In this issue:
Advertising the brand
Large advertising expenses are being disallowed because they are allegedly costs meant to promote the brand and generate future sales. As such, they are not period expenses but capital outlay to create goodwill. It gets worse. Goodwill is not amortizable for tax purposes.
BIR
Revenue Memorandum Circular (RMC)
- Latest COC guideline on the Tax Amnesty Program (TAP)
- PNCC-issued Certificates of Accreditation valid only until March 31, 2008
- Government information to be made available to BIR
- Additional pre-requisites to Mayor’s Permit/PTR issuance/renewal
- Large taxpayers to strictly comply with the EFPS regulations
- Amendatory provision to RMC 69-2007 on the TAP
Revenue Memorandum Order (RMO)
- Delegation of Authority to issue and sign “Subpoena Duces Tecum” (SDT) in relation to the conduct of investigation on taxpayer’s accounting records
Revenue Regulation (RR)
- Amending certain provisions of RR No. 10 -2006 re: Guidelines and Conditions for the Tax Treatment of SBL Transactions involving Shares of Stock or Securities listed in the Philippine Stock Exchange Delegated Authority (DA) rulings
- Tax treatment of non-governmental organizations (NGOs) and cooperatives engaged in microfinance activities
- Abatement of penalties/surcharges and interests on disputed assessments
Delegated Authority (DA) rulings
- No CWT on income payments made to BOI-registered firm under ITH
- A company using Computerized Accounting System (CAS) is not required to keep additional manual books of accounts
- Sale of piece of land between PEZA-registered entities subject only to 5% tax based on gross income earned
- Cash advances made to construction consortium are not subject to DST
- Tax implications arising from a donation made for a government undertaking
- Excess of retirement plan assets reverted back for use by the Company subject to income tax
- No FBT on benefits granted for convenience of employer
- Tax Amnesty Act of 2007 applies to VAT liabilities on importations made in 2005 and prior years
- Sale of property held as investment subject to CGT and DST but exempt from VAT
- Tax implication of an Initial Public Offering (IPO)
- When the income tax had already been paid by the seller, buyers on a deferred payment scheme are no longer required to withhold CWT
Bangko Sentral ng Pilipinas (BSP)
- Guidelines for Foreign Exchange (FX) Forward and Swap Transactions Involving the Philippine Peso
- Amending rules on interlocking directorships and/or officerships
Department of Energy (DOE)
- Office of Philippine Biofuels Center (PBC) created
Office of the Government Corporate Counsel (OGCC)
- Nationality requirement of public utility concessionaire
Office of the President (OP)
- Additional/expansion of Special Economic Zones (SEZ)
- Transfer of PMDC and LRA
Security and Exchange Commission (SEC)
- Pro-forma financial information
- Registrars of qualified buyers
Supreme Court (SC)
- Exemption under Sec. 135(b) of the Tax Code excludes indirect tax
- Petition for Mandamus against City Treasurer denied for failure to exhaust available remedies
Court of Tax Appeals (CTA)
- Passed-on interest not taxable
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Download January-February 2008 issue
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