Supreme Court denies viral post on alleged data breach
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [AUGUST 28-SEPTEMBER 3]
- BIR AMENDS THE GROUNDS & PROCEDURES FOR THE IMPLEMENTATION OF CONSTRUCTIVE DISTRAINT
- SEC OPINION ON THE RIGHTS OF SHAREHOLDERS TO INSPECT CORPORATE BOOKS
I. TAX & BUSINESS-RELATED NEWS [AUGUST 28-SEPTEMBER 3]
- Malaysian electronics company to expand in Philippines
- NGCP fined P3.5M for ‘unjustified’ project delays
- Palace creates special economic zone in Iloilo
- FLP honors law, business scholars
- DBM eyes retroactive pay hikes for local gov’t workers
- Renewables seen to dominate IPO scene in 2025
- A Brown scraps plan to develop LNG terminal in Batangas
- DHSUD to work closely with private developers
- PH positioned as hub for sustainable manufacturing, services
- Del Monte defers IPO of US subsidiary
- Takeover of electric cooperatives opposed
- Senators back removal of PhilHealth’s single period of confinement policy
- Nippon Steel Calls for Japanese Tariffs on China’s Exports
- MWSS not liable to Bulacan gov’t over Angat Dam use — SC
- Rizaleños at high risk for mercury exposure from cosmetics flagged by FDA — group
- PH has potential to be Asia’s shopping capital, Go says
- PT&T, partner to bring portable satellite dishes to PH
- Filinvest to hop on tourism resurgence
- ERC strengthens rules on customer choice programs
- P888 For 30-minute trip: Bantayan flight opens
- PH office space occupancy 3rd highest globally in H1 – consultancy firm
- PAGCOR shortens POGO work permits until Dec. 31, 2024
- Marcos signs ‘Loss and Damage Fund Board Act’
- SEC revokes Lucky South 99 registration
- Swiss Banker Says Super-Rich Tax Proposal Is ‘Nuclear Bomb’ for Switzerland
- Supreme Court denies viral post on alleged data breach
II. BIR AMENDS THE GROUNDS & PROCEDURES FOR THE IMPLEMENTATION OF CONSTRUCTIVE DISTRAINT
Revenue Memorandum Circular (RMC) No. 96-2024, issued on August 29, 2024, amends certain provisions of RMC No. 5-2001 relative to the grounds and procedures for the implementation of Section 206 of the Tax Code on 1997 on Constructive Distraint, specifically to include other cases when a Notice of Warrant of Constructive Distraint over the properties of a taxpayer may be issued.
Highlights include:
- When a taxpayer who applies for retirement from business has a substantial amount of assessment pending with the BIR. An assessment is substantialif the amount thereof is equal to or higher than the net worth or equity of the taxpayer during the current taxable year.
- When a taxpayer who is under tax investigation has a record of leaving the Philippines at least twice a year over a twelve (12)-month period,unless such trips are justified and/or connected with his business, profession, or employment.
- When a taxpayer’s undeclared income is known to the public or the BIR by credible means and there is strong reason to believe that the taxpayer, in the natural course of events, will have a great tendency to hide or conceal his properties. For this purpose, the term “undeclared income” means an amount exceeding by at least30% of the gross sales, gross receipts, or gross revenue declared per return.
- When the BIR receives a complaint or information about undeclared income exceeding by at least30% of a taxpayer’s declared gross sales, receipts, or revenue per return, and this is supported by substantial and credible evidence, it has reason to believe the information is correct.
- When the taxpayer who is under tax investigation tries to hide or conceal his personal property to prevent discovery thereof by tax authorities.
- When the taxpayer who is under tax investigation intends to perform any act tending to obstruct the proceedings for collecting the tax due or which may be due from him.
- When the taxpayer is tagged as Cannot Be Located.
- Other analogous cases
III. SEC OPINION ON THE RIGHTS OF SHAREHOLDERS TO INSPECT CORPORATE BOOKS
INSPECTION RIGHTS OF SHAREHOLDERS ARE SUBJECT TO LIMITATIONS
Mr. K, one of the shareholders of F Co., demanded the inspection of all the corporate records and documents of the corporation. As stated in the letter, the request made was so extensive that it covers areas that are not allowed to be disclosed pursuant to relevant laws such as the Intellectual Property Code of the Philippines and the Data Privacy Act of 2012. Hence, this request for clarification on whether the documents requested by Mr. K are covered by the right to inspection. In reply, Section 73 of the Revised Corporation Code (RCC) provides the right of a stockholder, member, director, or trustee (or their duly authorized representative) to inspect and/or reproduce corporate books and records. All information relating to the corporation shall be open for inspection and/or reproduction by any stockholder, member, director, or trustee of the corporation. However, Section 73 of the RCC specifically provides that the right to inspect can be limited. The RCC recognizes the defense available to a director, trustee, or officer for refusing to allow a shareholder or member to exercise the right to inspect or reproduce corporate records, namely: (a) when the person demanding to examine has improperly used any information secured through any prior examination of the records or minutes of such corporation or for any other corporation; (b) the one requesting to inspect was not acting in good faith or for a legitimate purpose in making his demand; or (c) the requesting party is a competitor, director, officer, controlling shareholder or otherwise represents the interests of a competitor. Further, SEC Memorandum Circular No. 25, Series of 2020, provides that any stockholder who abuses his right to inspect shall be penalized under the RCC. [SEC OFFICE OF THE GENERAL COUNSEL OPINION NO. 24-14, JULY 26, 2024]
Malaysian electronics company to expand in Philippines [The Philippine Star, September 2, 2024]
Malaysian electronics manufacturing services provider VS Industry Bhd has tapped AyalaLand Logistics Holdings Corp. (ALLHC) for its expansion in the Philippines.
NGCP fined P3.5M for ‘unjustified’ project delays [Philippine Daily Inquirer, September 2, 2024]
In a statement on Saturday, the ERC said the National Grid Corporation of the Philippines (NGCP) failed to follow its directives in rolling out in a timely manner capital expenditure (capex) projects, involving 10 developments.
https://business.inquirer.net/477738/ngcp-fined-p-3-5m-for-unjustified-project-delays
Palace creates special economic zone in Iloilo [The Manila Times, September 2, 2024]
Proclamation 668 creates and designates a building and the parcels of land where it stands as an Information Technology Center, identified as Lot 16-E Psd-06-069682 and Lot 16-D-1 Psd-06-085931 in Iloilo City. The building designated is to be known as the Grid.
FLP honors law, business scholars [The Philippine Star, September 2, 2024]
Filipino law and business scholars will receive cash and other prizes at the awards ceremony of the Foundation for Liberty and Prosperity (FLP).
https://www.philstar.com/headlines/2024/09/02/2382233/flp-honors-law-business-scholars
Marcos OKs Romblon Electric Cooperative’s 25-year franchise [GMA News Online, September 1, 2024]
Romblon Electric Cooperative (ROMELCO) has scored the approval of President Ferdinand “Bongbong” Marcos Jr. to operate distribution systems in the municipalities of Banton, Corcuera, and Concepcion for the next 25 years.
DBM eyes retroactive pay hikes for local gov’t workers [Philippine Daily Inquirer, August 31, 2024]
In a statement, Pangandaman pointed out that the Local Government Code of 1991, or Republic Act No. 7160, does not allow retroactive changes in how local government unit (LGU) employees are paid. This means that local governments cannot adjust past salaries or benefits based on new standards.
https://newsinfo.inquirer.net/1978395/dbm-eyes-retroactive-pay-hikes-for-local-govt-workers
Renewables seen to dominate IPO scene in 2025 [Philippine Daily Inquirer, August 31, 2024]
Unicapital Securities Inc. head of research Wendy Estacio-Cruz told the Inquirer that they were expecting at least five companies to launch initial public offerings (IPOs) next year, given declining interest rates.
https://business.inquirer.net/477456/renewables-seen-to-dominate-ipo-scene-in-2025
A Brown scraps plan to develop LNG terminal in Batangas [The Philippine Star, August 31, 2024]
A Brown Co. Inc. (ABCI) of businessman Walter Brown is abandoning its plan to build a floating liquefied natural gas (LNG) terminal in Batangas to focus on power generation for the time being.
https://www.philstar.com/business/2024/08/31/2381706/brown-scraps-plan-develop-lng-terminal-batangas
DHSUD to work closely with private developers [The Manila Times, August 31, 2024]
The department’s Pambansang Pabahay Para sa Pilipino (4PH) Program is aligned with the socioeconomic agenda of President Ferdinand Marcos Jr.’s administration and his vision for organized and well-planned settlements in the country.
PH positioned as hub for sustainable manufacturing, services [Philippine Daily Inquirer, August 31, 2024]
The Department of Trade and Industry (DTI) seeks to transform the country into Southeast Asia’s hub for smart and sustainable manufacturing and services.
https://business.inquirer.net/477457/ph-positioned-as-hub-for-sustainable-manufacturing-services
Del Monte defers IPO of US subsidiary [The Philippine Star, August 31, 2024]
Del Monte Pacific Ltd. (DMPL), a Singapore and Philippine-listed company, has deferred the initial public offering (IPO) of its US subsidiary Del Monte Foods Inc. (DMFI).
https://www.philstar.com/business/2024/08/31/2381707/del-monte-defers-ipo-us-subsidiary
Takeover of electric cooperatives opposed [The Manila Times, August 30, 2024]
In a statement on Thursday, the National Union of Workers in the Power Industry, an affiliate of the Sentro ng Nagkakaisa at Progresibong Manggagawa (Power-Sentro), said the takeover of the cooperatives under the guise of concession agreements, joint ventures and franchise grabs, will “not only transfer wealth but will also lead to the dissolution of unions and the loss of workers’ security of tenure.”
https://www.manilatimes.net/2024/08/30/regions/takeover-of-electric-cooperatives-opposed/1967777
Senators back removal of PhilHealth’s single period of confinement policy [Manila Bulletin, August 30, 2024]
Under PhilHealth’s single period confinement policy, admissions and readmissions due to the same illness or procedure within a specific period of 90 days are only compensated once by PhilHealth.
Nippon Steel Calls for Japanese Tariffs on China’s Exports [Yahoo News, August 30, 2024]
Nippon Steel Corp., the world’s fourth largest steelmaker, wants the Japanese government to impose an anti-dumping tariff on Chinese steel, according to Executive Vice President Takahiro Mori. The company is lobbying Tokyo, along with other Japanese mills, to take protective measures due to concerns that exports from China will increase further, he said in an interview this week.
https://www.yahoo.com/news/japan-nippon-steel-calls-trade-170000337.html
MWSS not liable to Bulacan gov’t over Angat Dam use — SC [GMA News Online, August 30, 2024]
The Bulacan government previously asked a regional trial court (RTC) to compel the MWSS to pay a share of its use of the water resources from the dam.
Timberland Is Closing Its Doors in the PH [Spot.PH, August 30, 2024]
Timberland is known for its classic boots—the light brown leather pairs a.k.a the Yellow Boot that are meant for the great outdoors. They are tough and durable, just like the way they look. And now you have the perfect chance to score more than one pair when you visit Timberland stores nationwide.
Rizaleños at high risk for mercury exposure from cosmetics flagged by FDA — group [interaksyon, August 30, 2024]
Toxic chemical watchdog EcoWaste Coalition found Rizal Province at risk for mercury exposure after detecting 28 stores dealing with products initially banned by the Food and Drug Administration (FDA).
First PH space facility to rise in New Clark City [Manila Standard, August 30, 2024]
The Philippine Space Agency (PhilSA) signed a 50-year lease agreement with state-run Bases Conversion and Development Authority (BCDA) on Thursday to establish the country’s first modern space facility within the New Clark City (NCC) in Tarlac province.
https://manilastandard.net/business/314491124/first-ph-space-facility-to-rise-in-new-clark-city.html
PH has potential to be Asia’s shopping capital, Go says [Philippine Daily Inquirer, August 30, 2024]
Economic czar Frederick Go on Thursday said that the country has potential to become one of Asia’s shopping capitals, but this will depend on the passage of two important measures.
https://business.inquirer.net/477236/ph-has-potential-to-be-asias-shopping-capital-go-says
PT&T, partner to bring portable satellite dishes to PH [Philippine Daily Inquirer, August 30, 2024]
PT&T Corp. is joining the growing satellite broadband market in the country with the creation of a joint venture with Australian technology company Netlinkz Ltd. for the deployment of “smaller, portable and mobile satellite dishes.”
https://business.inquirer.net/477380/ptt-partner-to-bring-portable-satellite-dishes-to-ph
Filinvest to hop on tourism resurgence [The Philippine Star, August 29, 2024]
Filinvest Hospitality’s roster of hotels includes Crimson Resort and Spa Boracay, Crimson Resort and Spa Mactan, Crimson Hotel Filinvest City Manila, The Quest Hotels & Resorts in Cebu, Clark Pampanga and Tagaytay.
https://qa.philstar.com/business/2024/08/29/2381225/filinvest-hop-tourism-resurgence
ERC strengthens rules on customer choice programs [Manila Standard, August 29, 2024]
The consumer choice program consists of the retail competition and open access (RCOA) and retail aggregation under the Electric Power Industry Reform Act of 2001 and the various programs under Republic Act No. 9513 or the RE Act such as the Green Energy Option Program (GEOP) and distributed energy resources (DER).
https://manilastandard.net/business/314490546/erc-strengthens-rules-on-customer-choice-programs.html
P888 For 30-minute trip: Bantayan flight opens [The Freeman, August 29, 2024]
Tourists and visitors alike can now avail of a 30-minute flight from the Mactan Cebu International Airport (MCIA) to Bantayan Island.
PH office space occupancy 3rd highest globally in H1 – consultancy firm [GMA News Online, August 29, 2024]
According to PRIME Philippines executive vice president Cholo Florencio, the country’s office rate was only behind Singapore’s 88% and India’s 85%. It is also higher than the global average of 70%, the United States’ 62% and Europe’s 60%.
PAGCOR shortens POGO work permits until Dec. 31, 2024 [GMA News Online, August 29, 2024]
In an announcement uploaded on the PAGCOR website, the gaming industry regulator said that its Board of Directors, on Aug. 15, 2024, approved the adjustments in the validity of POGO workers’ permits or Offshore Gaming Employment License (OGEL).
Marcos signs ‘Loss and Damage Fund Board Act’ [Rappler, August 29, 2024]
The board will oversee the fund that seeks to help vulnerable countries deal with the unavoidable and irreversible impacts of the climate crisis.
https://www.rappler.com/philippines/marcos-signs-loss-damage-fund-board-act/
SEC revokes Lucky South 99 registration [The Philippine Star, August 29, 2024]
“Considering that nowhere is it stated in its primary purpose that Lucky South 99 Corp. is authorized to engage and/or act as a Philippine offshore gaming operator in the Philippines, the activity of Lucky South 99 Corp. that intends to mislead or deceive the public into believing that it was authorized to conduct the aforesaid activities is considered an ultra vires act and therefore constitute serious misrepresentation,” the EIPD order said.
https://www.philstar.com/headlines/2024/08/29/2381331/sec-revokes-lucky-south-99-registration
Swiss Banker Says Super-Rich Tax Proposal Is ‘Nuclear Bomb’ for Switzerland [USNews, August 28, 2024]
The initiative by the Young Socialists (JUSOs), the youth arm of Switzerland’s leftist Social Democrats (SP), proposes levying a 50% tax on inheritances and gifts above 50 million Swiss francs ($59.30 million).
Supreme Court denies viral post on alleged data breach [ABS-CBN News, August 28, 2024]
The viral post claimed the breach allegedly exposed sensitive legal data of over 13,000 records, including names, case details, and payment information, from the Judicial Electronic Payment System (JEPS).
https://news.abs-cbn.com/news/2024/8/28/supreme-court-denies-viral-post-on-alleged-data-breach-1713
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