PHILHEALTH REMINDER ON THE 2023 INCREASE IN PREMIUM CONTRIBUTION SCHEDULE
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [DECEMBER 21-27]
- PHILHEALTH REMINDER ON THE 2023 INCREASE IN PREMIUM CONTRIBUTION SCHEDULE
- BIR ISSUES THE REVISED ALPHALIST FORMAT OF BIR FORM 1604-C
- CTA CASE ON THE BIR’S PRELIMINARY COLLECTION LETTER & IMPROPER SERVICE OF ASSESSMENT NOTICE
1. TAX & BUSINESS-RELATED NEWS [DECEMBER 21-27]
- Philippines projected to be 27th biggest economy by 2037
- GCash warns users vs scam as SIM registration law begins
- PLDT in talks to cancel some projects to cut P48-B excess spending
- Philippines: 400,000 seafarers at risk of sailing ban
- NFTs gaining ground in PH; Heart Evangelista enters market
- SEC sues illegally operating online lending platforms
- Ricky Razon shells out P507 million to buy out Marubeni’s stake in Batangas Terminal
- More restaurants, new concepts: Bistro Group shares plans for 2023
- Tourism chief suspends layoffs at Duty Free Philippines
- Imee files ‘fruit salad’ bills
- Palace: BIR, BOC revenue collections hit P3.2 trillion in 2022, exceed target
- BIR lowers income tax rate for individual, single proprietor taxpayers
- From $250,000 to $10,000 price calls: How market watchers got it wrong with bitcoin in 2022
- Dr. Martens to permanently close stores in the Philippines
- PH urged to fill in garment orders seen leaving Vietnam
- Metro Pac, LR Group to build P2-B modern dairy farm in Laguna
- Eagle Cement to delist shares after P110-B SMC buyout
- Meralco asks CA to deny SMC unit plea to suspend power deal
- SEC payment channels going fully digital in 2023
- Baguio tourists given first crack at Good Shepherd ube
- Trump’s lawyers called this accounting firm “negligent,” but the IRS believed it ensured his taxes were accurate
- Contribution rate increase boosts SSS fund life by 22-yrs
- PH to levy higher tax on Vietnam cement to protect local industry
- DTI eyes 3-year extension of CARS program
- CLLEX to reach Aliaga, Nueva Ecija by first half of 2023
- BOI breaks 2-yr decline with P 729B in approved investments in 2022
- Only 16 Korean companies listed in Fortune Global 500
- Baguio folk negotiate access through airport as flights begin
- DOST pitches use of locally-developed trains at NAIA terminals
- BIR commissioner leads seizure of thousands of falsified receipts, invoices, business documents
Philippines projected to be 27th biggest economy by 2037 [BusinessWorld, December 27, 2022]
“With the world’s 12th largest population at more than 110 million, coupled with the majority of the population already at working age, could lead to increased incomes and spending power that could lead to faster economic growth,” Mr. Ricafort said.
GCash warns users vs scam as SIM registration law begins [ABS-CBN News, December 27, 2022]
GCash said it has been receiving reports that some telco subscribers are getting messages that their accounts have been restricted if they don’t pre-register their SIM card.
https://news.abs-cbn.com/business/12/27/22/gcash-warns-users-vs-scam-sim-registration-links
PLDT in talks to cancel some projects to cut P48-B excess spending [The Philippine Star, December 27, 2022]
In a regulatory filing on Tuesday, the telco giant said the possible cancellations would cover “certain portions of delayed projects” that have not been started or completed. The company is also asking some vendors for discounts to help cut its overspending.
Philippines: 400,000 seafarers at risk of sailing ban [ABS-CBN News, December 27, 2022]
More than 400,000 Filipino seafarers have been on edge since an audit conducted by the European Maritime Safety Agency, or EMSA, indicated that the Philippines has not been complying with international maritime safety standards. EMSA is charged with reducing the risks of maritime accidents, marine pollution from ships and loss of human lives at sea.
https://news.abs-cbn.com/news/12/27/22/philippines-400000-seafarers-at-risk-of-sailing-ban
NFTs gaining ground in PH; Heart Evangelista enters market [Philippine Daily Inquirer, December 27, 2022]
By definition NFTs are unique and cannot be replaced with something else, like a painting cannot be replaced with the exact same painting unlike currency where one peso can be traded with another one. It is this uniqueness, the fact that one NFT is unique that helps drive the value.
https://business.inquirer.net/379565/nfts-gaining-ground-in-phheart-evangelista-enters-market
SEC sues illegally operating online lending platforms [The Philippine Star, December 27, 2022]
The Securities and Exchange Commission has filed raps against Suncash Lending Investors Corp., UCash Lending Investors Corp., Suncredit.ph Finance Corp., and ECredit Finance Inc. for operating illegal online lending platforms.
Ricky Razon shells out P507 million to buy out Marubeni’s stake in Batangas Terminal [Bilyonaryo, December 27, 2022]
Ports tycoon Enrique “Ricky” Razon has gobbled up the 20 percent stake of Japan’s Marubeni in Bauan International Port, Inc. (BIPI).
More restaurants, new concepts: Bistro Group shares plans for 2023 [ABS-CBN News, December 26, 2022]
The Bistro Group is ending the year with a total of 136 stores nationwide, and is planning to open more restaurants in the first quarter of 2023.
https://news.abs-cbn.com/life/12/26/22/bistro-group-shares-plans-for-2023
Tourism chief suspends layoffs at Duty Free Philippines [Cebu Daily News, December 26, 2022]
The United Workers of Duty Free Philippines (UWDFP) said Tourism Secretary Christina Frasco has agreed to stay plans for an organizational “rightsizing” that would cut down personnel from about 1,000 to only 345.
https://cebudailynews.inquirer.net/481687/tourism-chief-suspends-layoffs-at-duty-free-philippines
Imee files ‘fruit salad’ bills [The Philippine Star, December 25, 2022]
Now pending are Senate Bills 1256 (Pineapple Export Act of 2022), 1255 (Moringa Development Act), 1254 (Dragon Fruit Development Act) and 1253 (Mango Export Act of 2022) to call on authorities to protect and promote the respective industry.
https://www.philstar.com/headlines/2022/12/25/2233201/imee-files-fruit-salad-bills
Palace: BIR, BOC revenue collections hit P3.2 trillion in 2022, exceed target [ABS-CBN News, December 25, 2022]
Press Undersecretary Cheloy Garafil said that based on figures from the Department of Finance, BIR and BOC revenue collections have already exceeded by 2.2 percent the full-year 2022 target set by the Development Budget Coordination Committee.
https://news.abs-cbn.com/business/12/25/22/palace-bir-boc-revenues-hit-p32-t-above-2022-target
BIR lowers income tax rate for individual, single proprietor taxpayers [Manila Bulletin, December 24, 2022]
BIR Commissioner Romeo D. Lumagui, Jr. said the lower tax schedule is prescribed by the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
https://mb.com.ph/2022/12/24/bir-lowers-income-tax-rate-for-individual-single-proprietor-taxpayers/
From $250,000 to $10,000 price calls: How market watchers got it wrong with bitcoin in 2022 [CNBC, December 24, 2022]
2022 marked the start of a new “crypto winter,” with high-profile companies collapsing across the board and prices of digital currencies crashing spectacularly. The events of the year took many investors by surprise and made the task of predicting bitcoin’s price that much harder.
https://www.cnbc.com/2022/12/23/bitcoin-price-calls-in-2022-how-the-market-got-it-wrong.html
Dr. Martens to permanently close stores in the Philippines [GMA News Online, December 24, 2022]
In a Facebook post, the footwear and clothing brand said their last day of operations in the Philippines is on December 31.
PH urged to fill in garment orders seen leaving Vietnam [Philippine Daily Inquirer, December 24, 2022]
A local trade association said the Philippines should take advantage of the anticipated flight of foreign orders of garments and other apparel from Vietnam due to counterfeiting issues, citing that local producers can fill a portion of the demand estimated to be worth P500 million a year.
https://business.inquirer.net/379363/ph-urged-to-fill-in-garment-orders-seen-leaving-vietnam
Metro Pac, LR Group to build P2-B modern dairy farm in Laguna [Inquirer Mobile, December 23, 2022]
Manuel V. Pangilinan-led Metro Pacific Investments Corp. formed a P2-billion venture with Israel’s LR Group to help modernize the country’s dairy industry.
Eagle Cement to delist shares after P110-B SMC buyout [Inquirer Mobile, December 23, 2022]
Eagle, which went public in 2017, operates a fully integrated cement plant in San IIdefonso, Bulacan, with an annual production capacity of 8.6 million metric tons, equivalent to 215 million bags per year.
Meralco asks CA to deny SMC unit plea to suspend power deal [Inquirer, Mobile, December 23, 2022]
Meralco argued in its Dec. 21 motion that if the CA would grant the temporary restraining order (TRO) and writ of preliminary injunction sought by the power unit of conglomerate San Miguel Corp. (SMC), it would lead to the termination of their power supply deal, thus disrupting the supply of electricity and expose its 7.6 million customers to potentially higher power rates.
SEC payment channels going fully digital in 2023 [Inquirer Mobile, December 23, 2022]
The Securities and Exchange Commission (SEC) said all its offices will go fully digital with their payment channels starting February next year, although over-the-counter transactions can still be made with state-run Land Bank of the Philippines.
Baguio tourists given first crack at Good Shepherd ube [Philippine Daily Inquirer, December 23, 2022]
The move came following reports that Good Shepherd’s popular food products are being sold for almost twice the original price at different stores in the city and through online shopping platforms.
https://newsinfo.inquirer.net/1708011/baguio-tourists-given-first-crack-at-good-shepherd-ube
Trump’s lawyers called this accounting firm “negligent,” but the IRS believed it ensured his taxes were accurate [CBS News, December 22, 2022]
“The highly paid accounting firm should have routinely picked these things up – we relied on them. VERY UNFAIR!” Trump wrote.
Contribution rate increase boosts SSS fund life by 22-yrs [Manila Bulletin, December 22, 2022]
Starting Jan. 1, 2023, the SSS will then implement the third step of its four-tier contribution increase, with contribution rate increasing to 14 percent, up by one percentage point from the current 13 percent.
https://mb.com.ph/2022/12/22/contribution-rate-increase-boosts-sss-fund-life-by-22-yrs/
PH to levy higher tax on Vietnam cement to protect local industry [Inquirer Mobile, December 22, 2022]
An antidumping duty is a higher tax that a government imposes on imports to stop companies or brands from killing the local industry by selling at cheaper prices.
DTI eyes 3-year extension of CARS program [Inquirer Mobile, December 22, 2022]
Toyota Motor Philippines Corp. (TMPC) and Mitsubishi Motors Philippines Corp. (MMPC) qualified for incentives under the CARS program, which was signed in 2015 under an arrangement that both firms would locally produce 200,000 units of the Toyota Vios and the Mitsubishi Mirage models in a period of six years.
CLLEX to reach Aliaga, Nueva Ecija by first half of 2023 [Autoindustriya.com, December 22, 2022]
Last year, the Department of Public Works & Highways (DPWH) officially opened the first 18-km section of the toll-free Central Luzon Link Expressway (CLLEX). With it, motorists can now travel from Tarlac City in Tarlac to the intersection of Aliaga-Guimba Road in Aliaga, Nueva Ecija.
BOI breaks 2-yr decline with P 729B in approved investments in 2022 [Inquirer Mobile, December 22, 2022]
Most of the investment came from Singapore, comprising 57 percent of the total. This is followed by those from Japan at 22 percent, the United Kingdom at 7 percent, the United States at 3 percent, and the Virgin Islands and South Korea each at 2 percent.
Only 16 Korean companies listed in Fortune Global 500 [TheKoreaTimes, December 22, 2022]
According to an analysis released by the Federation of Korean Industries (FKI) on Thursday, only 16 local firms (3.2 percent) have been included in the world’s top 500 companies. It is not a big improvement compared to the 15 companies that made the Fortune Global 500 list last year.
https://www.koreatimes.co.kr/www/tech/2022/12/419_342227.html
Baguio folk negotiate access through airport as flights begin [Philippine Daily Inquirer, December 22, 2022]
Instead of informing them about the runway regulations through social media posts, “the Civilian Aviation Authority of the Philippines should have first sought from us, indigenous peoples, our free, prior and informed consent as required by the Indigenous Peoples Rights Act of 1997 (Republic Act No. 8371),” the resolution says.
https://newsinfo.inquirer.net/1707625/baguio-folk-negotiate-access-thru-airport-as-flights-begin
DOST pitches use of locally-developed trains at NAIA terminals [Philippine News Agency, December 22, 2022]
An executive of the Department of Science and Technology (DOST) on Thursday said the agency has proposed using locally-developed trains at the four terminals of the Ninoy Aquino International Airport (NAIA).
https://www.pna.gov.ph/articles/1191335
BIR commissioner leads seizure of thousands of falsified receipts, invoices, business documents [Inquirer.Net, December 21, 2022]
By virtue of reliable information, a Mission Order was issued to Brenterprise International, Inc., located in a condominium unit in Eastwood, Quezon City, for the conduct of surveillance for any violation of the National Internal Revenue Code.
2. PHILHEALTH REMINDER ON THE 2023 INCREASE IN PREMIUM CONTRIBUTION SCHEDULE
Pursuant to PhilHealth Circular 2020-005, the PhilHealth premium increase of 4.5% shall take effect for the Calendar Year 2023, for those with income floor of Php 10,000 and income ceiling of Php 90,000.
It may be recalled that pursuant to the Republic Act (R.A.) No. 11223, or the “Universal Health Care Act,” it aims to provide health insurance coverage for all citizens of the Philippines. Corollary to this is the eventual increase of premium rate of 5% until 2025 for those with monthly basic salary of Php 10,000 to Php 100,000.
3. BIR ISSUES THE REVISED ALPHALIST FORMAT OF BIR FORM 1604-C
Revenue Memorandum Circular (RMC) No. 160-2022, issued on December 27, 2022, circularizes the availability of the revised Alphalist Format in the BIR Form 1604-C due for submission on or before January 31, 2023. It now includes information on the utilization of 5% tax credit under the Personal Equity and Retirement Account (PERA) Act of 2008.
4. CTA CASE ON THE BIR’S PRELIMINARY COLLECTION LETTER & IMPROPER SERVICE OF ASSESSMENT NOTICE
[PCL NOTICES ARE BIR’S DECISION ON DISPUTED ASSESSMENTS] [A LETTER MAY BE CONSIDERED THE COMMISSIONER’S FINAL DECISION ON A DISPUTED ASSESSMENT IF IT COMMUNICATES TO THE TAXPAYER IN CLEAR AND UNEQUIVOCAL LANGUAGE WHAT CONSTITUTES THE COMMISSIONER’S FINAL DETERMINATION OF THE DISPUTED ASSESSMENT] [IMPROPER SERVICE RENDERS THE ASSESSMENT VOID]
Petitioner Joselito Yap filed a Petition for Review praying that judgment be rendered declaring the Assessment Notices and Preliminary Collection Letter (PCL) Notices for taxable years (TY) 2011, 2012, and 2013, issued by the Respondent Commissioner of Internal Revenue (CIR) null and void. Petitioner argued that the PCL Notices received on April 4, 2019, can be considered as Final Decision on Disputed Assessment (FDDA), which is the decision appealable to the Court. On the other hand, the Respondent countered that the letter dated July 30, 2018, received on September 4, 2018, constitutes the FDDA. In ruling, the Court held that the PCL Notices are considered the FDDA or the decision appealable to the Court. Thus, the 30-day period to appeal with the Court should be reckoned from the receipt of the PCL notice, i.e., April 4, 2019, and not from the date the Petitioner received the letter dated July 30, 2018, i.e., September 4, 2018. The Petition was, therefore, timely filed on April 11, 2019. Moreover, the Petitioner alleged that the Letter of Authority (LOA) and Assessment Notices were received by persons who are not employees of JAPI Enterprises and were not served at JAPI Enterprise’s registered address. Here, Respondent failed to establish that personal service was not practicable to justify the Revenue Officer’s resort to substituted service. Since the Respondent was unable to present sufficient evidence to prove that the LOA and Assessment Notices for TYs 2011, 2012, and 2013, were properly served and received by the Petitioner or by its authorized representative/s, there are no valid assessments. Consequently, the PCL Notices are VOID. [JOSELITO B. YAP VS. BUREAU OF INTERNAL REVENUE, CTA CASE NO. 10063, NOVEMBER 29, 2022]
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