THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 60-2019 to clarify the tax treatment of transfer of real property by an economic zone (ecozone) developer/operator duly registered under the Philippine Economic Zone Authority (Peza) to another Peza entity.
TO encourage new foreign investments to boost the Philippine economy, Executive Order 22, otherwise known as “Reducing the rates of duty on capital equipment, spare parts and accessories imported by the Board of Investments (BOI)–registered new or expanding enterprises” and its corresponding Implementing Rules and Regulations (IRR) were issued last April and May 2017, respectively.
RECENTLY, the Social Security System (SSS) issued SSS Circular 2017–006, reminding all member-employers to fulfill their responsibility to provide timely social security benefits to member-employees unable to work due to sickness, injury, childbirth or miscarriage.
IN line with Republic Act (RA) 10754, also known as “An Act Expanding the Benefits and Privileges of Persons with Disability (PWD),” and Revenue Regulations 5-2017, the Bureau of Internal Revenue (BIR) has updated the Certificate of update of exemption, and employer and employee’s information (BIR Form 2305) and the corresponding UEE data entry and batch file validation modules, to include persons with disability (PWD) as qualified additional dependents, through the issuance of Revenue Memorandum Circular 42-2017 and 43-2017.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Order 12-2017 to implement the guidelines in the issuance of Certificate of Tax Exemption (CTE) and electronic Certificate Authorizing Registration (eCar) for the transfers of raw lands to community/homeowners associations covered under the Community Mortgage Program (CMP) of Republic Act 7279, or the “Urban Development and Housing Act of 1992.”
SECTION 204 of the Tax Code provides two remedies to the taxpayer: compromise and abatement.
CORPORATE governance is the framework of rules, systems and processes that governs the performance of the board of directors as well as the management of their respective duties and responsibilities to the stockholders.
THE general rule is, a final tax of six percent based on the gross selling price or fair market value of the property
