In this issue:
Rules vs. rights
The most taxpayer-biased rule in the Tax Code is the retroactive effect of favorable tax rulings. Section 246 of the Tax Code as amended says that unfavorable rulings by the BIR can only have prospective application. Thus, favorable rulings of the BIR can retroact. This is a rule on fairness.
BIR
Revenue Regulations (RR)
- Maintenance of records of reconciling items between FS and ITR
- Amending RR No. 21-2002 authorizing additional procedural/documentary requirements to FS preparation and submission
- Expanding the coverage of EFPS taxpayers
- Domestic carriers and keepers of garages
Revenue Memorandum Order (RMO)
- 2007 audit program for Revenue District Offices
- Weak areas of tax administration identified
- Using data from surveillance/stocktaking activities
- Consolidated revised schedule of compromise penalties
Revenue Memorandum Circular (RMC)
- Compliance with RR 3-2005 for contractors applying for clearance for bidding and collection purposes
- Taxability of agricultural suppliers clarified
- Mandated tax withholding on purchase of services
- Clarifying the tax treatment of sales to freeport zone enterprises
Delegated Authority (DA rulings)
- Renunciation of inheritance among co-heirs in the case of legal succession is not subject to donor’s tax
- Tax treatment of transfer of shareholdings in a domestic corporation between 2 foreign corporations
- Discount from employee’s purchase of shares under a Stock Purchase Plan considered additional compensation subject to tax
- Assignment of real properties held in trust accounts by a trustee bank to another trustee bank not taxable
- Payment of estate tax out of the proceeds from the partial sale of the estate
- PEZA-registered enterprises are exempt from IAET
- 5% tax on gross receipts derived by other nonbank financial intermediaries doing business in the Philippines
- Sales by VAT-registered suppliers to CEZA-registered enterprises are subject to 0% VAT
DA-International Tax Affairs Division (ITAD) rulings
- The Embassy of Korea (EK) is exempt from all taxes on its acquisition of real property for diplomatic use
Bangko Sentral ng Pilipinas (BSP)
- Requirements enabling a rural/cooperative bank to operate a FCDU
Department of Energy and Natural Resources (DENR)
Department of Justice (DOJ)
- Zamboanga SEZA not tax exempt when disposing real properties
Department of Labor and Employment (DOLE)
- Increasing the NCR daily minimum wage rates
Office of the President (OP)
- Presidential Task Force on the Security of Energy Facilities and Enforcement of Energy Laws and Standards (PTF-SEFEELS) created
- Medical Tourism Center in Batangas proclaimed
Securities and Exchange (SEC)
- Government agencies under Sec. 5 of Revised Guidelines on Foundations (RGF) not exclusive; Manufacturing is not incidental to the business of selling
Court of Tax Appeals (CTA)
- Assessments are made within the prescriptive period if notice to that effect is mailed or sent to the taxpayer within the same period
- Tax treatment of programming services agreements
Supreme Court (SC)
- Expanded Senior Citizens Act of 2003 constitutional
Meet us
- Japanese business development unit
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