SENATOR EYES PROBE OF CROSS-BORDER TAXES
Relevant Highlights:
- TAX & BUSINESS-RELATED NEWS [MARCH 27-APRIL 2]
- BIR TAX ADVISORY ON THE FILING OF 2023 ANNUAL ITR DUE ON OR BEFORE APRIL 15, 2024
- SEC UPDATES FINES & PENALTIES ON THE LATE & NON-SUBMISSION OF AFS, GIS & OTHER REPORTORIAL REQUIREMENTS
- CTA CASE ON BIR COLLECTION ENFORCEMENT PENDING APPEAL BEFORE THE CIR
- TAX & BUSINESS-RELATED NEWS [MARCH 27-APRIL 2]
1. Inter-agency committee formed to streamline land acquisition for nat’l railway projects
2. Ayala ties up with Japan firm for ‘complex’ construction projects
3. Microsoft splits Teams from Office after antitrust scrutiny
4. Capitol defends plans to relocate in Balamban
5. Google to purge billions of files containing personal data in settlement of Chrome privacy case
6. DTI seals lease deal with Filinvest
7. Filipino joint venture moves a step closer to Internet voting contract
8. The accountant shortage is so bad that it’s delaying key reports at companies like Tupperware
9. DMW pushes for scholarships, training programs for overseas Filipino nurses
10. Hackers bent on targeting digital payment platforms, says Visa
11. Taiwan firms reward Filipinos
12. 2 Japanese locators open facilities in Science Park
13. CDC welcomes UPS expansion efforts at Clark Airport
14. Recto wants expanded ties with SEC in tax enforcement
15. MMDA to impose fines vs 2 contractors after unfinished EDSA projects cause heavy traffic
16. SEC jacks up penalty for late filing of reports by 900%
17. Senate inquiry on BIR’s imposition of 25 percent withholding tax, 12% VAT on cross-border services sought
18. Probe sought on foreigners owning land, duping banks
19. Jollibee plunks down $28m in US drinks firm
20. BRT office to tap Cebu university for archeological impact study
21. PayPal funds can now be redeemed via GCash
22. Philippines sees increase in hotel bookings from overseas in 2023 — report
23. ERC suspends reserves market billing, settlement
24. Senate bill for new pay hikes, addt’l benefits for gov’t employees filed
25. P28 billion losses since 2020: Lance Gokongwei to shovel another P10 billion investment to money pit JG Petrochemical
26. SM to buy 29% of Citicore Energy REIT for P5B
27. RCBC to surrender trust license
28. 10 Most Expensive Condominiums in Metro Manila
2. BIR TAX ADVISORY ON THE FILING OF 2023 ANNUAL ITR DUE ON OR BEFORE APRIL 15, 2024
In a Tax Advisory signed on March 25, 2024, the BIR has advised the taxpayers on the following in line with the 2023 Annual Income Tax Returns (AITR) filing due for submission on or before April 15, 2024:
- Taxpayers needing assistance may visit the BIR’s Tax Assistance Center (TAC) at the BIR National Training Center (NTC)-Auditorium from March 23 to April 15, 2024, except Sundays and Holidays from 8:00 AM to 5:00 p.m. Desktop computers are provided for the electronic filing either through eBIRForms or eFPS, and online tax payments through ePayment channels. TAC personnel shall accept returns of taxpayers regardless of jurisdiction.
- All taxpayers shall electronically file their AITR. No manual filing, except:
2.1 Senior Citizen (SC) or Persons with Disabilities (PWDs) filing their own tax returns.
2.2 Employees deriving purely compensation income from two or more employers, concurrently or successively at any time during the taxable year, or from a single employer, although the income of which has been correctly subjected to withholding tax, but whose spouse is not entitled to substituted filing.
2.3 Employees qualified for substituted filing but opted to file an ITR and are filing for purposes of promotion, loans, scholarships, foreign travel requirements, etc.
3.No need to submit printed copy of electronically filed returns for stamping
3. SEC UPDATES FINES & PENALTIES ON THE LATE & NON-SUBMISSION OF AFS, GIS & OTHER REPORTORIAL REQUIREMENTS
SEC Memorandum Circular (MC) No. 6, Series of 2024, dated March 27, 2024, circularizes the updated fines and penalties on the late and non-submission of Audited Financial Statements (AFS), General Information Sheet (GIS), and non-compliance with SEC MC 28, which requires corporations, partnerships, associations, and individuals to create an email address and designate a mobile phone number for transactions with the SEC.
4. CTA CASE ON BIR COLLECTION ENFORCEMENT PENDING APPEAL BEFORE THE CIR
[WHEN THERE IS A PENDING PROTEST, THE ASSESSMENT IS NON-DEMANDABLE & THE BIR CANNOT COLLECT A NON- DEMANDABLE ASSESSMENT] [COLLECTION MEASURES EMANATING FROM NON-DEMANDABLE ASSESSMENT SHALL BE VOID & OF NO FORCE & EFFECT] [TAX AUTHORITIES ARE BOUND TO CONSIDER THE PROTEST FIRST, BEFORE PROCEEDING AGAINST THE TAXPAYER FOR COLLECTION]
Petitioner C.U.T. Commercial Corporation filed a Petition for Review asking the Court to declare as void the Preliminary Collection Letter (PCL) issued by the Respondent Bureau of Internal Revenue (BIR), relative to the alleged deficiency taxes for the taxable year 2014. The Petitioner argued that the PCL was premature, taking into account that its Motion for Reconsideration (MR) of the Final Decision on Disputed Assessment (FDDA) was still pending before the Commissioner of Internal Revenue (CIR). On the other hand, the Respondent countered that the issuance of the PCL was proper, taken that the FDDA had already become final and executory. In ruling, the Court cited the Supreme Court case of Light Rail Transit Authority vs. Bureau of Internal Revenue (LRTA Case) wherein it explained that to ground the collection measures on the premise of the existence of “delinquent taxes” is incorrect. A PCL, as well as a Final Notice Before Seizure, Warrant of Distraint and/or Levy, or other means of summary administrative collection, remain tentative for as long as there is a pending administrative appeal before the Office of the CIR. In the case at bar, the assessment against the Petitioner remained to be non- demandable, on account of circumstances similar to those in the LRTA Case. In other words, the assessment against the Petitioner remained tentative given the pending MR before the CIR. Thus, the Petition was GRANTED, and the subject PCL was ANNULLED for being void and ineffectual. [C.U.T. COMMERCIAL CORPORATION VS. BUREAU OF INTERNAL REVENUE, CTA CASE NO. 9933, MARCH 22, 2024]
Inter-agency committee formed to streamline land acquisition for nat’l railway projects [The Philippine Star, April 2, 2024]
In a news release by the Presidential Communications Office (PCO) on Monday, it said that President Ferdinand Marcos Jr. issued Administrative Order (AO) No. 19, creating the Inter-Agency Committee for Right-of-Way (ROW) Activities for National Railway Projects.
Ayala ties up with Japan firm for ‘complex’ construction projects [Philippine Daily Inquirer, April 2, 2024]
The construction arm of Zobel family-led Ayala Land Inc. has launched a new company with Japanese firm Takenaka Corp. to explore “complex” design and construction projects in the country.
Microsoft splits Teams from Office after antitrust scrutiny [Associated Press, April 2, 2024]
The tech giant said Monday that customers buying Office subscriptions starting this week won’t get Teams bundled with the service. Microsoft will start selling the two products separately around the world, following a move last year to separate the products in Europe.
https://apnews.com/article/microsoft-teams-office-bundle-unbundled-7ea64d625a32e65e18b34c14d467af28
Capitol defends plans to relocate in Balamban [Cebu Daily News, April 2, 2024]
The Cebu Provincial Government defended its plans to relocate its seat of power to Balamban town in western Cebu amid criticisms following site redevelopment in the locality’s mountains.
https://cebudailynews.inquirer.net/565752/capitol-defends-plans-to-relocate-in-balamban
Google to purge billions of files containing personal data in settlement of Chrome privacy case [The Manila Times, April 2, 2024]
The massive housecleaning comes as part of a settlement in a lawsuit accusing the search giant of illegal surveillance.
DTI seals lease deal with Filinvest [The Philippine Star, April 2, 2024]
Gotianun–led property developer Filinvest Land Inc. (FLI) is supporting the Department of Trade and Industry (DTI)’s plan to consolidate its various operating units with a deal to lease the company’s entire Filinvest Buendia building in Makati to the agency.
https://www.philstar.com/business/2024/04/02/2344534/dti-seals-lease-deal-filinvest
Filipino joint venture moves a step closer to Internet voting contract [ABS-CBN News, April 2, 2024]
With a bid amount of P112 million, the joint venture of SMS Global Technologies, Inc. and Sequent Tech, Inc. bested three other bidders for the Online Voting and Counting System (OVCS) contract of the Commission on Elections (Comelec).
The accountant shortage is so bad that it’s delaying key reports at companies like Tupperware [Business Insider, April 1, 2024]
In a regulatory filing, Orlando-based Tupperware blamed the delay on “significant” past and present accounting attrition, “which has resulted in resource and skill set gaps, strained resources, and a loss of continuity of knowledge.”
DMW pushes for scholarships, training programs for overseas Filipino nurses [ABS-CBN News, April 1, 2024]
According to figures from the Department of Migrant Workers (DMW), overseas deployment of land-based nursing professionals reached 81,213 in 2023 – more than double the 38,457 tallied in 2022.
Hackers bent on targeting digital payment platforms, says Visa [Philippine Daily Inquirer, April 1, 2024]
The Visa official explained the perpetrators can now access the dark web to buy ransomware, card number generator, deepfake tools and other software they can use to launch their digital attacks.
https://business.inquirer.net/452570/hackers-bent-on-targeting-digital-payment-platforms-says-visa
Taiwan firms reward Filipinos [The Manila Times, April 1, 2024]
Bello cited the case of I-Mei Foods Co. Ltd in Taoyuan, which has hired over 10,000 Filipinos for over 30 years. It is a food company founded in 1934 and became a popular consumer brand in Taiwan. I-Mei is also a major milk processor.
https://www.manilatimes.net/2024/04/01/news/national/taiwan-firms-reward-filipinos/1939306
2 Japanese locators open facilities in Science Park [GMA News Online, April 1, 2024]
The Science Park of the Philippines Incorporated (SPPI) has welcomed two Japanese corporations as its new locator companies in its two industrial parks in Cebu and Batangas.
CDC welcomes UPS expansion efforts at Clark Airport [The Manila Times, April 1, 2024]
This move is poised to further bolster the ease of doing business within the Clark Freeport Zone and Clark Special Economic Zone, enhancing operational efficiency and logistics capabilities.
Recto wants expanded ties with SEC in tax enforcement [Philippine Daily Inquirer, April 1, 2024]
Both the SEC and BIR have long been collaborating mainly to tighten tax enforcement.In September last year, the SEC partnered with the United Nations and nonprofit organization Open Ownership to aid the BIR in its campaign against tax evaders.
https://business.inquirer.net/452569/recto-wants-expanded-ties-with-sec-in-tax-enforcement
MMDA to impose fines vs 2 contractors after unfinished EDSA projects cause heavy traffic [GMA News Online, April 1, 2024]
Citing the explanation of the contractors, Artes said there was a delay in the project because of a mistake in the logistics schedule for the delivery of cement.
SEC jacks up penalty for late filing of reports by 900% [Philippine Daily Inquirer, April 1, 2024]
After 22 years, the Securities and Exchange Commission (SEC) has raised penalties for companies that will be late in filing requirements set by the corporate watchdog.
https://business.inquirer.net/452557/sec-jacks-up-penalty-for-late-filing-of-reports-by-900
Senate inquiry on BIR’s imposition of 25 percent withholding tax, 12% VAT on cross-border services sought [Manila Bulletin, March 31, 2024]
“This could hike the cost of doing business in the Philippines, which will further erode the country’s competitiveness in attracting foreign investors,” said Gatchalian.
Probe sought on foreigners owning land, duping banks [Philippine Daily Inquirer, March 28, 2024]
House Assistant Majority Leader Faustino Dy V is seeking a congressional inquiry on how foreigners were able to own land and defraud local banks by posing as Filipino citizens, claiming these exposed the country’s security and economy to potential risks.
https://globalnation.inquirer.net/229741/probe-sought-on-foreigners-owning-land-duping-banks
Jollibee plunks down $28m in US drinks firm [Inquirer Mobile, March 28, 2024]
In a stock exchange filing on Wednesday, Jollibee said it would shell out $28 million for a 10-percent ownership stake in Botrista Inc., a company known for providing “all-natural” ingredients for craft drinks through beverage technology development.
BRT office to tap Cebu university for archeological impact study [Philippine News Agency, March 28, 2024]
The Cebu Bus Rapid Transit (BRT) project management will tap a university here, as it complies with the archeological impact assessment as required by the National Commission for Culture and Arts (NCCA), the project management head said Wednesday.
Recent Comments