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National Internal Revenue Code of 1997 5th Edition
In our last article on the fundamentals of entity characterization in transfer pricing documentation (TPD), we highlighted the concept that our knowledge of the nature of a particular business determines the entity characterization and in turn, the entity characterization influences the direction and tone of the TPD as well as setting the direction in having a meaningful comparison of the price or level of income of the entity in a controlled transaction against the price or level of return from similar independent transactions.
As provided under Revenue Regulation No. 13-2022, any kind of equity-based compensation, such as stock options, restricted share awards, stock appreciation rights (SARs), and restricted stock units, which may or may not pertain to the shares of stocks of the grantor, is considered taxable compensation subject to the withholding tax on compensation once exercised or availed of by the grantee-employees.
For those who are considering increasing their holiday funds by availing themselves of the benefits under equity-based compensation, specifically those who are occupying supervisorial and managerial positions, they may have to look at the newly released BIR regulation, RR 13-2022, although it might not be the most heartwarming news this yuletide season.
The Fiscal Incentives Review Board (FIRB), through FIRB Resolution No. 026-2022, agreed to allow the transfer of registered business enterprises (RBEs) in the Information Technology and Business Process Management (IT-BPM) sector from the Investment Promotion Agency (IPA) administering the economic zone or freeport zone where their project is located (e.g., PEZA) to the Board of Investments (BOI) until December 31, 2022.
Last September, the Fiscal Incentives Review Board finally put forward a resolution that will allow Information Technology and Business Processing Management or Business Processing Outsourcing firms in ecozones to adopt fully remote arrangements without risking penalty or suspension of their tax incentives.
How much do you know about your family member, a friend, a colleague, or a significant other? Is your characterization of a person reflective of his or her real character? Does your characterization of a person affect how you deal with the person?
As previously introduced under Revenue Regulation (RR) No. 10-2019, the new BIR Notice to Issue Invoice/Receipt (NIRI) requires sellers, including those engaged in online business transactions to issue receipts/invoice for the sale of goods or services rendered.
