The Tax Amnesty Act (Republic Act No. 11213), signed into law on 14 February 2019, provides for a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that will give reasonable tax relief to estates with deficiency estate taxes. In other words, it provides a clean slate for taxpayers with existing estate tax delinquencies. Here is an introduction to the Tax Amnesty Act, in conjunction with Revenue Regulation No. 6-2019 issued by the Bureau of Internal Revenue (BIR). Continue reading
The Bureau of Internal Revenue (BIR) issued, on 31 January 2018, Revenue Regulations No. 11-2018, concerning withholding income tax, to implement the changes under Republic Act No. 10963, also known as the “Tax Reform for Acceleration and Inclusion (TRAIN)” Law. RR 11-2018 amends certain provisions of Revenue Regulations No. 2-98, as amended. The regulations cover, among others, taxpayers categorized as top withholding agents. Continue reading
Republic of the Philippines
Congress of the Philippines
REPUBLIC ACT NO. 10653
AN ACT ADJUSTING THE 13TH MONTH PAY AND OTHER BENEFITS CEILING EXCLUDED FROM THE COMPUTATION OF GROSS INCOME FOR PURPOSES OF INCOME TAXATION, AMENDING FOR THE PURPOSE SECTION 32(B), CHAPTER VI OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
A number of our importer-clients have been complaining about the Manila City port congestion and the apparent lack of communication between the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) when it comes to the requirements relating to the Importer’s Clearance Certificate (ICC) and Broker’s Clearance Certificate (BCC). A welcome development is the issuance of Revenue Memorandum 1-2015 (summary and full text below). Continue reading
It’s that time of the year when we are again required to pay taxes and file our income tax returns. Some, however, are exempt from paying income tax. Minimum wage earners are not required to pay income taxes. Here’s a primer of the new law. Continue reading
What is Republic Act No. 9480?
It is a law, referred to as the “Tax Amnesty Act of 2007” passed by Congress granting amnesty to all unpaid internal revenue taxes imposed by the national government for the taxable year 2005 and prior years.
Until when can taxpayers avail of the benefits of this law?
The last day to avail of tax amnesty is 5 May 2008, as clarified in Department of Finance (DOF) Department Order No. 11-08. Continue reading
The settlement of a person’s estate after his/her death, based on our experience, is potentially one of the more bitter litigations. It’s never good to see relatives fighting each other. Some persons, with the intent of controlling the disposition of his/her properties after his/her death (and hopefully prevent fighting among his/her heirs over the properties left), prepare a “last will and testament”. Let’s have a brief discussion on this matter. Continue reading
SC newsflash: SC Holds DIGITEL Accountable to Pangasinan for Local Taxes. The Supreme Court recently found Digital Telecommunications Philippines, Inc. (DIGITEL) liable to the Province of Pangasinan for the payment of provincial franchise and real property taxes. The SC affirmed the ruling of the lower court that the tax exemption in Republic Act (“R.A.”) No. 7925, the Public Telecommunications Policy Act of the Philippines, stating that any advantage, favor, privilege, exemption, or immunity granted under existing franchises, or may hereafter be granted, shall be made part of previously enacted franchises and made automatically applicable to the grantees thereof, does not work to exempt DIGITEL from payment of provincial franchise and real property taxes.
Unfortunately, as of this writing, the decision in that case (GR No. 152534, Digital Telecommunications Philippines, Inc. v. Province of Pangasinan, 23 February 2007) is not yet posted at the SC website. So, let’s discuss the case cited in that DIGITEL decision – PLDT vs. City of Davao, et al. Continue reading
Among the inescapable facts in life, something which everyone shares regardless of status, race, sex or creed, is death. A person may leave properties (or liabilities) upon death, so a discussion on the basic concepts on estate proceedings is in order.
Inheritance – Inheritance includes all the property, rights and obligations of a person which are not extinguished by his death. (Civil Code, Art. 776) Continue reading