee of the granted equity-based compensation shall be considered as sale, barter, or exchange of non-listed stocks and shall be subject to the ordinary rules of CGT (if the sale or transfer is with consideration) or donor’s tax (transfer is without consideration).
- Upon exercise of equity-based compensation, the difference between the book value/fair market value (FMV) of shares, whichever is higher, at the time of the exercise of the equity-based compensation and the price fixed on the grant date shall be considered as additional compensation and shall be subject to withholding tax on compensation.
- DST will apply only to the actual issuance of shares to employees.
- Employers must submit the following BIR Forms starting in November 2022 for equity-based remuneration exercised on or after October 29, 2022: (1) BIR Form No. 1601C; (2) BIR Form No. 1604C; and (3) BIR Form No. 2316.
- Employers must still submit the following tax returns within the statutory deadlines for equity-based remuneration exercised by employees in managerial or supervisory positions prior to the effective date of RR No. 13-2022: (1) BIR Form No. 1603Q; (2) BIR Form No. 1604F; and(3) BIR Form No. 2306.
- Following the grant and/or exercise of share-based remuneration, the employer-grantor is obliged to submit to its registered Revenue District Office (RDO) a statement under oath containing the required information specified in Sec. IV of the Circular.
- The reportorial requirement shall be submitted within thirty (30) days from the grant date or ten (10) days of the month after the exercise date, whichever is applicable.
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