It is often said that the only constant in life is change. Last week, the Bureau of Internal Revenue (BIR) witnessed a significant leadership transition with the appointment of Commissioner Charlito Martin Mendoza, succeeding Romeo Lumagui Jr.
In the Philippines, the concept of ghosts or “multo” in Filipino, is more than just a supernatural phenomenon that haunts Filipinos’ imagination. It can also be a metaphor for an enduring symbol of unresolved issues or unanswered questions.
As businesses engage in cross-border transactions with related parties, transfer pricing adjustments become essential to ensure compliance with the arm’s length principle. These adjustments help align intercompany pricing with market standards, reducing the risk of tax disputes, penalties, and double taxation.
Transacting with the Philippine Economic Zone Authority (PEZA) for over two years, I have found its processes consistently convenient and efficient.
The Philippine mining industry has undergone a tax overhaul, and it is far more than a surface-level polish
Just as in the case of Subic Bay Freeport Chamber of Commerce, Inc. vs. Department of Finance, etc. (Subic Bay Freeport Case), the entitlement of Registered Business Enterprises (RBEs), specifically Domestic Market Enterprises (DMEs), to VAT-zero rating for local purchases has been revisited by the Supreme Court to provide clarity in the application of the law.
In the realm of taxation, the power to tax is often described as “the power to destroy” and should therefore be exercised with caution.
Tax laws provide not only the rules on how taxes are assessed and collected, but also the limits within which the government may enforce its right to collect.
