Tax Alerts
New rules on remittance of VAT on power generation
Distribution companies and electric cooperatives shall now include the 12% VAT when making payments, including advance payments, to generation companies and other suppliers of electricity for purchase of electricity. Hence, all collections by generation companies shall be deemed to include VAT.
Condominium corporations subject to income tax and VAT on membership dues
Condominium corporations are subject to income tax and VAT on association dues, membership fees and other assessments and charges collected from tenants and members.
Tax rules on transactions with media suppliers
The following procedures should be observed in the invoicing and recording of income payments and gross receipts from media advertising placement involving the advertising agencies, media suppliers and advertisers.
VAT on sale of adjacent residential properties and parking lots
Sale, transfer or disposal within a 12-month period of two or more adjacent residential lots, house and lots or other residential dwellings to one buyer, whether from the same or from different sellers shall be considered one single transaction
Claiming of depreciation allowance, maintenance expense and input VAT
Depreciation allowance, maintenance expenses and input VAT on motor vehicles can only be claimed by a taxpayer subject to the following conditions