Tuesday February 20 , 2018
Business Mirror Articles

Business Mirror Articles

BDB Law's "Tax Law for Business" is a column which appears in the opinion section of Business Mirror every Thursday.

The articles highlight the most significant developments in Taxation as a result of amendments in the law and new issuances from the Bureau of Internal Revenue (BIR) and other administrative agencies. It also headlines recent pronouncements of the courts and quasi-judicial bodies involving tax and corporate matters.

Documents

Strengthening state ties: Amendments to the PHL-France tax treaty Strengthening state ties: Amendments to the PHL-France tax treaty

A discussion during the state visit of French President François Hollande in the Philippines, he expressed his hope to expand and strengthen bilateral ties between the Philippines and France.

Proper timing for withholding of tax on wages and bonuses Proper timing for withholding of tax on wages and bonuses

A discussion on the recent Supreme Court decision which states that the duty to withhold tax on compensation arises once an accrual of the expense is recorded in the books.  

New acceptable IDs to avail yourself of senior citizen privileges New acceptable IDs to avail yourself of senior citizen privileges

A discussion on the no less than our Constitution recognizes the importance of protecting the rights of the senior citizens.

Thinking long term Thinking long term

A discussion on the section 22(FF) of the National Internal Revenue Code (NIRC) of 1997, as amended, states that the term “long-term deposit or investment certificate” shall refer to certificate of time deposit or investment in the form of savings, common or individual trust funds, deposit substitutes, investment- management accounts and other investments with a maturity period of not less than five years, the form of which shall be prescribed by the Bangko Sentral ng Pilipinas (BSP) and issued by banks only (not by nonbank financial intermediaries and finance companies) to individuals in denominations of P10,000 and other denominations as may be prescribed by the BSP.

BIR’s new regulation on the contents of CRM/POS invoices and receipts BIR’s new regulation on the contents of CRM/POS invoices and receipts

A discussion on the contents of invoices and receipts, recall that the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 12-2013 on May 2, 2013, which laid down the required information to be indicated on the invoices and receipts.

Preliminary investigation in tax-evasion cases Preliminary investigation in tax-evasion cases

A discussion based on the on recent available data, the Bureau of Internal Revenue (BIR) has filed as much as 327 complaints for tax evasion before the Department of Justice (DOJ) since 2010

Smuggling 101 Smuggling 101

A discussion on the Bureau of Customs (BOC) has been under fire and the consistent subject of netizens’ ire on social media due to the bureau’s tactical move on balikbayan boxes.

Improperly accumulated earnings tax Improperly accumulated earnings tax

A discussion on the Section 29 of the National Internal Revenue Code (NIRC) of 1997, as amended, imposes Improperly Accumulated Earnings Tax (IAET) on corporations for each taxable year on the improperly accumulated taxable income of such corporations. It is equal to 10 percent of the improperly accumulated taxable income.

 Local tax on petroleum products Local tax on petroleum products

A discussion on the previous BusinessMirror issue highlighted a recent ruling by the Supreme Court that says local government units (LGUs) cannot impose local business tax on petroleum products.

Application for refund is a mere scrap of paper Application for refund is a mere scrap of paper

A discussion on the several years now, taxpayers are painstakingly waiting for the rules on value-added tax (VAT) refund to be crystal clear.

Republic Act 10668: Relaxing old cabotage restrictions Republic Act 10668: Relaxing old cabotage restrictions

A discussion on the July 21, 2015, the President signed Republic Act (RA) 10668 which amended the old cabotage law of the Philippines, with the intention of enhancing Philippine competitiveness in international trade and lowering the cost of shipping cargo to and from the Philippines.

Registration of labor organization, association or workers’ union Registration of labor organization, association or workers’ union

A discussion on the section 2 of the Corporation Code of the Philippines explicitly defines a corporation as an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.

Amending the Retail Trade Liberalization Act Amending the Retail Trade Liberalization Act

A discussion on the SENATE Bill (SB) 2121, or “An Act Amending Republic Act 8762, otherwise known as the Retail Trade Liberalization Act and For Other Purposes,” was filed last year in order to increase investments by foreign entities in the Philippines.

The hunting game The hunting game

A discussion on the 1920 the 18th Amendment to the United States’ Constitution took effect banning the manufacture, transportation and sale of intoxicating liquors; ushering in what is known in history as the Prohibition Era.

BIR orders taxpayers to submit CRMs/POS/SPMs inventory list BIR orders taxpayers to submit CRMs/POS/SPMs inventory list

A discussion in an effort to boost its monitoring of sales among business establishments, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 36-2015 on June 8 mandating taxpayers to submit a one-time inventory list of all Cash Register Machines (CRMs), Point of Sales (POS) Machines, Special Purpose Machines (SPMs) or any other similar Machines Generating Sales Invoices or receipts that they own as of June 30, 2015.

Jurisdiction over the validity of revenue issuances Jurisdiction over the validity of revenue issuances

A discussion to supplement my previous article entitled “Certiorari Jurisdiction of the Court of Tax Appeals.”

PAL’s double whammy PAL’s double whammy

A discussion on the legal and tax battles, the Philippine flag carrier suffered a double whammy on the decisions recently promulgated by the courts.

Tax Incentives Management and Transparency Act Tax Incentives Management and Transparency Act

A discussion on the Senate Bill 2669, also known as the Tax Incentives Management and Transparency Act (Timta), was voted favorably on its third reading.

 The fallacy of ‘strictissimi juris’ on tax refund The fallacy of ‘strictissimi juris’ on tax refund

A discussion on the Court of Tax Appeals (CTA), in many of its decisions, declares that a taxpayer must prove every minute detail of his case since tax refund has the same nature as tax exemption where the law requires strict construction.

Bad debt Bad debt

A discussion on the purpose of determining the taxable income of a taxpayer engaged in trade or business or engaged in the practice of a profession, Section 34(E) of the Tax Code of 1997 allows the deductibility of debts actually ascertained to be worthless.

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