In this issue:
Message from the Chairman & Senior Partner
Christmas celebration always means occasions to review the past and make promises for the future. It also means counting our blessings, reflecting on and learning lessons from past challenges, making amends and renewing relationships, and planning to do better in the ensuing year.
BIR
Revenue Memorandum Order (RMO)
- Issuance of Warrants of Distraint, Garnishment and/or Levy on disputed assessments
- Modification of DST rate specification under the Tax Forms Enhancement Program
Revenue Memorandum Circular (RMC)
- Prescribing the establishment of “BIR-on-wheels” in “Tiangges” and Bazaars
- Taxpayers are accountable for representations made in their behalf by their tax agents
- Mandated continuous investigation of tax cases and collection of taxes for the duration of the Christmas season
- Supplemental provision to RMC 69-2007 on issues pertaining to the tax amnesty program
- Clarification on Pre-need companies’ computation of VAT liability
- Additional mandatory documentary requirements for
- One-Time Transactions (ONETT) involving transfers of real property
- Serial number of CAR as an additional annotation requirement
- Accessibility of taxpayer information for both the BIR and the LGUs
BIR Rulings
- Donated real property to a non-stock, non-profit association providing educational scholarships exempt from donor’s tax, DST and CGT
- FCDU deposits of deceased non-resident alien are exempt from Philippine estate tax
- Rescission of a contract of sale is not subject to donor’s tax, income/WHT, CGT and DST
- Tax consequence of the partition and assignment of subdivision lots under a joint venture arrangement (JVA)
- A non-resident citizen is exempt from Philippine income tax
- Importation of marine spare parts to be used in ship repair is VAT exempt
- Transactions of SPAVs are subject to gross receipts tax NOLCO consequences of a merger
- Sale of an idle land is subject to 6% CGT and DST but not to 12% VAT
- Tax consequences arising from a JVA for construction purposes
Office of the President
- Additional Information Technology Center (ITC) proclaimed
- New Special Economic Zone (SEZ) created in Cagayan de Oro City
- Expansion of the secured area enjoying the Subic
- Special Economic and Free port Zone (SSEPZ) tax and duty free privileges
- Expansion of Laguna Techno Park III SEZ
Securities and Exchange Commission
- Definition of Qualified Buyers under Sec. 10 of the Securities Regulation Code (SRC)
Judicial issuance
- Amendments to the Revised Rules of Court
Supreme Court (SC)
- Basis of NTC Supervisory and Regulatory Fee (SRF) assessment includes stock dividends
- Local business tax is based on gross receipts
Meet us
Download November-December 2007 issue
