COURT OF TAX APPEALS DECISIONS January 2022 REFUND OF EXCESS INPUT VAT ON ZERO-RATED SALES Certain requisites must be complied with by the taxpayer-applicant to successfully obtain a credit/refund of input VAT related to zero-rated sales. Said requisites are classified into certain categories, to wit: As to the timeliness
COURT OF TAX APPEALS DECISIONS December 2021 REFUND OF UNUTILIZED CREDITABLE WITHHOLDING TAX In filing a claim for refund or credit of creditable withholding tax, compliance with the following must be met: The claim for refund must be filed within the two-year prescriptive period. The administrative and judicial remedy
COURT OF TAX APPEALS DECISIONS November 2021 REFUND OF EXCESS INPUT VAT ON ZERO-RATED SALES In order to be entitled to a refund or tax credit of input tax due or paid attributable to zero-rated or effectively zero-rated sales, the following requisites must be satisfied: As to the timeliness
CLARIFYING THE TAXABILITY OF ELECTRONIC SABONG (e-SABONG) OPERATIONS AS REGULATED BY THE PHILIPPINES AMUSEMENT AND GAMING CORPORATION (PAGCOR) (Revenue Memorandum Circular No. 25-2022, March 11, 2022) Electronic Sabong or e-Sabong is the online and/or remote or offsite wagering/betting on live cockfighting matches, events and/or activities streamed or broadcasted live from cockpit
In filing a claim for refund or credit of creditable withholding tax, compliance with the following must be met: The claim for refund must be filed within the two-year prescriptive period. The administrative and judicial remedy of filing a claim for refund of erroneously or excessively paid tax must be
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,
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
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,
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
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,
