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.
PREVIOUSLY, third party information such as Reconciliation of Listing for Enforcement (RELIEF) and Bureau of Customs (BOC) data are generated only upon request of investigating offices conducting the tax audits.
PREVIOUSLY, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 9-2011, prescribing a 10-year limit on independent directors in listed, public and mutual fund companies.
But the poor will not always be forgotten. (Psalm 9:18)” This Bible quote gives a fine touch to the “should-be” reality that even those in the marginalized sectors of the society, such as the poor, are still an integral part of the nation and should never be forgotten.
One political analyst has said that President Rodrigo R. Duterte’s rise to power stems from voter frustration with the prevailing system of the government. His victory was a protest against the failure of previous administrations to solve corruption and criminality. But many critics of the President view his promise of change and reform to be a pitfall if he does not deliver.
According to news reports, the House of Representatives approved on third and final reading two tax bills: House Bill (HB) No. 4814 proposing an estate tax amnesty, and HB 4815 which calls for a single lower estate tax rate. Our congressmen unanimously passed the bills. HB 4814 garnered a vote of 216-0-0, while HB 4815 received a vote of 219-0-0.
Twenty years after the 1997 comprehensive tax reform program and we are embarking on the next big one.
Does the current Bank Secrecy law serve as a citadel for investors or depositors against possible abuse of power by the government, or does it provide a shield for tax evaders? Balancing of interests is a continuing challenge for the State, and with the advent of the tax reforms of the Duterte administration and with the introduction of House Bill 4774, the need to balance these interests once again arises.
