September 2020 - Dumlao & Co.

Voluntary Assessment and Payment Program

September 8, 2020

The Bureau of Internal Revenue recently issued Revenue Regulations No. 18-2020 on Voluntary Assessment and Payment Program (VAPP). By availing the benefits under the VAPP, the taxpayer shall not be audited for 2018 for the tax types covered by the availment, and in case of pending audit, the issued Letter of Authority, Tax Verification Notice, Discrepancy Notice, Notice for Informal Conference, Preliminary Assessment Notice, Final Assessment Notice for pending cases shall be withdrawn and canceled. The VAPP is available until December 31, 2020, unless extended by the Secretary of Finance.

SEC EXTENDS THE DEADLINES AND PROVIDES FOR INTERIM PROCEDURES FOR THE SUBMISSION OF PRINTED/HARD COPIES OF ANNUAL REPORTS.

September 4, 2020

Corporations whose fiscal years ended November 30, 2019 or December 31, 2019, regardless of their SEC registration or license numbers shall have until September 30, 2020 to submit the printed/hard copies of their AFS to the SEC Main Office and Extension Offices. Corporations whose fiscal years ended between January 31,

BIR further extends the deadline for business registration of those into digital transactions until September 30, 2020 without penalty for late registration

September 4, 2020

For your reference, a copy of the issuance may be accessed HERE. (Revenue Memorandum Circular No. 92-2020, September 1, 2020)

BIR DEADLINES from September 6 to 14, 2020

September 4, 2020

A gentle reminder on the following deadlines, as may be applicable: DATE FILING/SUBMISSION September 8, 2020 E-Submission of e-Sales Report of all Taxpayers using CRM/POS with TIN ending in even number – Month of August 2020 Submission of All Transcript Sheets used by Dealers of Automobiles/Manufacturers/Toll Manufacturers/Assemblers/Importers of Alcohol Products,

Corporate, Tax and Other Legal Digest

September 4, 2020

For your reference and file, we are pleased to send our regular corporate, tax and other legal digest.

Sec extends the deadlines for posting of additional securities deposit and substitution of securities deposit to align the same with the deadline of the audited financial statements

September 4, 2020

Posting of additional securities deposit for branch offices whose submission of AFS was extended pursuant to MC No. 17 and MC No. 18, all series of 2020 shall be extended until October 29, 2020. The extension for posting of additional securities deposit and substitution of securities deposit shall automatically be applied without the

Sec extends the deadlines and provides for interim procedures for the submission of printed hard copies of annual reports

September 4, 2020

Php 12 million refunds of customs duties granted; Petroleum Fuel purchased and delivered to an ecozone for the production of glass products is exempt from customs duties and taxes.

September 4, 2020

The CTA En Banc affirmed the decision of the CTA Division granting refund. Under the rules, supplies brought into the Ecozone by a duly-registered PEZA enterprise and to be sold, stored, broken up, repacked, assembled, installed, sorted, cleaned, graded, or otherwise processed, manipulated, manufactured, mixed with foreign or domestic merchandise,

Php 54 million real property tax assessment upheld; Real property tax exemption arising from tax incentives is a question of fact subject to prior exhaustion of administrative remedies.

September 4, 2020

The CTA En Banc affirmed the decision of the CTA Division dismissing the taxpayer’s appeal for lack of jurisdiction. When a taxpayer assails the reasonableness of the amount of the real property tax (RPT) or where the issue involves a question of fact, the proper recourse is to pay the

Php 37 million local business tax assessment canceled; City treasurer must be authorized to file a case in the form of City Charter or Resolution; Common carriers are exempt from local business tax.

September 4, 2020

A local government unit (LGU) has the power to sue through its officials. However, before a city official can exercise the LGU’s power to sue, a law granting such prerogative must first be passed (i.e. City Charter). Otherwise, a city official can only exercise such power if a resolution is passed

Month: September 2020

Voluntary Assessment and Payment Program

SEC EXTENDS THE DEADLINES AND PROVIDES FOR INTERIM PROCEDURES FOR THE SUBMISSION OF PRINTED/HARD COPIES OF ANNUAL REPORTS.

BIR further extends the deadline for business registration of those into digital transactions until September 30, 2020 without penalty for late registration

BIR DEADLINES from September 6 to 14, 2020

Corporate, Tax and Other Legal Digest

Sec extends the deadlines for posting of additional securities deposit and substitution of securities deposit to align the same with the deadline of the audited financial statements

Sec extends the deadlines and provides for interim procedures for the submission of printed hard copies of annual reports

Php 12 million refunds of customs duties granted; Petroleum Fuel purchased and delivered to an ecozone for the production of glass products is exempt from customs duties and taxes.

Php 54 million real property tax assessment upheld; Real property tax exemption arising from tax incentives is a question of fact subject to prior exhaustion of administrative remedies.

Php 37 million local business tax assessment canceled; City treasurer must be authorized to file a case in the form of City Charter or Resolution; Common carriers are exempt from local business tax.

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