New contents

26 August 2015

The Philippine cabotage regime: A level playing field? (Taxwise, 27 August 2015)

“CABOTAGE” comes from the French caboter, which means “to sail along the coast.” In our context it refers to the right to transport cargo or passengers via land, sea or air between two places within the same country.

19 August 2015

Carry-forward benefits (Taxwise, 20 August 2015)

Republic Act No. 8424, also known as the Tax Reform Act of 1997, blessed corporate taxpayers with two new benefits: the excess minimum corporate income tax (MCIT) credits and the net operating loss carry-over (NOLCO). “Blessed” may be the appropriate term to use in this context since both benefits serve in some way to ease the tax burden on corporations. However, are these benefits actually enjoyed by the intended legislative beneficiaries or are they sometimes used against the taxpayers?

12 August 2015

Second chances: The re-registration of corporate names (Taxwise, 13 August 2015)

Aimee writes: "Under the Corporation Code, no corporate name may be allowed by the Securities and Exchange Commission (SEC/Commission) if the proposed name is identical, patently deceptive, confusing or contrary to existing laws.

5 August 2015

The right to recover versus the right to assess (Taxwise, 06 August 2015)

Last June, no less than the Court of Tax Appeals (CTA) reminded us of the truth and application of this time-honored doctrine of law in an action for recovery of erroneously paid taxes (CTA Case No. 8147 dated 22 October 2014 as amended on 10 June 2015). In this case, the taxpayer was issued a Preliminary Assessment Notice (PAN) in connection with a tax investigation covering the taxable year 2002. Due to the execution of four consecutive waivers, the PAN was issued only in 2008, or five years after the filing of the tax return.

3 August 2015

The future of lease accounting (CAL July 2015)

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (‘the Boards’) have proposed to require all leases to be reported on balance sheet. The impact on lessee financial reporting, asset financing, IT, systems and controls could be substantial.

29 July 2015

The sound of silence (Taxwise, 30 July 2015)

For people who know each other well, non-verbal communication may transcend the limits of words. One can choose to be silent, and still be understood. This, however, may not hold true for all occasions. Sometimes, we need to speak up in order to be heard and understood.

22 July 2015

Refund of overpaid creditable withholding taxes (Taxwise, 23 July 2015)

Since the issuance of Revenue Regulations No. 12-2013, withholding the correct taxes has become a matter of paramount importance. Under the regulations, failure to withhold the proper tax would result in the disallowance of the related expenses or deductions for income tax purposes, even if the withholding tax is paid in the course of a tax audit.

14 July 2015

Isla Lipana & Co./PwC Philippines promotes new partners (News, July 2015)

Isla Lipana & Co./PwC Philippines promotes new partners

8 July 2015

Liberating the professions: A look at the negative list (Taxwise, 9 July 2015)

The 10th Regular Foreign Investment Negative List (FINL) recently signed by President Benigno S. C. Aquino III prescribes areas of economic activity reserved exclusively to Filipinos and those in which foreigners may participate. The list is comparably shorter to its predecessor, with the bulk of the changes occurring in the section pertaining to the practice of professions. While the Ninth FINL restricted foreigners from engaging in any of the 26 listed professions within the Philippines, the current list cites only five professions reserved for Filipino professionals, namely: Pharmacy, Radiologic and X-ray technology, Criminology, Forestry, and Law. All other professions are now conditionally opened to foreign individuals.

2 July 2015

Tax Alert No. 34 (1 July 2015)

Availability of eBIRForms Package Version 5.0

1 July 2015

New rules: accounting for ‘bearer’ plants (CAL June 2015)

Prior to 2014, IAS 41, Agriculture, required all ‘bearer’ biological assets and the produce growing on the bearer plant (or ‘consumable’) related to agricultural activity to be measured generally at fair value less cost to sell. This is based on the principle that the biological transformation of biological assets is best reflected by fair value measurement. IAS 41 further defines biological transformation as “the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset”.

30 June 2015

Malou joins focus group discussion on tax bill (News, July 2015)

Tax Managing Partner Malou Lim shared her insights on the concerns raised by business sectors on the proposed Tax Incentives Management and Transparency Act (TIMTA) in a focus group discussion (FGD) last 1 July at the Senate.

24 June 2015

ITRs not required in CWT Refunds (Taxwise, 25 June 2015)

The burden of proof to establish entitlement to a refund lies with the claimant, who must positively show compliance with the statutory requirements provided under the Tax Code. d.

17 June 2015

Your PEZA registration (Taxwise, 18 June 2015)

To attract investors to our economic zones, the Philippine Economic Zone Authority (PEZA) recently launched the PEZA Electronic Application for Registration System (e-ARS). This system can be accessed thru the PEZA Web site (www.peza.gov.ph) by clicking the icon “e-ARS” or going directly to the URL http://ears.peza.gov.ph.

16 June 2015

Brando Cabalsi talks on Taxation of Public-Private Partnership (PPP) projects (News, June 2015)

Tax Director Brando Cabalsi talked about fundamentals of taxation and the issues that have a direct impact on the profitability of Public-Private Partnership (PPP) projects in the Philippines.

10 June 2015

Money laundering in high places (Taxwise, 11 June 2015)

The Insurance Commission recently issued Circular Letter No. 2015-18 to disseminate the United States Financial Crimes and Enforcement Network’s (FinCEN) findings in connection with Banca Privada d’Andorra (BPA), a private banking institution in the Principality of Andorra.

9 June 2015

Tax Alert No. 33 (9 June 2015)

Availability of eBIRForms Package Version 5.0

9 June 2015

Tax Alert No. 32 (9 June 2015)

Provisional Permit to Use CRM/POS machine/other sales machine/receipting software

8 June 2015

Tax Alert No. 31 (8 June 2015)

Amendment on the Guidelines and Procedures on the Use of Corporate and Partnership Names

3 June 2015

Regional integration, capital requirements drive insurance mergers (Taxwise, 7 June 2015)

Mergers and consolidations are becoming a key item to consider for senior insurance executives. According to data from the Insurance Commission, the number of life insurance players has decreased to 31 in 2014 from 33 in 2011. In nonlife, the decline is more apparent, with 70 firms last year compared with 83 in 2011.

2 June 2015

Rodel C. Acosta (Assurance Partner)

Profile of Assurance Partner, Rodel C. Acosta

2 June 2015

Accounting for investments in other entities in separate FS (CAL May 2015)

Investments in other entities would include investments in subsidiaries, associates and joint ventures. Under PAS 27 – Separate Financial Statements (FS), the current applicable standard, these investments should be accounted for atcost, or in accordance with PFRS 9, as long as an entity would apply the same accounting for each category of investments.

29 May 2015

Toastmasters demo meeting jump-starts Communicate with Impact campaign (News, May 2015)

Toastmasters International held a demonstration meeting for PwC last Friday, 29 May at the Learning Room. The limited-slot only event, organized by our Learning & Development (L&E) group, was attended by 25 participants from various groups across the firm.

27 May 2015

Due process in the constructive service of BIR notices (Taxwise, 28 May 2015)

In an En Banc decision last March 2015, the Court of Tax Appeals (CTA) ruled that even if a taxpayer or his duly authorized representative refuses to acknowledge receipt of assessment notices for deficiency taxes issued by the Bureau of Internal Revenue (BIR), personal delivery shall be considered “constructive service” provided that such notices are left at the premises of the taxpayer and such fact is attested to by at least two revenue officers other than the revenue officer who constructively served them.

25 May 2015

Tax Alert No. 30 (25 May 2015)

Extension of the period of optional use by PEZA enterprises of the BOC's e2m Transshipment System for Import Cargoes