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By: Atty. Aziza Hannah Bacay on July 15,2021. In every tax assessment, due process requires that the Bureau of Internal Revenue (BIR) properly apprise the taxpayer of the nature of the tax liability, the amount due, and the law and basis for such assessment. To streamline due process requirements, the BIR issued...

By: Mark Anthony Tamayo on July 8,2021. All importers are mandated to exercise reasonable care in entering, classifying and determining the value of their imported goods not only for the purpose of expediting the release of their shipments from the custody of the Bureau of Customs (BoC), but more importantly,...

By Nica Marsha Gasapo on July 1, 2021 In an effort to rationalize the procedures and requirements for the availment of tax treaty benefits, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 14-2021 prescribing for updated procedures on availing tax treaty benefits for non-resident foreign income earners....

By Aziza Hannah Bacay on June 24, 2021 This also speaks true for software transactions where the software may be transferred electronically, instead of delivery through variety of media, such as magnetic tape, disk, CD-ROM, and the like. Software is defined as “a program, or a series of programs, containing...

By Ellaine Anne Bernardino on June 17, 2021 As a general rule, the Bureau of Internal Revenue (BIR) has three years from the last day prescribed by law for the filing of the tax return or from the day the tax return was filed, whichever is later, to assess internal...

By Euney Marie Mata-Perez on June 10, 2021 In a July 16, 2020 article, I mentioned that relaxing our bank secrecy rule was key to financial integrity. At that time, we had been touted as one of two countries (the other being Lebanon) with the strictest bank secrecy rules. (https://www.manilatimes.net/2020/07/16/business/columnists-business/amending-the-bank-secrecy-act-as-a-key-to-financial-integrity/742400)...

By Mark Anthony Tamayo on June 3, 2021. A positive change brought about by Republic Act (RA) 11534 (Create Act) was the repeal of Section 29 of the National Internal Revenue Code of 1997 relating to the imposition of a 10 percent improperly accumulated earning tax (IAET) or surtax.

By Euney Marie Mata-Perez on May 27, 2021. We need a charter, which the Philippine has yet to adopt, to protect taxpayers against threats to their rights, In 2019, then Senator Ralph Recto filed Senate Bill (SB) 1163, a proposed act ordaining a Bill of Rights for Taxpayers.

By Euney Marie Mata-Perez on May 20, 2021. There is now confusion as to the taxation of educational institutions which are proprietary, stock or for profit. Aside from decreasing the regular corporate income tax to 25 percent or 20 percent in certain cases, the Corporate Recovery and Tax Incentives for...