Senate agreed to limit holiday bills – Escudero
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [AUGUST 5-12]
- BIR CLARIFIES CERTAIN ISSUES RELATIVE TO THE WRONG VENUE FILING OF TAX RETURNS & PAYMENT OF TAXES UNDER EOPT LAW
- COURT OF TAX APPEALS CASE
I. TAX & BUSINESS-RELATED NEWS [AUGUST 5-12]
- ‘2,000 Pinoys may lose jobs over fake products’
- Cordillera Peoples Alliance asks SC to unfreeze assets, bank accounts
- 45 ODA-funded projects problematic – NEDA
- Construction firm eyes legal action vs Vico Sotto after Pasig rally
- Bulacan town suspends steel plant for alleged multiple violations
- Court of Appeals ruling on Rappler hailed
- E-games push PAGCOR gaming revenues up 32% in Q2
- Gomez to DENR: Cancel ECC issued to poultry farm in Palompon
- MIC to invest in Clark food hub, other projects
- Star City property up for sale, says DOF
- PEZA OKs 24 new projects worth P9.24 billion
- Senate agreed to limit holiday bills —Escudero
- Marcos OKs travel tax exemptions from Mindanao, Palawan travelers going to 3 ASEAN nations
- Potential inclusion of PH in JP Morgan bond index seen as positive dev’t
- Belmonte OKs ordinance on nano-enterprise registration guidelines
- Marcos approves ULFC-LLFC merger
- Brazilian beef exporters ‘still very keen’ to expand in PH
- China goes after unpaid taxes
- UST labor unions eye court case over Manila LGU health requirement
- Supreme Court rules: QC government can’t seize Manila Seedling Bank property
- Baguio Integrated Bus Terminal Gets the Green Light: What to Expect
- BSP to accept 4 more digital banks next year
- Baste blames politics as reason waste-to-energy facility, Davao bus project are put on hold
- DOLE issues holiday pay guidelines for August 21, 26, 2024
- JG Summit investigating ‘possible cybersecurity attack’
- Local company slammed after releasing video content ‘attacking’ and belittling WFH workers
- “Plastic Roads” Made With Waste Get Official DPWH Greenlight
- After over a decade, InterContinental Hotel to return to PH
- DICT: Pasig purchase of P1.2B IT infrastructure premature
- Vietnamese billionaire tycoon found guilty of defrauding stockholders, sentenced to 21 years
II. BIR CLARIFIES CERTAIN ISSUES RELATIVE TO THE WRONG VENUE FILING OF TAX RETURNS & PAYMENT OF TAXES UNDER EOPT LAW
Revenue Memorandum Circular (RMC) No. 87-2024 issued on August 7, 2024, clarifies certain issues relative to the filing of tax returns and payment of taxes under Section 3 of Revenue Regulations (RR) No. 4-2024, implementing the provisions of Republic Act (R.A.) No. 11976 (Ease of Paying Taxes Act).
It may be recalled under the EOPT, the law has already removed the 25% surcharge imposition for the wrong venue filing of certain tax returns.
Highlights include:
- The previous RR mandating taxpayers to use the eFPS in the filing of tax returns and payment of taxes had not been repealed since it is not contrary to the provisions of Section 3 of RR No. 4-2024.
- Under Section 3 of RR No. 4-2024, all tax returns shall now be filed electronically.
- Taxpayers identified in the previous issuances who are mandated to use eFPS but were not able to enroll in the said system shall now have the option to use the eBIRForms facility for them to be able to comply with the e-filing of tax returns.
- If the electronic platforms of the BIR (i.e., eFPS, eBIRForms, Tax Software Providers (TSPs) are not available, taxpayers are allowed to manually file their tax returns and pay the taxes due to any Revenue Collection Officer (RCO) or Authorized Agent Bank (AAB).
- RCOs may only accept cash payments not exceeding Php 20,000. However, there shall be no limit on tax payments made through checks.
- The attachments to the tax returns shall be submitted electronically using the Electronic Audited Financial Statements (eAFS)/eSubmission Facility, whichever is applicable. In case of unavailability, the attachments can be submitted manually to the BIR office that has jurisdiction over the taxpayer.
- The 25% surcharge for “wrong venue” filing shall no longer be imposed as this has already been removed under the EOPT Law.
- Aside from the eFPS, taxpayers can use those available electronic payment (ePay) gateways in the payment of their taxes.
- Opening of bank account is necessary in using eFPS for the payment of taxes. Taxpayers may select from any of the following eFPS-AABs as provided in this circular.
- Taxpayers who are mandated to use eFPS but are not yet enrolled in eFPS and any eFPS-AAB shall use the eBIRForms for e-filing and pay the corresponding taxes electronically through any ePay facility or manually through any RCO or AAB until their enrolment has been approved.
- In cases of payment using BIR Form 0605 with previous tax computations, the said form can be filed and paid electronically through the electronic platforms and ePay gateways.
- For a “check” to be tendered to an AAB, the taxpayer shall indicate in the space provided after the phrase “PAY TO THE ORDER OF” the following data: (1) presenting/collecting bank or the bank where the payment is to be coursed and (2) FAO (For the Account of) Bureau of Internal Revenue as payee.
- If the “check” shall be paid through RCO, the taxpayer shall indicate in the space provided after the phrase “PAY TO THE ORDER OF” the “Bureau of Internal Revenue” pursuant to RR No. 4-2024.
- If the receiving AAB’s system is offline or unavailable, taxpayers may transfer to another AAB branch even if the name of the receiving AAB branch is already indicated on the check for payment of taxes due, provided that the branch is the same AAB.
III. CTA CASE
FAILURE TO PROVIDE REASON OR ACKNOWLEDGE THE PROTEST VIOLATES THE TAXPAYER’S DUE PROCESS RIGHTS AND RENDERS THE ASSESSMENT VOID
Petitioner Commissioner of Internal Revenue filed a Petition for Review challenging the earlier Decision and Resolution of the Court in Division, which nullified the deficiency tax assessments issued by the Petitioner against the Respondent The Residences at Greenbelt Condominium Corporation. The Petitioner argued that protesting the Preliminary Assessment Notice (PAN) is optional, as the right to protest is based on administrative procedures, not the Tax Code. Petitioner contends that the PAN is preliminary and not the final assessment, arguing that protesting the PAN is optional and its non-protest does not render it final or non-appealable. The Petitioner also submits that Avon is inapplicable to the present case due to variance in their respective factual milieu. Petitioner insists that reiteration of an assessment does not constitute a violation of due process but instead, it only signifies the denial of the protest and/or irrelevant documents. In ruling, the Court agrees with the Court in Division in applying the Avon case, which states that failing to provide reasons for rejecting the respondent’s defenses or acknowledging the protest letter violates the taxpayer’s due process rights. The taxpayer’s right to protest against the PAN is based on substantive law. Once the taxpayer opts to file such a protest, the CIR has no choice but to consider it and cannot just take it for granted without offending the taxpayer’s due process rights and invalidating the assessment. Failure by the CIR to comply with these requirements shall lead to the assessment void. Consequently, the Petition was DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. THE RESIDENCES AT GREENBELT CONDOMINIUM CORPORATION, CTA CASE NO. 2810, AUGUST 5, 2024]
‘2,000 Pinoys may lose jobs over fake products’ [The Philippine Star, August 12, 2024]
At least 2,000 Filipinos may lose their jobs as a result of the unabated online sale of fake and substandard products from China, House Deputy Majority Leader Erwin Tulfo said yesterday.
https://qa.philstar.com/nation/2024/08/12/2377290/2000-pinoys-may-lose-jobs-over-fake-products
Cordillera Peoples Alliance asks SC to unfreeze assets, bank accounts [GMA News Online, August 12, 2024]
According to Dekdeken, their accounts were frozen in July 2023 after four CPA leaders were designated as terrorists by the Anti-Terrorism Council (ATC).
45 ODA-funded projects problematic – NEDA [The Philippine Star, August 12, 2024]
The National Economic and Development Authority (NEDA) has flagged 45 projects with official development assistance (ODA) funding as problematic amid delays from implementation challenges including right-of-way (ROW) acquisition issues.
https://www.philstar.com/business/2024/08/12/2377137/45-oda-funded-projects-tagged-problematic-neda
Construction firm eyes legal action vs Vico Sotto after Pasig rally [ABS-CBN News, August 12, 2024]
St. Gerrard Construction is looking at possible legal actions against Pasig Mayor Vico Sotto after the local chief executive accused the company of bringing Quezon City residents to mount a rally against the new Pasig City Hall project.
Bulacan town suspends steel plant for alleged multiple violations [GMA News Online, August 11, 2024]
The Sta. Maria government’s cease and desist order dated August 11, 2024 stated that Hightension Industrial Corporation violated the Real Property Tax Code, two municipal ordinances, and three presidential decrees, including those that were concerned with the environment.
Court of Appeals ruling on Rappler hailed [The Manila Times, August 11, 2024]
FORMER senator Leila de Lima on Saturday hailed the Court of Appeals (CA) decision, reversing a previous ruling by the Philippine Securities and Exchange Commission that ordered the closure of Rappler, a news site co-founded by Nobel laureate Maria Ressa.
E-games push PAGCOR gaming revenues up 32% in Q2 [GMA News Online, August 11, 2024]
The Philippine Amusement and Gaming Corp. (PAGCOR) saw a 32% increase in its gross gaming revenues (GGR) for the second quarter, largely driven by the electronic games (e-games) sector that grew its top line by over six times to a fresh record high.
Gomez to DENR: Cancel ECC issued to poultry farm in Palompon [Cebu Daily News, August 11, 2024]
Rep. Richard Gomez of the 4th district of Leyte wanted to know why a poultry farm was allowed to operate close to the Palompon Watershed Forest Reserve (PWFR), a protected area.
MIC to invest in Clark food hub, other projects [The Philippine Star, August 10, 2024]
State-run Maharlika Investment Corp. (MIC) will invest in Clark National Food Hub and other development projects as it aims to help boost local agriculture production and improve the value chain.
Star City property up for sale, says DOF [INQUIRERPLUS, August 10, 2024]
In an interview with the Inquirer, Finance Undersecretary Maria Luwalhati Dorotan Tioseco said one of the state-owned assets to be put up for sale is the Star City property, which spans 34,346 square meters or more than three hectares, with a zonal value of P14 billion as of September last year.
https://plus.inquirer.net/business/star-city-property-up-for-sale-says-dof/
PEZA OKs 24 new projects worth P9.24 billion [The Philippine Star, August 10, 2024]
In terms of location, 18 of the approved projects are in Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon), four are in Cebu and two are in Bataan.
https://www.philstar.com/business/2024/08/10/2376695/peza-oks-24-new-projects-worth-p924-billion
Senate agreed to limit holiday bills —Escudero [GMA News Online, August 9, 2024]
The Senate has agreed to limit the approval of bills on local holidays as lawmakers want the country to become “more competitive,” Senate President Francis “Chiz” Escudero said.
https://www.gmanetwork.com/news/topstories/nation/916512/limit-holidays-senate/story/
Marcos OKs travel tax exemptions from Mindanao, Palawan travelers going to 3 ASEAN nations [GMA News Online, August 9, 2024]
Marcos made the approval through the issuance of Memorandum Order No. 29, which covers travelers going to areas within the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA).
Potential inclusion of PH in JP Morgan bond index seen as positive dev’t [Philippine Daily Inquirer, August 9, 2024]
The Department of Finance said that the country is working on being included in the investment bank’s bond index after it was removed in the past years due to its declining liquidity.
Belmonte OKs ordinance on nano-enterprise registration guidelines [Inquirer.Net, August 9, 2024]
Nano-enterprises such as sari-sari stores, carinderias, and beneficiaries of the Pangkabuhayan QC Assistance Program are also exempt from paying local business taxes and regulatory fees.
Marcos approves ULFC-LLFC merger [Inquirer.Net, August 9, 2024]
President Ferdinand “Bongbong” R. Marcos Jr. has issued an executive order (EO) approving the merger of United Coconut Planters Bank Leasing and Finance Corporation (ULFC) and the Land Bank of the Philippines Leasing and Finance Corporation (LLFC).
https://business.inquirer.net/473789/marcos-approves-ulfc-llfc-merger
Brazilian beef exporters ‘still very keen’ to expand in PH [Philippine Daily Inquirer, August 9, 2024]
BeeThe Philippines was one of the top 10 export destinations of Brazilian beef in the previous year with a market share of 2.45 percent.
China was the leading market for Brazilian beef exports, followed by the United States, Hong Kong, Chile and the European Union.
https://business.inquirer.net/473902/brazilian-beef-exporters-still-very-keen-to-expand-in-ph
China goes after unpaid taxes [The Manila Times, August 9, 2024]
Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis.
UST labor unions eye court case over Manila LGU health requirement [GMA News Online, August 8, 2024]
City Ordinance No. 8793 mandates that all workers in Manila must undergo medical examinations such as chest x-ray and drug test to obtain the health certificate.
Supreme Court rules: QC government can’t seize Manila Seedling Bank property [Rappler, August 8, 2024]
The Supreme Court ruled that the Quezon City government cannot foreclose and seize the property of the Manila Seedling Bank Foundation (MSBF) for non-payment of real property tax, as it is owned by the National Housing Authority, a tax-exempt institution.
Baguio Integrated Bus Terminal Gets the Green Light: What to Expect [TripZilla Philippines, August 8, 2024]
On 28 Jul 2024, the Baguio City Public Information Office released the specifications of the proposed intermodal terminal along Marcos Highway. The modern transport hub will be a multi-story facility designed to cater to provincial buses from outside Baguio and serve as a passenger transfer terminal for those entering the city. Key features include:
https://www.tripzilla.ph/baguio-integrated-bus-terminal/12065
BSP to accept 4 more digital banks next year [ABS-CBN News, August 8, 2024]
From just six digital bank licensees, the Monetary Board has approved a cap of ten digital banks to operate in the country, aiming to boost the Philippine financial system while managing associated risks, the BSP said.
https://news.abs-cbn.com/business/2024/8/8/bsp-to-accept-4-more-digital-banks-next-year-1357
Baste blames politics as reason waste-to-energy facility, Davao bus project are put on hold [Inquirer Mindanao, August 8, 2024]
Duterte said in his state of the city address on Tuesday, August 6, that the waste-to-energy (WTE) project, which formed part of the city’s solid waste management, and the proposed high-priority bus system, which would phase out all jeepneys in the city, had not been moving since last year because of the national government failure to produce its counterpart fund.
DOLE issues holiday pay guidelines for August 21, 26, 2024 [GMA News Online, August 8, 2024]
The Department of Labor and Employment (DOLE) has issued pay guidelines to remind employers of the proper compensation of their employees who will report for duty on August 21 and 26, 2024.
JG Summit investigating ‘possible cybersecurity attack’ [Rappler, August 8, 2024]
The alleged attack was first reported by Deep Web Konek earlier on Thursday. In its post, the cybersecurity advocacy group said that JG Summit was hit by a ransomware attack that encrypted 300 GB of data on more than 40,000 computers in JG Summit’s network.
https://www.rappler.com/business/jg-summit-possible-cybersecurity-attack/
Local company slammed after releasing video content ‘attacking’ and belittling WFH workers [Pop Inquirer, August 7, 2024]
In the video, employees were asked to describe their thoughts on working from home in four words as a content. One said, “Encourages laziness and complacency,” another responded, “Boring and I’m alone,” while another mentioned, “I don’t like it.” The final comment came from the CEO, who said, “Makes you dumber every day.”
“Plastic Roads” Made With Waste Get Official DPWH Greenlight [TopGear Philippines, August 7, 2024]
The Department of Public Works and Highways (DPWH) has approved and set the standards for the use of low-density polyethylene polymer (LDPE) plastic bag waste in hot mix asphalt (HMA). This means the technology used to build the aforementioned plastic roads can now also be used to build pavements at the provincial, municipal, and local levels. This was confirmed by DPWH-BRS OIC-Engineer IV Neilsen Campit, the mastermind himself behind this initiative.
https://www.topgear.com.ph/news/motoring-news/plastic-roads-dpwh-approval-a5361-20240807
After over a decade, InterContinental Hotel to return to PH [GMA News Online, August 6, 2024]
In December 2015, InterContinental Manila ceased operations after 46 years of service when the hotel management contract between AyalaLand Hotels and Resorts Corporation and IHG expired.
DICT: Pasig purchase of P1.2B IT infrastructure premature [The Manila Times, August 6, 2024]
Paraiso said that it would have been prudent for the Pasig local government unit to secure from the DICT an endorsement for its information system strategic plan (ISSP) before proceeding with the procurement of the entire package of IT infrastructure, particularly on tech security and networking.
Vietnamese billionaire tycoon found guilty of defrauding stockholders, sentenced to 21 years [Associated Press, August 5, 2024]
The billionaire was the chairman and founder of the FLC Group, which owns the discount Bamboo Airways and has broad real estate holdings including hotels, resorts and golf courses, among other assets.
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