Millennial workers want greater flexibility, work/life balance, global opportunities

In this issue

Millennial workers want greater flexibility, work/life balance, global opportunities

Bureau of Internal Revenue (BIR)

  • New guidelines in registering CRM and POS machines or business and sale machines generating receipts and invoices, and in issuing corresponding MIN sticker (RR No. 4-2013 dated 5 December 2013)
  • Guidelines on redeeming Notice of Payment Schedule (RMO No. 5-2013 dated 15 March 2013)
  • Uniform criteria imposed in the continuing audit of tax returns (RMO No. 4-2013 dated 8 March 2013)
  • Prescribing the use of EOI Work Manual for the EOI Unit (RMO No. 3-2013 dated 19 February 2013)
  • Strict implementation in the electronic filing of tax returns and electronic payment of taxes due thereon (RMC No. 30-2013 dated 1 April 2013)
  • Revision of BIR Form Nos. 1700, 1701 and 1702 (LTS Operations Memorandum dated 27 March 2013)
  • Acceptance of tax returns and payments of internal revenue taxes by AABs on 6 April 2013 and 13 April 2013 (Bank Bulletin No. 2013-03 dated 27 March 2013)
  • Sale of factory and office building by a PEZA entity is subject to 30% regular corporate income tax, VAT, DST (BIR Ruling No. 115-2013 dated 22 March 2013)
  • Sale of foreclosed property in a public auction considered a one taxable transaction (BIR Ruling No. 111-2013 dated 22 March 2013)
  • RHQs are exempt from income tax and VAT (BIR Ruling No. 110-2013 dated 21 March 2013)
  • Donation of land to the LGU by a real estate developer is subject to 12% VAT (BIR Ruling No. 108-2013 dated 21 March 2013)
  • Transfer of shares of stock held in-trust to the beneficial owner is not subject to CGT, donor’s tax and DST (BIR Ruling No. 058-2013 dated 1 February 2013)

Court decisions

  • DST is an excise tax on the exercise of a privilege and not a tax on compliance with an obligation mandated by law (G.R. Nos. 164155 & 175543 dated 25 February 2013)
  • The 20% FWT on a bank’s passive interest income should not form part of its taxable gross receipts (G.R. No. 175108 dated 27 February 2013)
  • The amendment on the Petition for Refund is a court’s discretion, subject to minimal limitations (CTA AC NO. 97 dated 25 March 2013)
  • Period to assess and collect local taxes should be made within five (5) years from the date they become due (CTA Case AC No. 84 dated 1 March 2013)

Executive issuances

  • Mandatory submission of ACGR by listed companies (SEC Memorandum Circular No. 5 dated 20 March 2013)
  • Amendment to the filing requirements of non-stock and non-profit organizations and foundations (SEC Memorandum Circular No. 4 dated 7 March 2013)
  • Assessment Run for prospective companies to be included in the top PLCs in year 2015 (SEC Corporation Finance Department dated 22 March 2013)
  • FAQs on the Basel III Implementing Guidelines (BSP Memorandum No. M-2013-008 dated 5 March 2013)

Other issuances

  • An Act recognizing the principle of reciprocity as a basis to grant income tax exemptions to international carriers (RA No. 10378 approved on 7 March 2013)
  • Amendments to the IPC (RA No. 10372 approved on 28 February 2013)