Retired foreigners can pay P1.5M for unlimited legal stay on PH
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [OCTOBER 10-17]
- DEPARTMENT OF JUSTICE LEGAL OPINION
- FIRB ADVISORY
I. TAX & BUSINESS-RELATED NEWS [OCTOBER 10-17]
- PH is in ‘prime position’ to supply in-demand critical minerals – Marcos
- MPTC to finalize CCLEx expansion deal
- Taguig bags awards for local revenue growth, performance
- Remarks against officials not slander if about performance — SC
- Property giants back BCDA charter amendments
- Cebu City Court denies Tomas Osmeña’s appeal on SRP lot sale
- Quarry taxes keep Pampanga revenues high
- Converge signs up to serve Lopez ecozone in Batangas
- Retired foreigners can pay P1.5M for unlimited legal stay in PH
- Another layoff in MEPZ: 300 workers axed
- Meralco, Samsung forge nuclear energy deal
- Apeco in talks with US, DND to put up Casiguran seaport
- Ormoc will have city hospital soon — Mayor Torres-Gomez
- Pasig announces transfer of some offices to temporary city hall
- LTO: 3 more driving schools suspended for acting as ‘fixers’ for their clients
- DOJ clarifies application of PWD discounts for group meal purchases
- PhilHealth hikes dialysis package anew, now P1M a year
- BCDA partners with Korean firms for smart city development in New Clark City
- SEC to include financial literacy in DepEd curriculum
- New Bulacan flyover to ease traffic between NCR, north Luzon
- PH eyes a million health & wellness tourists
- PAGCOR COS, JO workers not gov’t employees —SC
- Megaworld to spend P15B for 84-hectare township in Ilocos Norte
- Angkas aims for its new four-wheeled service to be ‘second best’
- Marcos signs law for 8 new trial courts
- Figaro brews up slight name change
- Cebu City LGU gives ultimatum to contractor over ‘controversial’ track oval
- Davao City tops in tax collections
- MIAA prepares for new role as regulator
- Intramuros up against Taj Mahal, Burj Khalifa, and more for ‘World’s Leading Tourist Attraction’ at the World Travel Awards 2024
II. DOJ OPINION
IN PURCHASING A GROUP MEAL FOR SHARING, THE 20% DISCOUNT & VAT EXEMPTION APPLY TO THE TOTAL FOOD AMOUNT IF IT IS CLEARLY FOR THE EXCLUSIVE USE OF ONE PWD
The National Council on Disability Affairs (NCDA) is requesting an opinion on the application of the 20% discount and Value Added Tax (VAT) exemption on food purchases of Persons with Disability (PWDs) in instances when the food purchased is ideally for group sharing. The NCDA states that the 20% discount and VAT exemption should only apply to the personal share of the PWD when dining with a group and purchasing food for group sharing, while the total bill should be discounted when the food is intended for individual consumption. In reply, the Department of Justice (DOJ) confirms that PWDs are entitled to a 20% discount and VAT exemption on food purchases from restaurants for their exclusive use under Section 1 of the Republic Act (R.A.) No. 10754. Specifically, Section 6 of the Implementing Rules and Regulations (IRR) clarifies this entitlement, allowing discounts on various consumable items, including take-out meals, provided they are for the exclusive enjoyment of the PWD. The Department of Tourism (DOT) and the Bureau of Internal Revenue (BIR) have issued respective circulars reiterating these benefits, with the BIR allowing establishments to deduct the sales discount from their gross income, subject to specific conditions. It is emphasized that the term “exclusive” is crucial in determining eligibility for the discount; if a group meal is clearly for the exclusive use of a single PWD, the total amount may qualify for the discount. Revenue Memorandum Circular (RMC) No. 71-2022 clarifies that for group meals purchased online or via phone, the basis for the 20% discount is the most expensive single-serving meal plus beverage which can be adjusted as needed by the restaurant. [DEPARTMENT OF JUSTICE OPINION NO. 45 SERIES OF 2024, OCTOBER 8, 2024]
III. FIRB ADVISORY
FIRB ADVISORY ON THE INTERIM GUIDELINES FOR THE SUBMISSION OF EMPLOYMENT & COMPENSATION DATA IN THE ANNUAL BENEFITS REPORT
Fiscal Incentives Review Board (FIRB) Advisory 006-2024, dated October 7, 2024, circularizes the interim guidelines for submitting employment and compensation data in the Annual Benefits Report (ABR) for the taxable year 2024. The mode of submission of the ABR will still be in accordance with the FIRB Memorandum Circular (MC) No. 001-2024. These interim guidelines, in a question-and-answer format (Annex A), apply while awaiting enhancements to the Fiscal Incentives Registration and Monitoring System (FIRMS), and updates will be announced on the FIRB website and through official communications.
The guidelines cover questions about the ABR submission deadline, the period for reporting employment and compensation data, how to report if data is unavailable by the deadline, whether this process applies beyond 2024, the possibility of updating data in 2025, the need for amendments if previous submissions do not meet the guidelines, and how IPAs will assess compliance for 2024 submissions.
PH is in ‘prime position’ to supply in-demand critical minerals – Marcos [Inquirer.Net, October 16, 2024]
During his speech at the 2023 Philippine Mineral Industry Environmental Award (PMIEA) in Malacañang, he emphasized the Philippines’ potential as one of the world’s mineral-rich countries.
MPTC to finalize CCLEx expansion deal [The Philippine Star, October 16, 2024]
The tollways arm of Manuel V. Pangilinan’s Metro Pacific Investments Corp. hopes to finalize a deal with Spanish construction firm Acciona within the year to expand the Cebu-Cordova Link Expressway (CCLEx).
https://www.philstar.com/business/2024/10/16/2392741/mptc-finalize-cclex-expansion-deal-year
Taguig bags awards for local revenue growth, performance [Inquirer.Net, October 16, 2024]
Taguig was recognized for its outstanding growth and performance in local revenue during the 37th Anniversary Stakeholders’ Recognition of the Department of Finance – Bureau of Local Government Finance (DOF-BLGF).
https://newsinfo.inquirer.net/1993061/taguig-bags-awards-for-local-revenue-growth-performance
Remarks against officials not slander if about performance — SC [GMA News Online, October 16, 2024]
The SC stressed that persons of authority, especially those elected by the public, must be prepared for scrutiny as well as criticisms, saying that being sensitive has no place in public service.
Property giants back BCDA charter amendments [The Philippine Star, October 16, 2024]
SB 2647 seeks to extend the BCDA’s corporate term by another 50 years from its current remaining corporate life of 18 years.
https://www.philstar.com/business/2024/10/16/2392749/property-giants-back-bcda-charter-amendments
Cebu City Court denies Tomas Osmeña’s appeal on SRP lot sale [Cebu Daily News, October 16, 2024]
The court’s resolution, promulgated on August 29, 2024, is a development in Osmeña’s case dating back to 2019, which alleged that the contracts signed by former mayor Michael Rama with the SM-Ayala Consortium and the Filinvest Group were “illegal and undervalued” the property.
Quarry taxes keep Pampanga revenues high [Philippine Daily Inquirer, October 16, 2024]
From third place in 2022, when its LSR reached P1.859 billion, Pampanga ranked second with an LSR of P2.335 billion in 2023, according to Circular No. 017 of the Bureau of Local Government Finance (BLGF) of the Department of Finance released in August. Rizal ranked first with an LSR of P2.5 billion.
https://newsinfo.inquirer.net/1992917/quarry-taxes-keep-pampanga-revenues-high
Converge signs up to serve Lopez ecozone in Batangas [Philippine Daily Inquirer, October 16, 2024]
Converge ICT Solutions Inc. is set to provide internet connectivity, cloud services and other enterprise-grade technology solutions to locators at the 600-hectare hub of Lopez-led First Philippine Industrial Park (FPIP) in Batangas.
https://business.inquirer.net/485057/converge-signs-up-to-serve-lopez-ecozone-in-batangas
Retired foreigners can pay P1.5M for unlimited legal stay in PH [GMA News Online, October 15, 2024]
Senator Loren Legarda expressed dismay Tuesday over the regulation of the Philippine Retirement Authority (PRA) allowing retired foreigners to stay legally in the Philippines for as long as they want in exchange for a US$20,000 fee, saying it’s no wonder that many criminal syndicates are able to exploit this to find safe haven in the country.
Another layoff in MEPZ: 300 workers axed [Cebu Daily News, October 15, 2024]
At least 337 workers of an electronics solution provider in Mepz had been retrenched after its company shut down last September.
Meralco, Samsung forge nuclear energy deal [The Philippine Star, October 15, 2024]
Pangilinan said the strategic deal has further strengthened Meralco’s commitment to fueling the government’s efforts to integrate nuclear energy in the country’s power generation mix.
https://qa.philstar.com/business/2024/10/15/2392492/meralco-samsung-forge-nuclear-energy-deal
Apeco in talks with US, DND to put up Casiguran seaport [Philippine News Agency, October 15, 2024]
The proposed Casiguran seaport is envisioned to be a vital gateway for trade and commerce, positioning Apeco as a strategic hub for local and international businesses, especially in the agro-industry, renewable energy, defense, and tourism, among others.
https://business.inquirer.net/484981/apeco-in-talks-with-us-dnd-to-put-up-casiguran-seaport
Ormoc will have city hospital soon — Mayor Torres-Gomez [Cebu Daily News, October 15, 2024]
During her State of the City Address (SOCA) on Monday, October 14, 2024, Mayor Lucy Torres-Gomez presented to the city council her proposed 2025 annual budget worth P2.7 billion and P1.8 billion from the Congressional budget.
https://cebudailynews.inquirer.net/600385/ormoc-will-have-city-hospital-soon-mayor-torres-gomez
Pasig announces transfer of some offices to temporary city hall [GMA News Online, October 15, 2024]
Pasig City has announced that the operation of some of its offices will be transferred to the temporary city hall at Eulogio Amang Rodriguez Avenue in Barangay Rosario.
LTO: 3 more driving schools suspended for acting as ‘fixers’ for their clients [Manila Bulletin, October 15, 2024]
LTO chief, Assistant Secretary Vigor D. Mendoza said that a Show Cause Order was also issued to the driving schools based in Caloocan City, Las Piñas City and Silang town of Cavite for them to explain why they should not be punished for activities that are equivalent to fixing.
https://mb.com.ph/2024/10/14/three-more-driving-schools-suspended-for-fixing
DOJ clarifies application of PWD discounts for group meal purchases [Philippine News Agency, October 14, 2024]
Under the said BIR provision, “the basis of the 20 percent discount for a senior citizen and person with disability shall be on the amount corresponding to the combination of the most expensive and biggest single serving meal with beverage in a quick service restaurant, is deemed flexible and is adjusted accordingly by good establishment to estimate single food purchase for an individual senior citizen and person with disability,” the circular said.
https://www.pna.gov.ph/articles/1235470
PhilHealth hikes dialysis package anew, now P1M a year [GMA News Online, October 14, 2024]
Under PhilHealth Circular 2024-0023, the agency increased the benefits to P6,350 per session for members and their qualified dependents with chronic kidney disease stage 5 (CKD5).
BCDA partners with Korean firms for smart city development in New Clark City [Manila Bulletin, October 14, 2024]
State-owned Bases Conversion and Development Authority (BCDA) has partnered with Korean business experts to bolster its efforts in developing New Clark City into a premier investment and tourism destination in Asia.
https://mb.com.ph/2024/10/13/bcda-inks-deals-with-korean-experts
SEC to include financial literacy in DepEd curriculum [The Manila Times, October 14, 2024]
On October 10, the SEC and DepEd signed a memorandum of agreement to include smart financing and investment knowledge to the DepEd curriculum.
New Bulacan flyover to ease traffic between NCR, north Luzon [Inquirer Plus, October 14, 2024]
The completed structure is one of the three flyovers of the 24-kilometer Plaridel Bypass, which connects the North Luzon Expressway (NLEx) to Maharlika Highway in San Rafael, Bulacan. The other two, the San Rafael and Bustos flyovers, have been serving motorists for around 10 years now.
https://plus.inquirer.net/news/new-bulacan-flyover-to-ease-traffic-between-ncr-north-luzon/
PH eyes a million health & wellness tourists [ABS-CBN News, October 14, 2024]
The Tourism chief said the Philippines receives about 250,000 health and wellness tourists annually. These are foreign travelers who visit the Philippines for medical treatment, dental care, or go on a retreat in a spa. Tourism Director Paulo Tugbang said they aim to reach the figure of half a million or even a million in a few years’ time.
https://news.abs-cbn.com/business/2024/10/14/ph-eyes-a-million-health-wellness-tourists-1601
PAGCOR COS, JO workers not gov’t employees —SC [GMA News Online, October 14, 2024]
Contract of service and job order workers of the Philippine Amusement and Gaming Corporation (PAGCOR) are not considered government employees under the jurisdiction of the Civil Service Commission (CSC), according to a Supreme Court ruling.
Privatization of Davao International Airport now underway [Cebu Daily News, October 14, 2024]
Bautista earlier said that the DOTr expects to finish the PPP process for the Davao International Airport in 13 months, the same as with the NAIA PPP.
https://cebudailynews.inquirer.net/600259/privatization-of-davao-international-airport-now-underway
Megaworld to spend P15B for 84-hectare township in Ilocos Norte [GMA News Online, October 14, 2024]
Dubbed as the “Ilocandia Coastown,” the township is located adjacent to the Fort Ilocandia Hotel with a 1.40-kilometer beach line, along with an area of sand dunes. It is set to have residential developments, a shophouse district, commercial district, and its own town center.
Angkas aims for its new four-wheeled service to be ‘second best’ [interaksyon, October 14, 2024]
Angkas said its goal is to make its Angcars the “second best” TNVS, acknowledging that other popular and more established ride-hailing services offer four-wheeled vehicles like Grab.
Marcos signs law for 8 new trial courts [Inquirer Plus, October 14, 2024]
The President signed on Friday Republic Act No. 12025, which creates three additional Regional Trial Court (RTC) branches in Muntinlupa City, providing funds for setting up such.
https://plus.inquirer.net/news/marcos-signs-law-for-8-new-trial-courts/
Figaro brews up slight name change [The Philippine Star, October 13, 2024]
FCG’s board has approved the proposal to revise its corporate name from Figaro Coffee Group Inc. to Figaro Culinary Group Inc. to reflect the growing diversity of the business.
https://qa.philstar.com/business/2024/10/13/2392028/figaro-brews-slight-name-change
Cebu City LGU gives ultimatum to contractor over ‘controversial’ track oval [The Manila Times, October 13, 2024]
he City government has set an ultimatum for SBD Builders to complete the rehabilitation of the dilapidated rubberized track oval at the Cebu City Sports Center (CCSC) by the end of the month or face potential termination of their contract.
Davao City tops in tax collections [Philippine Daily Inquirer, October 13, 2024]
Davao City became the top local government outside of Metro Manila with the highest locally sourced tax take, amassing P6.67 billion in revenues.
https://newsinfo.inquirer.net/1992164/davao-city-tops-in-tax-collections
MIAA prepares for new role as regulator [The Philippine Star, October 12, 2024]
Once approved, the new structure is expected to streamline operations and strengthen MIAA’s regulatory capacity to monitor the progress and development of NAIA.
https://qa.philstar.com/business/2024/10/12/2391826/miaa-prepares-new-role-regulator
Intramuros up against Taj Mahal, Burj Khalifa, and more for ‘World’s Leading Tourist Attraction’ at the World Travel Awards 2024 [GMA News Online, October 10, 2024]
As seen in the World Travel Awards website, Intramuros is up against famous tourist attractions like Dubai’s Burj Khalifa, The Acropolis of Athens in Greece, India’s Taj Mahal, and Great Wall of China, among others.
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