Businesses urged to tackle disaster risk reduction in new UN/PwC led initiative

In this issue

  • Businesses urged to tackle disaster risk reduction in new UN/PwC led initiative

Bureau of Internal Revenue (BIR)

  • Tax exemptions and incentives under the Foster Care Act of 2012 (RMC No. 41-2013 dated 17 April 2013)
  • Amendments to the NIRC granting tax exemptions to international carriers and such other tax treatments relative to the principle of reciprocity (RMC No. 40-2013 dated 2 May 2013)
  • New rules prescribing the procedures to be followed in the receipt of taxpayers’ protest letters or requests of reinvestigation/reconsideration (RMC No. 39-2013 dated 4 April 2013)
  • Validity period of unused/unissued principal and supplementary receipts/invoices is extended to 30 August 2013 (RMC No. 44-2013 dated 11 June 2013)
  • Amendment to the procedures in the filing of the application for abatement of surcharges and penalties by employees of international institutions who are not granted tax exemption under the law (RR No. 8-2013 dated 9 May 2013)
  • Payment of compromise offer upon filing of application for compromise settlement (RR No. 9-2013 dated 10 May 2013)
  • Filing of duplicate hard copy of BIR Form 2316 for employees qualified for substituted filing (RR No. 11-2013 dated 20 May 2013)
  • Revised National Office Codes aligned with the approved BIR rationalization plan under EO No. 366 (RMO No. 14-2013 dated 8 May 2013)
  • License fee for the use of licensed software is a business profit (BIR Ruling No. ITAD 141-13 dated 21 May 2013)
  • Sale of digital or online educational products is subject to VAT (BIR Ruling No. 170-2013 dated 6 May 2013)
  • Rescission of a Contract to Buy and Sell does not give rise to a taxable event, except for DST levied on the issuance of the sale instrument (BIR Ruling No. 178-2013 dated 17 May 2013)

Court decisions

  • Issuance of Preliminary Assessment Notice (PAN) is an integral part of procedural due process (CTA EB Case No. 878 dated 14 May 2013)
  • Exploration and development of geothermal resources by virtue of a service contract is not subject to franchise tax (CTA AC No. 90 dated 14 May 2013)
  • Losses on distilled spirits due to evaporation are subject to excise tax (CTA Case No. 8174 dated 16 May 2013)
  • Extending cash advances with interest to affiliates is deemed performance of service for a fee, subject to VAT (CTA Case No. 8024 dated 24 April 2013)
  • A tax assessment based on mere presumption is void and unenforceable (CTA Case No. 8345 dated 29 May 2013)
  • Taxpayer has the option to file a judicial claim after the lapse of the 120-day waiting period, regardless of whether the BIR received complete supporting documents on the
    administrative claim (CTA Case No. 8159 dated 30 April 2013)
  • Application of “the law of the case” doctrine (CTA EB No. 845 dated 27 May 2013)
  • Claims for refund/tax credit of input tax must be substantiated by zero-rated sales (CTA EB Case No. 884 dated 17 May 2013)

Executive issuances

  • Guidelines on compliance with the Filipino-Foreign Ownership Requirements prescribed in the Constitution and/or existing laws by Corporations engaged in
    Nationalized Activities (SEC Memorandum Circular No. 8, Series of 2013 dated 20 May 2013)
  • Implementing rules and regulation to the “Batas Kasambahay” (DOLE- IRR of RA No. 10361 dated 9 May 2013)

Meet us

  • Judges shortlist 25 destinations that will vie for the ten Philippine Gems