BIR Suspends all audit and other field operations
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [DECEMBER 4-14]
- BIR SUSPENDS ALL AUDIT & OTHER FIELD OPERATIONS
- TAX & BUSINESS-RELATED NEWS [DECEMBER 4-14]
1. Senate concurs with ratification of PH-Brunei pact vs. double taxation
2. AMLC wants tighter due diligence on delinquent firms
3. SC clears executive of real estate firm’s failure to register documents
4. Pre-need industry swings back to P1.8 billion profit
5. BOI endorses Metro Pacific’s P 3.4 billion farm projects
6. AboitizPower Distribution Utilities, Visayan Electric inks industry partnership with USJ-R
7. Negros Island Region bill hurdles Senate 2nd reading
8. F2 Logistics bids farewell, disbands PVL team
9. Senate concurs with ratification of social security pact between PH, Korea
10. Herbert Bautista pleads not guilty to graft charge over solar power system
11. House passes Internet Transactions Act regulating e-commerce
12. SSS launches Pension Loan Program to fight ‘sangla-ATM’ borrowing
13. Angeles Electric DPO approved by regulator
14. SEC to non-compliant, suspended firms: Avail amnesty program by Dec. 31
15. Australia plans to halve migrant intake, tighten student visa rules
16. Baguio students shine as Philippines’ top English speakers
17. DOT adds golf tourism in industry portfolio
18. Goodbye GMA Pinoy TV? Gozon reportedly eyeing iWantTFC for streaming content abroad
19. Pag-IBIG: ‘Long overdue’ contribution hike to be implemented in January 2024
20. Dennis Uy fails to sell Mactan casino to AppleOne
2. BIR SUSPENDS ALL AUDIT & OTHER FIELD OPERATIONS
Revenue Memorandum Order (RMO) No. 39-2023 issued on December 13, 2023, suspends all audit and other field operations of the BIR effective December 16, 2023, up to January 7, 2024.
Senate concurs with ratification of PH-Brunei pact vs. double taxation [GMA News Online, December 14, 2023]
Independent personal services such as professional services by lawyers, engineers, architects, dentists, and accountants, shall be taxed only in the worker’s state of residence provided that he does not stay for an aggregate period of over 183 days in any twelve months, she added.
AMLC wants tighter due diligence on delinquent firms [The Philippine Star, December 14, 2023]
The AMLC told covered persons to pay attention on the list of non-user corporations eligible to avail of amnesty and list of delinquent corporations eligible to avail of amnesty released by the Securities and Exchange Commission (SEC).
SC clears executive of real estate firm’s failure to register documents [GMA News Online, December 14, 2023]
In acquitting Valenzona, the SC said that while he was charged because he was president but that it found that it had been established that the function to register contracts entered by the company was the duty of the company’s marketing, documentations, and processing department.
Pre-need industry swings back to P1.8 billion profit [The Philippine Star, December 14, 2023]
The 2022 net loss was largely due to significant benefit payments for pre-need policies.
BOI endorses Metro Pacific’s P 3.4 billion farm projects [The Philippine Star, December 14, 2023]
In a statement yesterday, the BOI said its One-Stop Action Center for Strategic Investments (OSACSI) granted green lane certificates of endorsement to Metro Pacific Fresh Farms, Inc.’s (MPFF) Bulacan vegetable farm project and Metro Pacific Dairy Farms’ (MPDF) Laguna dairy farm project.
AboitizPower Distribution Utilities, Visayan Electric inks industry partnership with USJ-R [Cebu Daily News, December 13, 2023]
The collaborative initiative between AboitizPower, Visayan Electric, and USJ-R underscores a joint commitment to advancing education and fostering the empowerment of the youth. Future projects outlined in the agreement include collaborative efforts such as student immersions, On-the-Job Trainings (OJTs), and scholarship programs.
Negros Island Region bill hurdles Senate 2nd reading [GMA News Online, December 13, 2023]
Under Senate Bill (SB) 2507, the proposed NIR will include the provinces of Negros Occidental including Bacolod City, Negros Oriental, and Siquijor.
F2 Logistics bids farewell, disbands PVL team [The Manila Times, December 13, 2023]
On the eve of the 2nd All Filipino Conference Finals, Premier Volleyball League (PVL) team F2 Logistics Cargo Movers has announced that they are ceasing operations after eight years.
https://www.manilatimes.net/2023/12/13/sports/f2-logistics-bids-farewell-disbands-pvl-team/1924061
Senate concurs with ratification of social security pact between PH, Korea [GMA News Online, December 13, 2023]
According to Senate foreign relations chairperson Imee Marcos and sponsor of the resolution, the agreement will make Filipinos in South Korea, including their dependents and survivors, eligible for the same social security benefits as those enjoyed by South Korean nationals.
Herbert Bautista pleads not guilty to graft charge over solar power system [GMA News Online, December 12, 2023]
Bautista IS accused of committing graft in connection with the release of P25.3 million in payment to a contractor for the solar power system and waterproofing works for the Quezon City Civic Center building even after the firm failed to secure a net metering system from Meralco.
House passes Internet Transactions Act regulating e-commerce [ABS-CBN News, December 12, 2023]
The proposed Internet Transactions Act lays down policies that will govern all business-to-business and business-to-consumer e-commerce and internet transactions. These include online retail, travel services, media providers, ride hailing services, and digital financial services.
https://news.abs-cbn.com/business/12/12/22/bill-regulating-online-shopping-gets-final-house-nod
SSS launches Pension Loan Program to fight ‘sangla-ATM’ borrowing [GMA News Online December 12, 2023]
In a statement on Tuesday, SSS president and CEO Rolando Macasaet said the private sector workers’ pension fund launched the Pension Loan Program (PLP), which offers a low interest rate of 10% per year “a far cry from those being lent by loan sharks.”
Angeles Electric DPO approved by regulator [The Manila Times, December 12, 2023]
THE Securities and Exchange Commission (SEC) on Monday said that it had approved the application of Pampanga-based Angeles Electric Corp. to conduct a direct public offering (DPO) to raise some P700 million for capital expenditures.
SEC to non-compliant, suspended firms: Avail amnesty program by Dec. 31 [GMA News Online, December 12, 2023]
The SEC has released a list of 22,403 ordinary corporations that are in danger of having their certificates of incorporation revoked for their failure to submit their GIS within five years from the date of incorporation.
Australia plans to halve migrant intake, tighten student visa rules [Inquirer.Net, December 11, 2023]
Under the new policies, international students would need to secure higher ratings on English tests and there would be more scrutiny on a student’s second visa application that would prolong their stay.
Baguio students shine as Philippines’ top English speakers [Rappler December 11, 2023]
Baguio’s score of 619 led the national rankings, surpassing other high-scoring cities like Dumaguete and Davao.
https://www.rappler.com/nation/luzon/baguio-students-shine-philippines-top-english-speakers/
DOT adds golf tourism in industry portfolio [The Philippine Star, December 10, 2023]
During the first Philippine golf summit last November 28, Tourism Secretary Christina Frasco highlighted the potential of golf tourism to boost the Philippine tourism as the country has more than 100 golf courses in Luzon, Visayas and Mindanao.
https://www.philstar.com/headlines/2023/12/10/2317862/dot-adds-golf-tourism-industry-portfolio
Goodbye GMA Pinoy TV? Gozon reportedly eyeing iWantTFC for streaming content abroad [Bilyonaryo, December 9, 2023]
There are reports that the chairman and chief executive officer of GMA Network Inc. will instead utilize ABS-CBN’s streaming platform, iWantTFC, to make news and entertainment content available overseas.
Pag-IBIG: ‘Long overdue’ contribution hike to be implemented in January 2024 [GMA News Online, [December 8, 2023]
To recall, Pag-IBIG postponed the premium hike to next year in consideration of the “continuing effects of the pandemic to both the business community and our members.”
Dennis Uy fails to sell Mactan casino to AppleOne [Manila Bulletin, December 5, 2023]
Last October, a Memorandum of Understanding was signed by PHR’s subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp. and AppleOne which intended to obtain at least a majority of the equity interest in the subsidiaries, or an asset purchase of the land and improvements of the Emerald Bay Project.
https://mb.com.ph/2023/12/4/dennis-uy-fails-to-sell-mactan-casino-to-apple-one
Recent Comments