Taxwise or Otherwise

"Taxwise or Otherwise" discusses the latest developments in tax and business law in the Philippines. It also dissects current issues affecting the business community, including policy development.

Writers are taken from a pool of business and tax consultants of PricewaterhouseCoopers Philippines.

Latest column:
RMC 58-2008: Another case of BIR legislation?
By Malou P. Lim, 18 September 2008

The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 58-2008, dated last August 15, on the foreclosure of real estate mortgages by banks, those engaged in quasi-banking activities and trust companies.

The RMC was issued for purposes of clarifying when to reckon the redemption period of foreclosed assets. It likewise provides for the time and place for the payment of capital gains tax or creditable withholding tax and documentary stamp tax on the foreclosure of real estate mortgage by those governed by the General Banking Law of 2000 (Republic Act No. 8791).

Read: RMC 58-2008: Another case of BIR legislation?.

Past columns:

• ASEAN mutual recognition scheme on accountancy services (4 September 2008)
• Local taxing power going extreme (29 August 2008)
• Substantial compliance and double taxation protesting deficiency creditable withholding tax assessments (21 August 2008)
• Movie tax in the making (8 August 2008)
• Undergoing tax investigations (1 August 2008)
• Transfers for inadequate consideration (25 July 2008)
• The economics of global warming (18 July 2008)
• From traditional risk management to Enterprise-wide Risk Management (10 July 2008)
• Functional Currency Reporting Rules (12 June 2008)
• Global Corporate Citizenship (5 June 2008)
• How tax follows accounting (29 May 2008)
• Hello; Malacaņang — Where is the EO 671 substitute? (24 April 2008)
• Transfer pricing: One more significant step by BIR (23 May 2008)
• The food tax pyramid (18 April 2008)
• Most-Favored Nation clause: Equality provision (4 April 2008)
• Services ‘within and without’ the economic zone (27 March 2008)
• Tax amnesty: Rewind (13 March 2008)
• Junk EO 671 (6 March 2008)
• Tax amnesty for professionals (11 January 2008)
• Year-starter aide memoire for corporate taxpayers (03 January 2008)
• It’s time for foreigners’ annual report to immigration (27 December 2007)
• Beware of summary execution (20 December 2007)
• It’s tiangge season (13 December 2007)
• Have BIR issuances fully taken effect? (07 December 2007)
• Everyday heroes (30 November 2007)
• Increasing role of security in global trade (22 November 2007)
• Undas from a tax perspective (18 November 2007)
• Quo Vadis; Tax Amnesty? (16 November 2007)
• Share-Based Income — Compensation, Fringe Benefit; or What? (27 October 2007)
• An epidemic of rising collection fever (18 October 2007)
• Customs Bureau goes peperless (12 October 2007)
• Amendment of SEC reportorial requirement (04 October 2007)
• Regulating lending firms (27 September 2007)
• Tax amnesty for special economic zones (21 September 2007)
• Transfer Pricing: What's up? (14 September 2007)
• BIR has no right to limit use of tax credit certificates (06 September 2007)
• Incentives for aiding persons with disabilities (30 August 2007)
• Mandatory Vs directory invoicing requirements for input VAT refund (23 August 2007)
• BIR's Collection Shortfall and its Countermeasures (09 August 2007)
• Customs' Voluntary Disclosure Program (09 August 2007)
• Taking Advantage of Trade Deals (02 August 2007)
• Real Property Not Held For Sale or Lease Subject to VAT? (19 July 2007)
• Economics And Politics Of An Ageing Population (13 July 2007)
• Unpaid Subscription Agreements - Rights and Remedies (5 July 2007)
• The I-Card For Aliens (21 June 2007)
• There Is Always A Choice (21 June 2007)
• Deductible Benevolence? (14 June 2007)
• Tax Amnesty, Anyone? (7 June 2007)
• TPARR FARK: A Post-Customs Audit Approach (31 May 2007)
• Oh, Behave! (24 May 2007)
• VAT On Constructed Capital Assets (18 May 2007)
• BIR Gone Haywire (10 May 2007)
• The Donation As A Tax Planning Tool (4 May 2007)
• The Grant of Separation Pay in Corporate Restructuring (26 April 2007)
• Taxable Benevolence (12 April 2007)
• Taxation Without Representation (29 March 2007)
• Stock-Based Compensation For Employees (22 March 2007)
• A Second Look At Documentary Stamp Tax On Deposit Transactions (15 March 2007)
• Tax Treaty Relief Ruling: Is It Mandatory? (09 March 2007)
• Notaries Public (01 March 2007)
• Congress Acts Swiftly On Beleaguered Investors (23 February 2007)
• Conditions For Income Tax Holiday Availment (15 February 2007)
• Customs Harmonization Impact (08 February 2007)
• BIR, Quo Vadis 2007? (01 February 2007)
• Facts on the Cedula (25 January 2007)
• Greener Fuel Gets the Green Light (19 January 2007)
• Waivers and Prescription (12 January 2007)
• VAT on Downloaded Software (05 January 2007)