Public charging stations may expose Filipinos to ‘juice jack’ attacks
- TAX & BUSINESS-RELATED NEWS [APRIL 11-17]
- BIR CLARIFIES CERTAIN POLICIES ON THE FILING OF APPEAL AGAINST FINAL DECISION ON DISPUTED ASSESSMENT
- COURT OF TAX APPEALS CASE ON AUTHENTICATION OF DOCUMENT PRESENTED IN COURT AS EVIDENCE
- SUPREME COURT CASE ON VATABILITY OF ISOLATED TRANSACTION
1. TAX & BUSINESS-RELATED NEWS [APRIL 11-17]
- Public charging stations may expose Filipinos to ‘juice jack’ attacks
- PLDT CFO, SVP take early retirement amid budget overrun issue
- SEC secures conviction for fraud
- PDIC puts up for auction residential lots, motor vehicles
- CAB lowers fuel surcharge for May flights
- Saudi Arabia transfers more Aramco oil shares to wealth fund
- Landbank-DBP merger should give bigger cash dividends – lawmaker
- No lines on ITR deadline as taxpayers shift online: BIR
- Marikina grants tax amnesty
- Ayala logistics company to open Batangas Technopark in 2025
- MRT 7 gets closer to reality
- Tupperware’s future in doubt amid weak financial position
- Cebu Landmasters expands to Luzon
- BDO upgrades ATMs with facial, fingerprint recognition. Clients aren’t pleased
- Coron to get new septage treatment facility
- New lawyers’ code includes behavior on social media, pledge to ‘do justice’
- GSIS buys P1.46-B shares in Nickel Asia
- DoubleDragon’s Hotel 101 to build footprint in 101 countries
- 10 regional airports up for sale – Bautista
- 8.6M seniors to get health protection this year
- Bagoong factory worker loses vision after condiment gets in contact with left eye
- SEC orders closure of Platinum Coin
- ‘Very alarming’: Bishop asks gov’t to act on mining ops in Homonhon
2. BIR REQUIRES TAXPAYERS APPEALING THE FDDA TO FURNISH A COPY OF APPEAL TO THE CHIEF OF THE ASSESSMENT DIVISION/LTS
Revenue Memorandum Circular No. 43-2023, issued on April 14, 2023, instructs taxpayers filing an appeal against the Final Decision on Disputed Assessment (FDDA) to furnish a copy of appeal to the Chief of the Assessment Division for Regional cases, or the concerned Head Revenue Executive Assistant, in the case of taxpayers under the jurisdiction of the Large Taxpayers Service or investigated by the National Investigation Division under the Enforcement and Advocacy Service, within five (5) days from date of filing with the Office of the Commissioner of Internal Revenue or the Court of Tax Appeals.
3. CTA CASE ON AUTHENTICATION OF DOCUMENT PRESENTED IN COURT AS EVIDENCE
[A HANDWRITING OF A PERSON MAY BE PROVED BY A WITNESS WHO BELIEVES IT TO BE THE HANDWRITING OF SUCH PERSON WHO HAS SEEN THE PERSON WRITE] [A PUBLIC DOCUMENT IS SELF-AUTHENTICATING & REQUIRES NO FURTHER AUTHENTICATION IN ORDER TO BE PRESENTED AS EVIDENCE IN COURT]
Petitioner Commissioner of Internal Revenue (CIR) filed a Petition for Review seeking the partial reversal and setting aside of the CTA 3rd Division’s earlier Decision and Resolution, which partially granted the claim for a refund of the Petitioner AIG Shared Services Corporation (Philippines) in the amount of Php 33,998.77, representing the latter’s unutilized excess input Value-Added Tax (VAT) attributable to its zero-rated sales/receipts. The Petitioner argued that the Respondent’s witness is not competent to prove the due execution of the Respondent’s exhibits in relation to the Master Service Agreements and the Certificates of Non-Registration because he was neither the person who executed the said records nor the person before whom the execution was acknowledged. In ruling, the Court finds that the witness has properly identified and authenticated the Master Service Agreements considering that he is familiar with the signatories of said documents. On the other hand, the Certificates of Non-Registration issued by the Philippine Securities and Exchange Commission (SEC) require no further authentication. Hence, the Court held that Respondent’s witness was able to sufficiently identify and authenticate the documents alleged by the Petitioner to be hearsay evidence. Consequently, the Petition was DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. AIG SHARED SERVICES CORPORATION (PHILIPPINES), CTA EN BANC CASE NO. 2545, MARCH 27, 2023]
4. SUPREME COURT CASE ON VATABILITY OF ISOLATED TRANSACTION
[FOR AN ACTIVITY TO BE SUBJECT TO VAT, IT MUST BE IN PURSUIT OF A COMMERCIAL OR ECONOMIC UNDERTAKING] [VAT SHOULD NOT BE APPLIED TO THE INTEREST INCOME ON THE LOANS IT GRANTED TO ITS AFFILIATES] [INTEREST ON ACCOMMODATION LOAN BY MANAGEMENT COMPANY TO AFFILIATES IS NOT SUBJECT TO VAT]
Petitioner Lapanday Foods Corporation filed a Petition for Review seeking the reversal and setting aside of the CTA En Banc’s earlier Decision. The Petitioner opposed the CTA’s view that the loan assistance provided to its affiliates is incidental to its business. Likewise, loans, being for accommodation only, cannot be considered as transactions in pursuit of the Petitioner’s business as a management company. In ruling, the Court held that the CTA En Banc erred in holding that Petitioner’s loan transactions are incidental to its main line of business. Whatever interest the Petitioner may have earned from the loan accommodation is merely passive. Being such, it could also not be considered as derived from a commercial or economic undertaking. Further, the subject loans not being incidental transactions to the Petitioner’s main business is rooted not only in the fact that such loans are merely isolated and not for commercial or economic purpose, but also on the apparent lack of any showing of a connection between the granting of financial assistance and the primary purpose of providing management services to clients. Considering that the interest income on loans granted by the Petitioner is not subject to Value-Added Tax (VAT), it is futile to discuss the matter concerning the proper computation of the VAT liability. Hence, the Petition was GRANTED. [LAPANDAY FOODS CORPORATION VS. COMMISSIONER OF INTERNAL REVENUE, G.R. NO. 186155, JANUARY 17, 2023, UPLOADED FEBRUARY 8, 2023]
Public charging stations may expose Filipinos to ‘juice jack’ attacks [Manila Bulletin, April 17, 2023]
The Federal Bureau of Investigation (FBI) in the United States recently warned consumers against using USB ports for charging in public spaces such as airports, malls, and hotels, as attackers can “juice jack” data or insert malware into one’s phone or device for theft.
https://mb.com.ph/2023/4/17/public-charging-stations-may-expose-filipinos-to-juice-jack-attacks
PLDT CFO, SVP take early retirement amid budget overrun issue [Inquirer Mobile, April 17, 2023]
Key officials of telco giant PLDT Inc., including chief financial officer Anabelle Chua, took early retirement while others tendered voluntary resignation and availed themselves of the company’s manpower reduction program following the conclusion of the probe into the P48-billion (now down to P33 billion) budget mess.
SEC secures conviction for fraud [The Philippine Star, April 17, 2023]
Specifically, it found irregularities in the company’s certificate of bank deposit in the amount of P1 million, purportedly issued by BDO-Pasay Two Shopping Center Branch in April 2017, which Dr Verma Lending submitted as part of the requirements for registration with the SEC.
https://www.philstar.com/business/2023/04/17/2259366/sec-secures-conviction-fraud
PDIC puts up for auction residential lots, motor vehicles [Philippine Daily Inquirer, April 17, 2023]
The government, though Philippine Deposit Insurance Corp. (PDIC), plans to raise a total of P50.1 million by putting on the auction block on May 12 various residential lots, motor vehicles and generator sets.
https://business.inquirer.net/396257/pdic-puts-up-for-auction-residential-lots-motor-vehicles
CAB lowers fuel surcharge for May flights [The Philippine Star, April 17, 2023]
The CAB announced in a statement on Monday that airlines will need to lower fuel surcharge billed to passengers and cargo shipments for domestic and international flights in May. The action meant that fuel surcharges will now be at Level 5 from Level 6, which was announced a month ago.
https://www.philstar.com/business/2023/04/17/2259580/cab-lowers-fuel-surcharge-may-flights
Saudi Arabia transfers more Aramco oil shares to wealth fund [ABS-CBN News, April 17, 2023]
The move underscores Crown Prince Mohammed bin Salman’s campaign to use the Gulf kingdom’s vast energy resources to open up the economy under his “Vision 2030” domestic reform agenda.
Landbank-DBP merger should give bigger cash dividends – lawmaker [The Philippine Star, April 17, 2023]
The veteran Mindanao legislator emphasized that the move augurs well for the government’s efforts to boost non-tax receipts that are badly needed to support social development programs, as he expressed hope that the Landbank-DBP merger will result in “bigger cash dividends” for the national government.
No lines on ITR deadline as taxpayers shift online: BIR [ABS-CBN News, April 17, 2023]
Empty chairs greeted Bureau of Internal Revenue Commissioner Romeo Lumagui Jr on Monday as he inspected some BIR offices on the last day of filing of Annual Income Tax Returns as taxpayers shift to online payment.
https://news.abs-cbn.com/business/04/17/23/no-lines-on-itr-deadline-as-taxpayers-shift-online-bir
Marikina grants tax amnesty [The Philippine Star, April 16, 2023]
Mayor Marcelino Teodoro on Friday signed Ordinance No. 025, Series of 2023, which grants amnesty on interest of delinquent real property taxpayers in the city. He also approved Ordinance No. 026, Series of 2023 granting amnesty on surcharges and interest of delinquent business taxpayers in Marikina.
https://www.philstar.com/nation/2023/04/16/2259185/marikina-grants-tax-amnesty
Ayala logistics company to open Batangas Technopark in 2025 [Inquirer Mobile, April 15, 2023]
The Batangas Technopark, which will be the company’s fifth industrial estate, will rise in the 55-hectare property in Padre Garcia.
MRT 7 gets closer to reality [Inquirer Mobile, April 15, 2023]
On Friday, the transportation department, the Quezon City local government and San Miguel Corp. (SMC) broke ground for the guideway that will rise along West Avenue in Quezon City.
Tupperware’s future in doubt amid weak financial position [ABS-CBN News, April 14, 2023]
Is the Tupperware era ending? The 77-year-old US company, known for its trademark plastic food storage containers, warned of “substantial doubt” about its ability to keep operating in light of its poor financial position, according to a recent regulatory filing.
https://news.abs-cbn.com/business/04/14/23/tupperwares-future-in-doubt-amid-weak-financial-position
Cebu Landmasters expands to Luzon [Inquirer Mobile, April 14, 2023]
The Soberano family-led developer said on Thursday it would start building up its Luzon landbank in 2023.
BDO upgrades ATMs with facial, fingerprint recognition. Clients aren’t pleased [Bilyonaryo, April 14, 2023]
BDO Unibank’s rollout of fingerprint and facial recognition technology in ATMs has been met with criticism by depositors, who are complaining about longer transaction times due to system glitches.
Coron to get new septage treatment facility [Inquirer Mobile, April 14, 2023]
Water utility company Tubig Pilipinas Group Inc. (TPGI) plans to build its first septage treatment plant in Coron, Palawan province this year as it seeks to expand its business and provide potable water outside Metro Manila.
New lawyers’ code includes behavior on social media, pledge to ‘do justice’ [The Philippine Star, April 13, 2023]
The Supreme Court on Thursday launched the Code of Professional Responsibility and Accountability, an updated guide for the conduct of lawyers across the country “for a more ethical and faithful practice of the profession.”
GSIS buys P1.46-B shares in Nickel Asia [The Philippine Star, April 13, 2023]
The Government Service Insurance System (GSIS) bought a block of shares in mining firm Nickel Asia Corp., in a bid to support the nascent electric vehicle industry backed by the Marcos Jr. administration.
https://www.philstar.com/business/2023/04/13/2258660/gsis-buys-p146-b-shares-nickel-asia
DoubleDragon’s Hotel 101 to build footprint in 101 countries [Inquirer Mobile, April 12, 2023]
Tycoon Edgar Sia II is opening his first Hotel 101 in California, United States, within three years under an ambitious global expansion push for the homegrown “condotel” chain to reach more than 100 countries by 2040.
10 regional airports up for sale – Bautista [Manila Bulletin, April 12, 2023]
He disclosed that lined up for privatization are 10 regional airports, namely: Bohol-Panglao, Laguindingan, Bicol, Iloilo, Puerto Princesa, Davao, Bacolod, Kalibo, Busuanga and Siargao.
https://mb.com.ph/2023/4/12/sec-bautista-transport-key-to-national-recovery
8.6M seniors to get health protection this year [Inquirer Mobile, April 12, 2023]
About 8.6 million senior citizens across the country are assured of health insurance this year as the Department of Budget and Management has approved the release of P42.93 billion to cover a year’s worth of premium payments.
Bagoong factory worker loses vision after condiment gets in contact with left eye [interaksyon, April 12, 2023]
A worker in a factory that produces bagoong (fermented seafood paste) lost his vision in his left eye after it came into direct contact with the famous Philippine condiment.
SEC orders closure of Platinum Coin [Inquirer Mobile, April 12, 2023]
According to the SEC, Platinum Coin ran an illegal investment scam under the guise of a legitimate lending business in Dipolog City, Zamboanga del Norte.
‘Very alarming’: Bishop asks gov’t to act on mining ops in Homonhon [The Philippine Star, April 11, 2023]
Nickel and chromite are abundant in Homonhon, the area where Portuguese explorer Ferdinand Magellan and his crew first set foot on Philippine soil 500 years ago.
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