Author Archives: Michael Aguirre

The regulations shall cover the deduction from Gross Income of the Net Operating Loss Carry – Over (NOLCO) incurred by businesses or enterprises for taxable years 2020 and 2021 pursuant to Sec. 4 (bbbb) of RA No. 11494. The period of entitlement to deduct the net operating loss incurred for taxable years 2020 and 2021 […]

SEC published a Memorandum Circular No. 25 series of 2020 that sets out the guidelines in the Filing, investigation and resolution of complaints for violation of rights granted under Sec. 73 of Republic Act (RA) NO. 11232 or the Revised Corporation Code of the Philippines. The highlights of the circular includes the following: Grounds that […]

On May 21, 2020, the BIR issued ruling No. 240-2020 to respond to a letter dated July 27, 2017 from N. Co, a non-stock, non-profit association, with regards to its application for tax exemption certificate. In its reply, the BIR cited Revenue Memorandum Circular (RMC) NO. 51-2014 which clarified that in order for an entity […]

RMO NO. 21-2020 prescribes the policies, guidelines and procedures for the inspection or supervision of the destruction or disposal and determination of deductible expense pertaining to inventory of goods or assets which have been declared as waste or obsolete. The Revised guidelines now allows a third party to be the BIR’s authorized representative to witness […]

The Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) has issued on August 18, 2020 RR No. 21-2020 which prescribes the policies, procedures and guidelines in the implementation of Voluntary Assessment and Payment Program (VAPP) that allows taxpayers to settle their unpaid 2018 dues through voluntary assessment in lieu of audit. It […]

The Bureau of Internal Revenue released rules and new issuances covering the related-party transactions and enforcing the arm’s length principle as a way of determining transfer prices of associated enterprises as it is applied internationally. TRANSFER PRICING A transfer price is the price charged for goods and or services between associated enterprises that should be at […]

Revenue Regulations (RR) No. 20-2020 amends the way the fair market value (FMV) of unlisted shares are computed for purposes of sale, barter, exchange, or other dispositions. FMV shall now be based on the book value of a Company’s latest Audited Financial Statements.  Prior to this issuance, FMV was based on the adjusted values of […]

The Philippine Innovation Act (RA 11293) signed into law in July 2019 provides support and enhances the competitiveness of the micro, small and medium enterprises (MSME’s) which champions technological advancements in the country. It also mandates the Intellectual Property Office to promote and streamline the registration and protection of intellectual property. The Personal Property Security […]

RMC 60-2020 reminds those who are conducting business transactions, especially through digital or electronic media, of their obligation to file and pay the right taxes. There will be no penalty for those who will update their registration or those who will register late not later than July 31, 2020. The deadline is further extended up […]

Spain, Belgium and Japan all tax more than 10% on house purchases Pressure to increase property taxes to address costs of coronavirus Homebuyers in the US pay virtually zero tax Homebuyers in the Philippines now pay almost twice the global average tax on property purchases, at 8.13% compared to 4.51% worldwide, shows a new study