Work-life balance index: Philippines ranks 59th of 60 countries
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [JULY 18-24]
- BIR PROVIDES THE MANDATORY REQUIREMENTS, POLICIES, PROCEDURES & GUIDELINES FOR CLAIMS FOR TAX CREDIT OR REFUND OF EXCESS/UNUTILIZED CREDITABLE WITHHOLDING TAXES ON INCOME & ERRONEOUSLY OR ILLEGALLY RECEIVED OR COLLECTED OR PENALTIES PURSUANT TO THE EOPT LAW
I.TAX & BUSINESS-RELATED NEWS [JULY 18-24]
- Laguna: PH’s largest provincial economy
- Silicon Valley firm buys 3 Philippine data centers
- SB Finance now offers financing for solar panels
- Swiss chemical firm unveils P980-M Taguig plant
- CREATE MORE approval to accelerate Philippines entry to upper middle-income status
- Amendments to EPIRA, CREATE laws OK by next SONA: Escudero
- Gov’t procurement of common-use items through ‘add-to-cart’ soon —DBM
- DTI chief eyes amendments to intellectual property law
- Founder of tech giant Kakao arrested for stock manipulation
- Uy, Converge out to rescue Sky Cable
- I hope they find way to ban Pogo without affecting IGLs – Salceda
- Marcos OKs new laws to enhance procurement, fight online scams
- Cebu eyes power generation takeover in Malapascua Island
- Court’s ruling on Lazada riders case lauded
- DOF: Japan’s JBIC eyeing to invest in PH
- Work-life balance index: Philippines ranks 59th of 60 countries
- SEC, BIR join forces to curb tax evasion
II. BIR PROVIDES THE MANDATORY REQUIREMENTS FOR CLAIMS FOR TAX CREDIT OR REFUND OF EXCESS/UNUTILIZED CREDITABLE WITHHOLDING TAXES ON INCOME PURSUANT TO THE EOPT LAW
Revenue Memorandum Circular (RMC) No. 75-2024, issued on July 3, 2024, prescribes the mandatory requirements for claims for tax credit or refund of excess/unutilized Creditable Withholding Taxes on income pursuant to Section 76(C), in relation to Section 204(C) and 229 of the Tax Code of 1997, as amended by the Ease of Paying Taxes Law.
III. BIR PROVIDES GUIDELINES, POLICIES, AND PROCEDURES IN THE PROCESSING OF CLAIMS FOR TAX CREDIT/REFUND OF EXCESS/UNUTILIZED CREDITABLE WITHHOLDING TAXES ON INCOME PURSUANT TO THE EOPT LAW
Revenue Memorandum Order (RMO) No. 25-2025, issued on July 1, 2024, provides guidelines, policies, and procedures in the processing of claims for tax credit/refund of excess/unutilized creditable withholding taxes on income pursuant to Section 76(C), in relation to Sections 204 (C) and 229 of the Tax Code of 1997, as amended by the Ease of Paying Taxes Law.
IV. BIR PROVIDES THE MANDATORY REQUIREMENTS FOR CLAIMS FOR CREDIT/REFUND OF TAXES ERRONEOUSLY OR ILLEGALLY RECEIVED OR COLLECTED OR PENALTIES IMPOSED WITHOUT AUTHORITY PURSUANT TO THE EOPT LAW
Revenue Memorandum Circular (RMC) No. 74-2024, issued on July 3, 2024, prescribes the mandatory requirements for claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority pursuant to Section 204(C), in relation to Section 229 of the Tax Code of 1997, as amended by the Ease of Paying Taxes Law.
V. BIR PROVIDES GUIDELINES, POLICIES, AND PROCEDURES IN THE PROCESSING OF CLAIMS FOR CREDIT/REFUND OF TAXES ERRONEOUSLY OR ILLEGALLY RECEIVED OR COLLECTED OR PENALTIES IMPOSED WITHOUT AUTHORITY PURSUANT TO THE EOPT LAW
Revenue Memorandum Order (RMO) No. 27-2024, issued on July 3, 2024, providing guidelines, policies, and procedures in the processing of claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority pursuant to Section 204 (C), in relation to Section 229 of the Tax Code of 1997, as amended by the Ease of Paying Taxes Law.
Laguna: PH’s largest provincial economy [Philippine Daily Inquirer, July 24, 2024]
Among the country’s 82 provinces, Laguna also dominated as the largest provincial economy in 2022, contributing 5 percent to the gross domestic product. This, despite the lockdowns brought about by the COVID-19 pandemic, which shuttered nearly all sectors from 2020 to mid-2022.
https://business.inquirer.net/471024/laguna-phs-largest-provincial-economy
Silicon Valley firm buys 3 Philippine data centers [Philippine Daily Inquirer, July 24, 2024]
Global digital infrastructure company Equinix is gearing up for its entry into the local market with the acquisition of three data centers—part of its expansion plan across the Asia-Pacific region.
https://business.inquirer.net/470907/silicon-valley-firm-buys-3-philippine-data-centers
SB Finance now offers financing for solar panels [The Manila Times, July 24, 2024]
Made possible through a partnership with Advanced Energy Technologies (AET) Renewables Plus Co. and with Solviva Energy, a part of AboitizPower (via SeekCap), customers may now avail of financing plans for solar power system installations.
Swiss chemical firm unveils P980-M Taguig plant [Philippine Daily Inquirer, July 24, 2024]
Sika, a Switzerland-based specialty chemicals company, has completed its new P980-million manufacturing plant in the Philippines.
https://business.inquirer.net/470912/swiss-chemical-firm-unveils-p980-m-taguig-plant
CREATE MORE approval to accelerate Philippines entry to upper middle-income status [The Philippine Star, July 24, 2024]
National Economic and Development Authority Secretary Arsenio Balisacan said the country is expected to achieve upper middle-income status by next year if the economy grows by at least six percent this year and sustains a robust economic performance next year.
Amendments to EPIRA, CREATE laws OK by next SONA: Escudero [ABS-CBN News, July 23, 2024]
The Senate chief meantime said that he expects plenary debates soon on the proposed CREATE More bill, which already hurdled the House of Representatives.
Gov’t procurement of common-use items through ‘add-to-cart’ soon —DBM [GMA News Online, July 23, 2024]
On Saturday, President Ferdinand Marcos Jr. inked Republic Act 12009, which amended the 20-year old Government Procurement Reform Act.
DTI chief eyes amendments to intellectual property law [Inquirer.Net, July 23, 2024]
In a message to trade reporters, DTI Undersecretary Jose Edgardo Sunico said the amendments eye a modernized IP framework enhancing the enforcement against online piracy, and boost IP education.
https://business.inquirer.net/470888/dti-chief-eyes-amendments-to-intellectual-property-law
Founder of tech giant Kakao arrested for stock manipulation [July 23, 2024]
Prosecutors accuse Kakao of buying 240 billion won ($173 million) worth of SM shares on 553 occasions in February 2023 at inflated prices in a deliberate effort to thwart a takeover bid by HYBE, the agency behind K-pop megastars BTS.
https://business.inquirer.net/470696/founder-of-tech-giant-kakao-arrested-for-stock-manipulation
Uy, Converge out to rescue Sky Cable [The Philippine Star, July 22, 2024]
When you aim high, you reach for the sky. That’s just what Dennis Anthony Uy is shooting for in his next venture: a partnership with Sky Cable Corp. to lift it out of P5-billion debt.
https://www.philstar.com/business/2024/07/22/2371884/uy-converge-out-rescue-sky-cable
I hope they find way to ban Pogo without affecting IGLs – Salceda [Inquirer.Net, July 22, 2024]
“It’s an executive discretion. The key there is that Pogo is just part, small part of a bigger pie called IGL, which is the internet gaming licenses, that’s 43 percent of Pagcor. P1 2 billion lang ang Pogo, so ang ibig sabihin n’yan, I hope they find a way of banning Pogo without having to affect the IGLs,” Salceda told reporters.
Marcos OKs new laws to enhance procurement, fight online scams [The Philippine Star, July 20, 2024]
The New Government Procurement Act (NGPA) and the Anti-Financial Account Scamming Act (AFASA) were officially enacted on Saturday.
Cebu eyes power generation takeover in Malapascua Island [Inquirer.Net, July 20, 2024]
Governor Gwendolyn Garcia announced this after the Cebu II Electric Cooperative, Inc. (CEBECO II) terminated its contract with PowerSource Philippines, Inc. (PSPI) due to inadequate power service on the island.
https://business.inquirer.net/470346/cebu-eyes-power-generation-takeover-in-malapascua-island
Court’s ruling on Lazada riders case lauded [The Manila Times, July 19, 2024]
THE Federation of Free Workers (FFW) commended the Supreme Court’s decision ordering the regularization of two delivery riders, who were categorized by e-commerce platform Lazada as independent contractors.
DOF: Japan’s JBIC eyeing to invest in PH [Philippine Daily Inquirer, July 19, 2024]
The Japan Bank for International Cooperation (JBIC) is eyeing to invest in the Philippines’ infrastructure projects, bond issuances and other opportunities.
https://business.inquirer.net/469408/dof-japans-jbic-eyeing-to-invest-in-ph
Work-life balance index: Philippines ranks 59th of 60 countries [The Philippine Star, July 18, 2024]
Remote, an international recruitment and placement firm, evaluated average working hours per week, minimum wages, annual leave policies, sick pay, maternity leaves, healthcare and other factors in 60 countries with the highest gross domestic product.
SEC, BIR join forces to curb tax evasion [Philippine Daily Inquirer, July 18, 2024]
Under the data sharing agreement signed by the two agencies on Wednesday, the SEC will provide supporting documents for tax assessments, while the BIR will provide the tax identification number verification for better identity validation.
https://business.inquirer.net/469139/sec-bir-join-forces-to-curb-tax-evasion
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