Yes. The Fiscal Incentives Review Board (FIRB) issued a Resolution dated September 14, 2022, which further extended the effect of FIRB Resolution No. 17-2022 which temporarily allows RBEs...

If the 50% threshold is breached, the applicable income tax rate is the 25% regular corporate income tax rate.

Before September 22, 2021, no. In the case of Saint Wealth Ltd. v. Bureau of Internal Revenue, the Supreme Court ruled that before the effectivity of Republic Act No. 11590, which was passed into law on September 22, 2021...

CITIRIA will reduce corporate income tax from 30 percent to 20 percent over a 10-year period as well as rationalize specific tax incentives.

Yes. In Aces Philippines Cellular Satellite Corporation v. The Commissioner of Internal Revenue ("CIR") (G.R. No. 226680, August 30, 2022), the Supreme Court ("SC") held that payments...

In 2021, the BIR issued Revenue Memorandum Order (RMO) No. 14-2021 to streamline the procedures and requirements for the availment of tax treaty benefits.

Under Republic Act No. 12023, otherwise known as “VAT on Digital Services Act”, electronic services or digital services refer to services supplied over the internet or other electronic networks through the use of information technology, where the delivery of the service is essentially automated.

Yes. In Commissioner of Internal Revenue and LT Collection Enforcement Agency v. Court of Tax Appeals (Second Division) and American Wire & Cable Co., Inc...

No. In Republic of the Philippines vs. Robiegie Corporation (G.R. No. 260261, October 3, 2022), the Supreme Court ("SC") held that a new LOA is needed if the Bureau of Internal Revenue...

No. In Republic of the Philippines vs. Robiegie Corporation (G.R. No. 260261, October 3, 2022), the Supreme Court ("SC") held that a new LOA is needed if the Bureau of Internal Revenue...

Yes. In Bureau of Internal Revenue vs. Samuel Cagang (G.R. No. 230104, March 16, 2022), the Supreme Court upheld the deficiency withholding tax assessment against a taxpayer,...

Summary : Outsourcing is considered as one of the bright spots in the Philippine economy. It will be a major driver of growth for the next five years. The Philippine Government has enacted several policy directives to attract foreign investment in this area, including tax incentives, customs perks, and a favorable labor policy. Several of these tax and fiscal incentives are discussed in this article.

No. The Bureau of Internal Revenue's (BIR's) collection efforts are initiated by distraint, levy, or court proceeding and not upon issuance of a Final Decision on Disputed Assessment (FDDA).

SyCipLaw's Tax Department prepared a TIPS bulletin for the month of January.

What are the new and simplified guidelines and procedures on the use of Computerized Accounting Systems, Computerized Books of Account, and/or its Components, including Electronic Storage System?

On March 26, 2021, President Rodrigo R. Duterte signed the "Corporate Recovery and Tax Incentives for Enterprises Act" (Republic Act No. 11534, the CREATE Act) into law.

Is there an exception to the general rule that findings of fact of the Court of Tax Appeals (CTA) are regarded as final, binding, and conclusive upon the Supreme Court?

On December 10, 2021, the President signed into law Republic Act (R.A.) No. 11635 amending Section 27(B) of the National Internal Revenue Code, as amended (Tax Code).

SyCipLaw's Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2021.