Seizing the innovation edge

In this issue

  • Seizing the innovation edge

  • PwC FY 2013 global revenues grow to US$32.1 billion

Bureau of Internal Revenue (BIR)

  • Amendments to the BIR audit process (RR No. 18 - 2013 dated 28 November 2013)
  • Revocation of VAT exemption on sale of sub-transmission assets (RMC No. 66-2013 dated 30 September 2013)
  • Increased daily minimum wage rates in the National Capital Region (RMC No. 71-2013 dated 18 November 2013)

Court decisions

  • Refund claim denied due to unsigned BIR Form No. 2307 (CTA Case No. 8066 dated 7 August 2013)
  • Reimbursed expenses are not subject to documentary stamp tax (DST) (CTA Case No. 7989 dated 8 August 2013)
  • A valid waiver must conform to RMO No. 20-90; Prescriptive period to assess EWT is reckoned on a monthly basis (CTA EB Case No. 913 dated 15 August 2013)
  • Substantial under-declaration of income warrants a ten-year prescription period (CTA Case No. 7190 dated 16 August 2013)
  • Equipment considered immovable property under Article 415 of the Civil Code, subject to real property tax (CTA AC No. 96 dated 16 August 2013)
  • Period to appeal BIR’s decision on assessment should be counted from taxpayer’s first receipt of the decision (CTA EB Case No. 941 dated 22 August 2013)
  • Period to file for refund shall be counted from the payment of the tax or filing of the original ITR (not the amended one) (CTA EB No. 904 (CTA Case No. 7914) dated 30 August 2013)
  • The CTA has no jurisdiction to resolve issues on the validity or constitutionality of a law, rule or regulation issued by the administrative agency (CTA Case No. 8360 dated 15 August 2013)
  • Application of the principle of solutio indebiti (CTA EB No. 947 dated 12 September 2013)

Executive issuances

  • Revised schedule of SSS contributions (SSS Circular No. 2013-010 dated 2 October 2013)
  • Posting of Annual Corporate Governance Report (ACGR) in company websites (SEC Memorandum Circular No. 18 dated 2 October 2013)

Meet us

  • Japanese Business Development marks 20th anniversary with a seminar and cocktails