Tuesday November 21 , 2017
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

Tax treaty availment Tax treaty availment

A discussion on the starting of the issuance of Revenue Memorandum Order (RMO) 1-2000, the Bureau of Internal Revenue (BIR) had been strictly implementing its requirement that any availment of tax-treaty relief should be preceded by an application for relief from double taxation with the International Tax Affairs Division at least 15 days before the transaction.

Tax exemption for NGOs Tax exemption for NGOs

A discussion on the so-called pork-barrel scam and the alleged participation of some non-governmental organizations (NGOs) in it have been hogging the news lately.

Interest: Legal rate vs arm’s-length rate Interest: Legal rate vs arm’s-length rate

A discussion on the simple loan contract where one party delivers money or other consumable thing to another party, with the understanding that the same amount of the same kind and quality shall be paid.

Joint ventures: Taxation Joint ventures: Taxation

A discussion on the issued rulings confirming that joint ventures (JVs) formed by landowners and developers for the purpose of developing and/or constructing subdivisions or condominiums are not covered in the definition of a taxable corporation.

 VAT cannot be written off VAT cannot be written off

A discussion on the section of many ingenious ways to increase tax collection.

2013 tax-exemption guidelines for non-stock, nonprofit corporations 2013 tax-exemption guidelines for non-stock, nonprofit corporations

A discussion on the section 30 of the National Internal Revenue Code of 1997 (NIRC), as amended, explicitly lists the corporations and associations that are exempt from income tax, except those whose income was earned from “activities conducted for profit.”

Campaign contributions and taxation Campaign contributions and taxation

A discussion on the AFTER midterm elections, another election is scheduled in October.

New withholding-tax rules New withholding-tax rules

A discussion on the EXCEPT in cases where a final tax is imposed or where the gross compensation income tax is applied.

Validity of the extension of the statute of limitations Validity of the extension of the statute of limitations

A discussion regarding the limit of the power of the tax authority to examine taxpayers’ books and assess taxes found to be due, the Tax Code cleverly limited the issuance of an assessment to only three years from the last day prescribed by law for the filing of the tax return or from the day the return was filed, whichever came last.

Taxability of foreign directors’ fees Taxability of foreign directors’ fees

A discussion regarding the Securities and Exchange Commission (SEC) issued Memorandum Circular 10, Series of 2013, circularizing the requirement of a tax identification number (TIN) for foreign directors or trustees of corporations, domestic and otherwise.

Remedy against unconstitutional revenue issuances Remedy against unconstitutional revenue issuances

A discussion reagrding many complaints, from individual entrepreneurs to big corporations, about the various issuances of the Bureau of Internal Revenue (BIR), which they think are unfair, invalid and oppressive.

 Expiring authority to print Expiring authority to print

A discussion when it comes to claims for tax refund or requests for the issuance of tax-credit certificates, meticulous observance of the mandatory substantive and procedural requirements becomes a primary concern of taxpayers.

Overview of tax incentives under the Foster Care Act of 2012 Overview of tax incentives under the Foster Care Act of 2012

A discussion on the CONSISTENT mandate of the Constitution, which requires the State to defend the rights of children to assistance, including proper care and nutrition and special protection from all forms of neglect, abuse, cruelty, exploitation or other conditions prejudicial to their development, Republic Act (RA) 10165, otherwise known as the Foster Care Act of 2012, was enacted into law in 2012.

Sale of precious metals on tighter tax watch Sale of precious metals on tighter tax watch

A discussion on BIR enforcing a stricter measure to ensure that the government gets hold of its proper share in the sale of jewelry, gold and other metallic minerals.

Another rule on technicality Another rule on technicality

A discussion on the several tax cases filed in court that were dismissed for mere technical lapses.

Abatement works for Pinoy employees of embassies and international organizations Abatement works for Pinoy employees of embassies and international organizations

A discussion on the authority to abate taxes is exclusively vested with the commissioner of the Bureau of Internal Revenue (BIR) and cannot be delegated to any other bureau official.

Tax treatment of disposition of shares of stock Tax treatment of disposition of shares of stock

A discussion on a share of stock refers to a share of ownership in a corporation.

 

Penalties : Deductibility Penalties : Deductibility

A discussion on the tax VIOLATION of laws, contracts or policies has become inevitable due to the complexities of this modern world.

Taxation of Filipinos employed by international groups, foreign embassies Taxation of Filipinos employed by international groups, foreign embassies

A discussion on the tax FOREIGN governments, embassies, diplomatic missions and international organizations in the Philippines are exempt from the duty to withhold taxes on salaries and emoluments they pay their employees.

File your tax returns File your tax returns

THE deadline for the filing of income-tax returns and the payment of the corresponding income taxes for the year 2012 is on Monday, April 15, 2013.

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