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Dear Valued Clients and Friends, Revenue Memorandum Circular No. 31-2020: Extends the period of submission or filing of documents and correspondences pursuant to certain provisions in the Tax Code, as amended, and existing Revenue Regulations. The submission or filing of documents and correspondences is extended as specified below. Documents/Correspondence Extension Letter Answer...

Dear Valued Clients and Friends, Revenue Memorandum Circular No. 30-2020: Amending Revenue Memorandum Circular (RMC) No. 29-2020 and clarifications on RMC 28-2020 relative to the Extension of deadlines for the filing of CY 2019 Income Tax Returns and other various returns and payment of taxes due thereon. Required attachments for...

By: MARK ANTHONY TAMAYO March 26, 2020 Last of two parts Last week, we discussed the salient features of the recently issued Customs Administrative Order (CAO) 02-2020 in relation to the dispute settlement and protest rules arising from tariff classification issues. Such issues may affect the assessment of duties, taxes...

By MARK ANTHONY TAMAYO March 19, 2020 First of two parts Under the self-assessment scheme, importers are responsible for reporting the details of their importations with the Bureau of Customs (BoC). These details — which must be reflected in the goods declaration — include the value of the imported goods...

By: Nica Marsha Gasapo on March 12,2020 The proper issuance of a letter of authority (LOA), which is a written official authority issued by the Bureau of Internal Revenue (BIR) to its representatives to conduct a tax audit, is a strict legal requirement for the validity of a BIR tax assessment. The LOA...

By: Kathleen Guiang on March 5,2020 Under the Local Government Code of 1991, owners or administrators of real property, whether natural or juridical persons, are required to prepare and file with the provincial, city or municipal assessor, a sworn statement declaring the true value of their property. Such declaration shall contain a...

By: Euney Marie J. Mata-Perez on February 27,2020 In my article titled “Model taxpayer charter” that was published in The Manila Times on Nov. 15, 2018, I discussed the need for a taxpayer charter to protect taxpayers against threats on their rights, especially in the advent of various world-wide initiatives such...

By: Euney Marie J. Mata-Perez on February 20,2020 The Senate Ways and Means Committee released Committee Report 50 dated Feb. 17, 2020, endorsing Senate Bill (SB) 1357, in substitution of SBs 535, 595 and 702, taking into consideration House Bill (HB) 4157, the proposed Corporate Income Tax and Incentives Rationalization Act...

By: Euney Marie J. Mata-Perez on February 13,2020 The year 2020 started right for the viability of REITs or real estate investment trusts. The last of the major roadblocks for the creation of REITs has finally been removed, more than ten years after the passage of Republic Act (RA) 9856, or...