By: Euney Marie J. Mata-Perez on November 22, 2018 We are finally moving forward on the proposed general and estate tax amnesties. The Senate approved Senate Bill No. 2059 (SB 2059) on third and final reading last Nov. 19, 2019. On the other hand, the House of Representatives...

        By: Euney Marie Mata-Perez on November 15, 2018 Mutual trust and respect between taxpayers and tax authorities, as well as fairness in tax laws, are cornerstones to a successful and effective tax system. Taxation is one of the State’s inherent and great powers. However,...

        By: Euney Marie J. Mata-Perez on November 8, 2018 In the recently published 2019 World Bank Doing Business (DB) Report, the ranking of the Philippines dropped 11 notches from 113th place for the year 2018 to 124th place for the year 2019 out of 190 economies. In 2017,...

        By: Euney Marie J. Mata-Perez on November 1, 2018 We just attended the 2018 World Conference of the International Tax Specialist Group (ITSG) held in the beautiful Rosewood Hotel in Beijing last Oct.r 24-26, 2018. The conference was attended by around 80 tax specialists...

          By: Nica Marsha V. Gasapo on October 25, 2018 A worker and an employer enter into an employment contract to realize their respective interests—the worker, to make ends meet; the employer, to earn profits. An employment contract, however, is a special contract because...

        By: Felson M. Dalaguete on October 18, 2018 A corporation that permits the accumulation of earnings and profits beyond the reasonable needs of the business is subject to the 10 percent Improperly Accumulated Earnings Tax (IAET). If the accumulation is justified to be within...

          By: Elreen Joy O. De Guzman on October 11, 2018 Under Senate Bill (SB) No. 1280, the proposed Revised Corporation Code of the Philippines, a single natural person, trust, or estate can form a one-person corporation (OPC). Unlike a sole proprietorship, an OPC will...

          By: Aziza Hannah A. Bacay on October 4, 2018 A part of taxpayer’s due process rights under law is to be subject to a tax audit and assessment (for deficiency taxes) by the BIR only within certain defined periods, known as “prescriptive periods.” If the BIR does...

        By: Felson Dalaguete on September 27, 2018 The Commissioner of Internal Revenue (CIR) is empowered by law to audit the books of taxpayers. Such audits must be conducted by the CIR or his duly authorized officer. The authority given to revenue officers should be set out...