SECTION 204 of the Tax Code provides two remedies to the taxpayer: compromise and abatement.
A lot has been going on with respect to tax reform. Some tax rates are proposed for adjustment, while some tax exemptions face removal, among other expected changes.
HE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 27-2017 which clarifies the tax base on the sale
A shift in risk management priorities Today’s senior leaders face a range of complex, interconnected and fast-evolving risks. Few of these are as critical and so poorly understood as the risk of cyber-attack.
REVIOUSLY, the availment of tax treaty benefits for dividend, interest and royalty income of non-residents requires the filing of a tax treaty relief application (TTRA) with BIR.
How do I value my company, a client recently asked me. The client’s company has been in the red, losing money for years, but a buyer is still interested. Many of the entrepreneurs have been asking the same question: how does one figure out the value of a business? For a famous example, how did Jollibee come up with a P3 billion price for a 70 percent stake in Mang Inasal way back in 2010?
February 14, Valentine’s Day. To some of us, it’s the most romantic day of the year. Others dread it. But to Philippine Economic Zone Authority (PEZA)-registered entities, it’s a mere 14 days before the submission of its latest requirement.
Now that the festivities of Christmas and New Year’s have come to pass, let us start reminding ourselves of some of the filing requirements for January 2017. Below chronological are due dates of these filing requirements. 1. January 10 • Monthly Remittance Return of Value Added Tax and Other Percentage Taxes Withheld (BIR Form No. 1600) for the month of December 2016 -- This return shall be filed, whether manual filing or thru electronic filing and payment system (EFPS) by the following: (a) all government offices, bureaus, agencies or instrumentalities, local government units, government owned and controlled corporation on money payments made to private individuals, corporations, partnerships, associations and other juridical/artificial entities as required under RA Nos. 1051, 7649, 8241, 8424 and 9337; (b) payors to non-residents receiving income subject to value-added tax; (c) payors to VAT registered taxpayers receiving income subject to value-added tax; and (d) payors to persons, natural or juridical, subject to percentage tax under Sec. 116 of the Tax Code, if the taxpayer-payee opts to remit his percentage tax through the withholding and remittance of the same by the withholding agent-payor which option is manifested by filing the “Notice of Availment of the Option to Pay the Tax through the Withholding Process”, copy-furnished the withholding agent-payor and the Revenue District Offices of both the payor and payee.
