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Month: October 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Notice for Informal Conference, Preliminary Assessment Notice, Final Assessment Notice for pending cases shall be withdrawn and canceled.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.

October 30, 2020

Update:   In general, all persons, natural and juridical, including estates and trusts, are qualified to avail of the VAPP. The VAPP covers calendar year 2018 and fiscal year 2018 ending in July, August, September, October, and November 2018, as well as those ending in January, February, March, April, May

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PHP 4 MILLION CLAIM FOR REFUND OF INPUT VAT DENIED; THE TRANSACTION MUST BE SUPPORTED BY CONTRACTS TO DETERMINE ITS NATURE; SALE OF SERVICES MUST BE SUPPORTED BY VAT-OFFICIAL RECEIPTS.

October 23, 2020

The CTA denied that taxpayer’s claim for refund of input VAT arising from zero-rated sales. Pursuant to the NIRC, services rendered to persons engaged in international shipping or international air transport operations are subject to zero-rated VAT. Moreover, the services must be supported by VAT- official receipt. In this case,

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CONVERSION FROM ONE PERSON CORPORATION (OPC) TO ORDINARY STOCK CORPORATION (OSD) AND VICE VERSA; REQUIREMENTS

October 16, 2020

The SEC issues guidelines for the conversion of corporations either to One Person Corporation (OPC) or to Ordinary Stock Corporation (OSC) OSC may apply for its conversion into an OPC. If a single stockholder has acquired all the outstanding capital stock of an OSC with corresponding Certificate Authorizing Registration or

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BIR DEADLINES from OCTOBER 12 to 16, 2020.

October 10, 2020

A gentle reminder on the following deadlines, as may be applicable:   DATE FILING/SUBMISSION October 12, 2020 · E-Filing of 1601C – eFPS filers under Group D – Month of September 2020 October 13, 2020 · E-Filing of 1601C – eFPS filers under Group C – Month of September 2020 October 14,

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SEC IMPLEMENTS THE MANDATORY 60-DAY GRACE PERIOD FOR ALL LOANS WITH FINANCING COMPANIES, LENDING COMPANIES AND MICROFINANCE NGOS.

October 2, 2020

Among other institutions, financing and lending companies and microfinance NGOs shall implement a one-time 60-day grace period to be granted for the payment of all existing, current and outstanding loans falling due or any part thereof, on or before December 31 2020. The grace period shall apply to each loan whether

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