Governments must lay foundations for stable and lasting economic recovery

In this issue

Governments must lay foundations for stable and lasting economic recovery

Bureau of Internal Revenue

Revenue Regulation (RR)

  • New income tax forms (RR No. 19-2011, dated 9 December 2011)

Revenue Memorandum Circular (RMC)

  • Further amendments to BIR Form Nos. 1700, 1701 and 1702 (RMC No. 57-2011, dated 25 November 2011)
  • Tax implications of a General Professional Partnership (GPP) (RMC No. 03-2012 dated 12 January 2012)

Revenue Memorandum Order (RMO)

  • Creation of Alphanumeric Tax Code (ATC) of selected revenue source per RR No. 13-2011 (RMO No. 48-2011, dated 26 December 2011)
  • Prescribing the policies, guidelines and procedure in the filing of confidential information, investigation of cases arising therefrom and processing of claims for reward, in relation to the implementation of RR No. 16-2010 (RMO No. 47-2011, dated 26 December 2011)

Other issuances

Court decisions

Court of Tax Appeals (CTA)
  • Tax exemptions are never presumed—the burden is on the claimant to establish clearly his right to the exemption and cannot be made out of inference or implications but
    must be laid beyond reasonable doubt (CTA EB Case No. 647, 25 October 2011) 
  • Non-observance of the 120-day period under Section 112(D) of the NIRC results in prematurity of claim which warrants a dismissal as no jurisdiction was acquired by
    the CTA (CTA EB Case No. 644, 11 November 2011)
  • Option to carry-over in the succeeding taxable quarters under the irrevocable rule cannot be modified in the final adjustment return (CTA EB Case No. 712, 15 November 2011)
  • Period for CIR to act on administrative claim starts from the date of submission of complete requirements (CTA Case No. 7740, dated 2 September 2011)
  • Period for claiming tax credit for unused input tax due to retirement from business is two years from date of cancellation of VAT registration (CTA Case No. 7740, dated 2 September 2011)
Supreme Court (SC)
  • Rules or regulations issued cannot go beyond the terms and provisions of the law they seek to implement (SC Case GR No. 184428, 23 November 2011)

Executive issuances

Department of Finance (DOF)
  • Guidelines for the duty-free and VAT-exempt status of imported books (DOF Department Order No. 57-2011, dated 9 December 2011)
Securities and Exchange Commission (SEC)
  • Term limits for independent directors (SEC Memorandum Circular No. 9, dated 5 December 2011)

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