Rise in investment to continue in Asia Pacific

In this issue

  • Rise in investment to continue in Asia Pacific

Bureau of Internal Revenue (BIR)

  • New rules on the taxation of tiangges or privilege stores (RR No. 16-2013 dated 22 August 2013)
  • Updated regulations on taxation of international carriers (RR No. 15-2013 issued on 20 September 2013)
  • Simplified definition of raw sugar for VAT purposes (RR No. 13-2013 dated 20 September 2013)
  • Amended withholding tax rules on medical practitioners (RR No. 14-2013 dated 20 September 2013)
  • Ten-year retention period for accounting records (RR No. 17-2013 dated 27 September 2013)
  • Revocation of tax exemption granted to a recreational club (RMC No. 64-2013 dated 30 September 2013)

Court decisions

  • Amounts paid under an application for abatement should be refunded following availment of tax amnesty (CTA Case No. 7938 dated 5 August 2013)
  • Mere protest letters will not suspend the statute of limitations for assessment/collection; Defense of prescription may be raised for the first time during judicial appeal if the related deficiency tax is assessed only in an FDDA (CTA EB Case No. 882 dated 13 August 2013)
  • Conditions to be satisfied in claims for refund/tax credit representing unutilized CWT (CTA Case No. 8084 dated 12 August 2013)

Executive issuances

  • Schedule of filing of financial statements for calendar year 2013 (SEC Memorandum Circular No. 16 dated 13 September 2013)
  • Guidelines for re-registration of corporations with dissolved or revoked registrations (SEC Memorandum No. 17 dated 25 September 2013)
  • Amendment on market valuation of Government Securities (BSP Circular No. 813 dated 27 September 2013)
  • New reporting requirement for non-performing loans (BSP Circular No. 814 dated 27 September 2013)

Meet us

  • Isla Lipana & Co. announces the 10 Philippine Gems