Client Advisory Letter (July 2008)

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• Exchange of taxpayer information between the BIR and the LGUs (RMC 44-2008 dated May 5, 2008)
• First quarter VAT audit of selected taxpayers (RMO No. 22-2008 dated June 5, 2008)
• Policies and guidelines for RATE cases (RMO No. 24-2008 dated May 9, 2008)
• Taxability of various employee benefits (DA-302-2008 dated May 19, 2008)
• VAT treatment of fees collected by a recruitment agency (DA-322-2008 dated May 28, 2008)
• No VAT on insurance proceeds from fire loss claim (DA-321-2008 dated May 27, 2008)
• Income tax exemption of employee retirement plan (DA-304-2008 dated May 19, 2008)
• Assignment of rights over foreclosed property within redemption period (DA-387-2008 dated June 24, 2008)
• Partial redemption of preferred shares at original issue price (DA-391-2008 dated June 30, 2008)
• Tax exempt condonation of debt (DA-376-2008 dated June 30, 2008)

• Bangko Sentral ng Pilipinas (BSP): Limits on foreign exchange purchases by Philippine residents from Authorized Agent Banks (AABs) for outward investment (BSP Circular Letter No. 044 Series of 2008 dated July 23, 2008)
• Securities and Exchange Commission (SEC): Guidelines for the use of corporate and partnership names (SEC Memorandum Circular No. 5, Series of 2008 dated July 17, 2008)

• Supreme Court (SC): Health care agreement is an insurance contract (G.R. No. 167330 dated June 12, 2008)
• Court of Tax Appeals (CTA): Running of the 180-day period (CTA EB No. 343 dated June 12, 2008)
• CTA: Refund of excise tax (CTA EB No. 260 dated July 02, 2008)
• CTA: Withholding agent liable to increments (CTA No. 7153 dated July 02, 2008)

• RA 9503 expands CTA (RA 9503 dated June 12, 2008)
• Tax exemption of minimum wage earners and other income tax law amendments (RA 9504 dated June 17, 2008)