TAX & BUSINESS-RELATED NEWS [APRIL 6-7] BIR CLARIFIES THE CERTIFICATE OF TAX INCENTIVES (CETI) AS REQUIRED ATTACHMENT IN THE FILING OF ANNUAL ITR OF REGISTERED BUSINESS ENTERPRISES (RBEs) BIR TAX ADVISORY REMINDERS ON 2021 ANNUAL ITR FILING DUE ON APRIL 15, 2022 SEC ADVISORY ON SUBMISSION OF ANNUAL REPORTORIAL REQUIREMENTS THROUGH ELECTRONIC FILING & SUBMISSION TOOL (eFAST) TAX & BUSINESS-RELATED NEWS [MARCH 31-APRIL 5]
| 1. TAX & BUSINESS-RELATED NEWS [APRIL 6-7] | | LGUs borrowed P12.8B in Q1 for infra Filinvest, ENGIE to deploy renewable energy in Pampanga, Laguna projects Pogo tax take drops 46 percent to P3.91 billion in 2021 Century Pacific profit up 20%, spurred by ‘essential’ goods sales PAL parent capped rocky 2021 profitable anew Synergy infuses P 12B into NGCP Ed Sheeran wins 'Shape of You' copyright dispute Cebu-based thrift bank closed down No law exempting poll workers from tax: DepEd exec LinkedIn releases 2022 Top Companies in the Philippines DOF: Flurry of foreign investors to hike wages in PH Canada unveils law requiring digital giants to pay for news
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | LGUs borrowed P12.8B in Q1 for infra [Inquirer Mobile, April 7, 2022] Ahead of the election ban on starting new public projects, local governments borrowed P12.8 billion to fund their mostly infrastructure outlays in the first quarter, the latest Department of Finance (DOF) data on Wednesday showed. Filinvest, ENGIE to deploy renewable energy in Pampanga, Laguna projects [Inquirer Mobile, April 7, 2022] The joint venture company of Filinvest Development Corp.’s power utility arm and ENGIE Services Philippines has signed a partnership with Filinvest Land Inc. (FLI) to explore opportunities in installing renewable energy generation facilities in the property developer’s latest industrial development in Pampanga and Laguna provinces. Pogo tax take drops 46 percent to P3.91 billion in 2021 [Inquirer Mobile, April 7, 2022] The tax take from Philippine offshore gaming operators fell by nearly half to P3.91 billion in 2021 despite a new law mandating Pogos to cough up all of their taxes due. Century Pacific profit up 20%, spurred by ‘essential’ goods sales [Inquirer Mobile, April 7, 2022] The Po family’s Century Pacific Food Inc., the canned goods giant behind Century Tuna and Argentina corned beef, saw profits pop in 2021 on higher sales and exports alongside favorable tax rates. PAL parent capped rocky 2021 profitable anew [Inquirer Mobile, April 7, 2022] Erasing its P73-billion losses incurred the prior year, the Philippine Airlines (PAL) operator said total comprehensive income in 2021 rose to P56.49 billion as consolidated revenues increased by 6.2 percent to P58.7 billion year-on-year. Synergy infuses P 12B into NGCP [Inquirer Mobile, April 7, 2022] Power grid holding firm Synergy Grid & Development Philippines Inc. on Wednesday announced its subscription to preferred shares of the country’s main transmission power, the National Grid Corp. of the Philippines (NGCP). Ed Sheeran wins 'Shape of You' copyright dispute [ABS-CBN News, April 6, 2022] British singer-songwriter Ed Sheeran on Wednesday won his copyright trial at London's High Court after a judge ruled that his hit song "Shape of You" did not lift musical phrases from another track. Cebu-based thrift bank closed down [The Manila Times, April 6, 2022] The PDIC said in a weekend circular that the central bank's Monetary Board has ordered the liquidation of Metro-Cebu Public Savings Bank in a decision dated March 31, 2022. No law exempting poll workers from tax: DepEd exec [ABS-CBN News, April 6, 2022] Congress failed to a pass a measure that would have made the benefits received by those serving in the May 9 elections tax-free, an official from the Department of Education (DepEd) said Wednesday. LinkedIn releases 2022 Top Companies in the Philippines [Manila Bulletin, April 6, 2022] LinkedIn released the Top Companies in the country for this year. According to LinkedIn, these are the companies offering stability in the changing world of work—the ones that are attracting employees and retaining them. DOF: Flurry of foreign investors to hike wages in PH [Inquirer Mobile, April 6, 2022] A flurry of foreign investors who can shell out bigger pay to an also larger number of skilled workers can jack up wages in the Philippines, the Department of Finance (DOF) said on Wednesday (April 6). Canada unveils law requiring digital giants to pay for news [ABS-CBN News, April 6, 2022] The Canadian government unveiled legislation Tuesday that would require global digital giants to pay for local news content, in step with a landmark law passed by Australia last year. | 2. BIR CLARIFIES CETI AS REQUIRED ATTACHMENT IN THE FILING OF ANNUAL ITR OF RBEs | Revenue Memorandum Circular (RMC) No. 37-2022 issued on April 6, 2022, clarifies that the submission of Certificate of Entitlement to Tax Incentives (CETI) pursuant to CREATE Law and in reference to the earlier RMC No. 28-2022 only applies to all Registered Business Enterprises (RBEs) enjoying tax incentives under the transitory provisions and business enterprises under CREATE Act. Thus, existing RBEs already issued with a Certificate of Entitlement to Tax Incentives or equivalent document by respective Investment Promotions Agency (IPA) are not covered. It may be recalled that in an earlier issuance of the BIR in RMC No. 28-2022, it requires all RBEs enjoying both fiscal and non-fiscal incentives granted by IPAs, such as the Philippine Economic Zone Authority (PEZA) and Board of Investments (BOI), to secure a Certificate of Entitlement of Tax Incentives (CETI). The CETI is a requirement for all RBEs to avail of the income tax holiday or preferential tax privileges granted by the CREATE Law. The CETI shall be filed with the BIR as a required attachment of the Annual Income Tax Return. | 3. BIR TAX ADVISORY REMINDERS ON 2021 ANNUAL ITR FILING DUE ON APRIL 15, 2022 | In an Advisory issued on March 22, 2022, the BIR provides the following guidance on the filing of Annual Income Tax Return (AITR) for calendar Year 2021 and payment of taxes due thereon. 1. The deadline for the filing is on April 18, 2022 (Monday), since April 15, 2022 falls on a Good Friday. 2. Taxpayers may file AITR and pay the corresponding taxes due thereon thru Authorized Agent Banks (AABs) and Revenue Collection Officers (RCOs) notwithstanding the Revenue District Office (RDO) jurisdiction. 3. Electronic payments may also be made through the BIR Taxpayer Software Provider. 4. “No Payment Returns” shall be filed electronically through the eBIRForms facility. 5. Electronically filed and/or paid returns using eBlRForms or eFPS without any attachment required, need not submit printed copy of e-filed tax returns to the BIR. 6. For electronically filed Annual/Quarterly ITRs, taxpayers may submit its attachments to the Electronic Audited Financial Statement (eAFS) System. | |
In an SEC Advisory dated March 30, 2022, SEC has advised that all corporations (stock and non-stock) shall be required to submit their annual reportorial requirements through the Electronic Filing and Submission Tool (eFAST), effective April 1, 2022. eFAST is previously called the Online Submission Tool. Reports shall be submitted to ictdsubmission@sec.gov.ph. Over-the-counter submission through appointment and through mail shall no longer be accommodated. All reports submitted online shall be accepted only upon approval of the enrollment in the eFAST. | 5. TAX & BUSINESS-RELATED NEWS [MARCH 31-APRIL 5] | | Megawide not giving up on Naia vision just yet Heightened alert in all ports in Cebu starts April 10 Cobonpue’s Dolce Bed cited in int’l furnishings show ACEN-Citicore’s solar plant in Pampanga to add more capacity Duterte inaugurates China-funded Binondo-Intramuros Bridge DTI lists 250 foreign investment leads worth P450-B LANDBANK says probing alleged fraudulent loan scheme raised in House hearing Healthcare-focused BPOs seek bigger share of Australian market PAREx environmental study suspected to have been copied Cebu City DVMF warns against Korean brand of luncheon meat sold online Elon Musk buys large stake in Twitter, sending stock soaring Anti-counterfeiting activities planned for rest of Philippines Indonesia’s GoTo sells stake in Philippines e-wallet Coins.ph Facebook Messenger down for users worldwide BSP sets internal audit rules for trust corporations Rockwell tops off 2nd tower in QC project PEZA extends deadline for 70-30 work ratio requests MPIC revives real estate ambitions in Landco buyout Piso Protect: Gokongwei-led Cebu Pacific, launches new travel insurance in partnership with AXA PH
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | Megawide not giving up on Naia vision just yet [Inquirer Mobile, April 5, 2022] Pinning its hope on the next administration, Megawide Construction Corp. is ready to take on the Ninoy Aquino International Airport (Naia) rehabilitation project once again after its previous proposal was suddenly turned down. Heightened alert in all ports in Cebu starts April 10 [Cebu Daily News Inquirer.Net, April 5, 2022] MANDAUE CITY, Cebu – Health and safety protocols will be strictly enforced in the different ports in Cebu as the Cebu Port Authority (CPA) anticipates the surge of travelers who may want to go home to their provinces or take their most awaited vacation during the Holy Week break. Cobonpue’s Dolce Bed cited in int’l furnishings show [Manila Bulletin, April 5, 2022] Cobonpue’s creation, the Dolce Bed, was adjudged “Best in Show” in the Bedroom Category by the International Furnishings & Design Association (IFDA) Excellence in Design Awards during the High Point Market 2022. Meanwhile, his Barnacle Collection was named among the finalists in the Lighting Category. ACEN-Citicore’s solar plant in Pampanga to add more capacity [BusinessWorld, April 5, 2022] THE Arayat-Mexico solar farm, a joint venture between Citicore Power, Inc. and AC Energy Corp. (ACEN), is preparing to add more capacity to the grid to meet the anticipated increase in energy demand during the summer season. Duterte inaugurates China-funded Binondo-Intramuros Bridge [Rappler, April 5, 2022] The new Binondo-Intramuros Bridge, built through a Chinese grant, was inaugurated on Tuesday, April 5. DTI lists 250 foreign investment leads worth P450-B [Manila Bulletin, April 5, 2022] These investments are into electronics manufacturing services (EMS), integrated steel mills, telecom services and digital infrastructure, renewable energy, knowledge processing operation/business process outsourcing (KPO/BPO), Healthcare IT & BPM, Integrated Agriculture production/ processing, logistics, automotive and autoparts/EV/mineral processing/battery manufacturing, and garments and textile. LANDBANK says probing alleged fraudulent loan scheme raised in House hearing [ABS-CBN News, April 5, 2022] Land Bank of the Philippines said it is investigating the alleged loan scheme raised by the president of the American Boulevard Trading Corporation. Healthcare-focused BPOs seek bigger share of Australian market [BusinessWorld, April 5, 2022] Juanloz Botor, Pointwest Innovations Corp. business development manager for healthcare, said the healthcare business process outsourcing (BPO) sector has expanded the scope of services it can now offer. PAREx environmental study suspected to have been copied [Philippine Daily Inquirer, April 5, 2022] In a letter dated March 29 and addressed to the Environmental Management Bureau (EMB) of the Department of Environment and National Resources (DENR), #NoToPAREX campaign representative Joven Jacolbia asked the EMB to “look into possible incidents of misconduct and irregular practice in the preparation of the draft EIS” by the RHR Consulting Services on the 19.27-kilometer PAREx project. Cebu City DVMF warns against Korean brand of luncheon meat sold online [Cebu Daily News Inquirer.Net, April 5, 2022] The Cebu City Department of Veterinary Medicine and Fisheries (DVMF) is warning the public against buying a Korean brand of luncheon meat commonly called “Korean Spam” being sold online. Elon Musk buys large stake in Twitter, sending stock soaring [Bilyonaryo, April 4, 2022] Musk, who has more than 80 million followers on the microblogging platform, became its largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock, according to a securities filing. Anti-counterfeiting activities planned for rest of Philippines [BusinessWorld, April 4, 2022] THE National Committee on Intellectual Property Rights (NCIPR) said it will expand its activities to the rest of the country soon in order to address what it considers to be the proliferation of counterfeit goods. Indonesia’s GoTo sells stake in Philippines e-wallet Coins.ph [BusinessWorld, April 4, 2022] GoTo Group, Indonesia’s biggest tech firm, said on Monday it had sold its majority stake in Filipino e-wallet Coins.ph, signalling the end of it efforts to capture the Philippines market. Facebook Messenger down for users worldwide [The Daily Star, April 4, 2022] Facebook parent Meta's Messenger is reportedly down for users across the globe. Users in Bangladesh are also facing issues with accessing the instant messaging platform. BSP sets internal audit rules for trust corporations [BusinessWorld, April 4, 2022] THE CENTRAL BANK is allowing trust corporations that are part of a bigger group to perform an internal audit, either by itself or through a central unit of its parent. Rockwell tops off 2nd tower in QC project [Manila Bulletin, April 3, 2022] Rockwell Land Corporation has topped off The North Tower, the second tower of the P9 billion The Arton residential development in Katipunan, Quezon City. PEZA extends deadline for 70-30 work ratio requests [Manila Bulletin, April 3, 2022] The Philippine Economic Zone Authority (PEZA) has extended until April 8 the deadline for submission of requests from its registered business enterprises (RBEs) to be allowed to implement 70-30, onsite-work from home (WFH), hybrid work arrangement. MPIC revives real estate ambitions in Landco buyout [Inquirer Mobile, April 2, 2022] Tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC) has agreed to a takeover of Landco Pacific Corp., the pioneering beach resort developer it tried to sell a decade ago amid a broader shift to more stable and lucrative infrastructure projects. Piso Protect: Gokongwei-led Cebu Pacific, launches new travel insurance in partnership with AXA PH [Bilyonaryo, March 31, 2022] Piso Protect is an affordable personal accident microinsurance which can help cover the cost of hospitalization due to accidents for as low as P1 a day or P365 a year. | Thank you and best regards, WILLIE B. SANTIAGO Lawyer & Certified Public Accountant Tax & Corporate Services Division TL : (+632) 8 894-5892 Loc. 703 Website: www.dmdcpa.com.ph Don Jacinto Building De la Rosa corner Salcedo Streets Legaspi Village, Makati City 1229 Philippines | | |
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