SEC Memorandum Circular No. 25 series of 2020: Guidelines in the Filing, Investigation and Resolution of Complaints in Violation of the Right to Inspect and Reproduce Corporate Records
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 […]
BIR Ruling No. 240-2020: Denial of Tax Exemption Application
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 […]
Revenue Memorandum Order (RMO) No. 21-2020: New and improved policy on inventory/asset destruction/disposal allowing third party witness and virtual witnessing
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 […]
Revenue Regulation (RR) No.21-2020 Voluntary Assessment and Payment Program
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 […]
Transfer – Pricing Substance and New Form
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 […]