Dear CLIENTS, COLLEAGUES and FRIENDS:
For your reference and file, we are pleased to send our regular corporate, tax and other legal digest.
In this Article:
SECURITIES AND EXCHANGE COMMISSION (“SEC”)
- SEC EXTENDS THE DEADLINES AND PROVIDES FOR INTERIM PROCEDURES FOR THE SUBMISSION OF PRINTED/HARD COPIES OF ANNUAL REPORTS.
- 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.
BUREAU OF INTERNAL REVENUE (“BIR”) DEADLINES AND ISSUANCES:
- BIR DEADLINES from September 6 to 14, 2020
- BIR FURTHER EXTENDS THE DEADLINE FOR BUSINESS REGISTRATION OF THOSE INTO DIGITAL TRANSACTIONS UNTIL SEPTEMBER 30, 2020 WITHOUT PENALTY FOR LATE REGISTRATION.
COURT OF TAX APPEALS (“CTA”) DECISIONS
- PHP 3 MILLION REFUND ERRONEOUSLY PAID PERCENTAGE TAX; GROSS REVENUE TAX OF 5% IMPOSED ON NON-BANK FINANCIAL INTERMEDIARIES IS BASED ON RECEIPTS.
- PHP 2.3 MILLION INCOME TAX REFUND DENIED; SALARIES PAID BY ADB TO FILIPINO CITIZENS ARE SUBJECT TO INCOME TAX.
- PHP 2.7 BILLION TAX ASSESSMENT CANCELLED; CHIEF OF LARGE TAXPAYER AUDIT DIVISION CANNOT VALIDLY SIGN A MEMORANDUM OF ASSIGNMENT; PAGCOR’S LICENSEES AND CONTRACTEES ARE EXEMPT FROM INCOME TAX ON GAMING REVENUES.
- PHP 37 MILLION LOCAL BUSINESS TAX ASSESSMENT CANCELLED; 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.
- 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 12 MILLION REFUND OF CUSTOMS DUTIES GRANTED; PETROLEUM FUEL PURCHASED AND DELIVED TO AN ECOZONE FOR THE PRODUCTION OF GLASS PRODUCTS IS EXEMPT FROM CUSTOMS DUTIES AND TAXES.