TAX & BUSINESS-RELATED NEWS [AUGUST 11-15] BIR ITAD RULING DIGEST ON MOST-FAVORED-NATION CLAUSE BIR RULINGS DIGEST DOF OPINION DIGEST ON INUREMENT PROHIBITION, TAX-EXEMPT COPYRIGHT & TAX-EXEMPT SALE OF FOREIGN GOVERNMENT PROPERTY SEC LEGAL OPINION DIGEST ON FOREIGN DIRECTOR & STOCK OWNERSHIP OF A MINOR CHILD TAX & BUSINESS-RELATED NEWS [AUGUST 9-10]
| 1. TAX & BUSINESS-RELATED NEWS [AUGUST 11-15] | | US employers struggle to find enough workers Angara pushes lifetime validity of PWD IDs Macroasia swings back to profit due to increased flights Like a phoenix rising from the ashes, Aliw Theater Complex reopens Globe Telecom sells 5,709 towers for P 71B Taiwan grants pay hike for Pinoy caretakers, domestic helpers Beyond Meat sales under threat as plant-based boom withers PHL tycoon Uy’s business may face $700 million debt bill Several Chinese state-owned companies to delist from NYSE Meralco unit to acquire Globe telco towers in P26.2-B deal J&J to end global sales of talc-based baby powder PCC, NTC, BIR officials to be summoned by House over ABS-CBN, TV5 deal? Monde closes lid on Lucky Me! controversy, but sales plunge Sisters’ seaweed chips help local communities and bring recognition to Tawi-Tawi PH urged to allow entry of more Brazilian meat Forbes' list: Philippines' 50 richest sees combined wealth drop to $72 billion DOLE cool to removing mandatory retirement age DITO refutes P622-M fine for fraudulent calls After ‘plastic in pizza’ incident, brand’s president and CEO reaches out to Julius Babao Shopee’s insurance affiliate gains local foothold Social Media Regulation and Protection Act: What we know so far and here’s what parents have to say Marcos admin eyes sugar trade liberalization SEC revokes NWorld's registration due to alleged fraud Students urged to help reverse Baguio urban decay
| 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. | US employers struggle to find enough workers [The Manila Times, August 15, 2022] "Help Wanted" ads are proliferating across the United States as companies struggle to deal with a worker shortage caused by the pandemic, a rash of early retirements and restrictive immigration laws. Angara pushes lifetime validity of PWD IDs [The Philippine Star, August 14, 2022] “For individuals with permanent disabilities, common sense dictates that they should no longer have to renew their PWD IDs every five years,” Angara said, noting how physical impairment naturally makes mobility very difficult for them. Macroasia swings back to profit due to increased flights [Inquirer Mobile, August 13, 2022] Aircraft maintenance provider MacroAsia Corp. erased its losses after booking a net income in the first half, buoyed by increasing flight activities amid the easing of travel restrictions. Like a phoenix rising from the ashes, Aliw Theater Complex reopens [Manila Bulletin, August 13, 2022] In October 2019, a tragedy took place in Pasay City as its famous arts and entertainment sites were burned. Amusement park Star City and playhouses Star Theater and Aliw Theater were devoured by flames, pushing them to close their doors. After three years and the setbacks caused by the pandemic, Star City opened earlier this year. Following that is the unveiling of the Aliw Theater, which took place on Aug. 10, 2022. Globe Telecom sells 5,709 towers for P 71B [Inquirer Mobile, August 13, 2022] Globe Telecom has forged agreements to sell 5,709 of its towers to Miescor Infrastructure Development Corp. and Frontier Tower Associates Philippines for a combined P71 billion. Taiwan grants pay hike for Pinoy caretakers, domestic helpers [Manila Bulletin, August 13, 2022] Philippine Labor attaches in Taiwan conveyed to the Department of Migrant Workers (DMW) the pay hike amounting to NT$3,000 or equivalent to nearly P7,000 additional to the monthly salary of overseas Filipino workers. Beyond Meat sales under threat as plant-based boom withers [Inquirer Mobile, August 12, 2022] Beyond Meat Inc is headed for an unappetizing second quarter as the plant-based food craze withers in the face of several weak product tests at restaurants and mediocre reviews. PHL tycoon Uy’s business may face $700 million debt bill [BusinessWorld, August 12, 2022] The most recent financial report of Uy-backed DITO CME Holdings Corp., covering the quarter through end March and published in late May, lists subsidiary DITO Telecommunity Corporation — a venture with China Telecommunications Corp. — as having taken out the money with three different Bank of China Ltd. (BOC) branches. Several Chinese state-owned companies to delist from NYSE [Inquirer Mobile, August 12, 2022] Several Chinese state-owned companies including China Life Insurance and oil giant Sinopec announced plans on Friday to delist from the U.S. stock market. Meralco unit to acquire Globe telco towers in P26.2-B deal [BusinessMirror, August 12, 2022] MIESCOR Infrastructure Development Corporation (MIDC), a joint venture between Meralco subsidiary MIESCOR and leading global infrastructure investor Stonepeak, finalized two deals—a sale and leaseback agreement and a Master Lease Agreement. J&J to end global sales of talc-based baby powder [Inquier.Net, August 12, 2022] The company faces about 38,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. PCC, NTC, BIR officials to be summoned by House over ABS-CBN, TV5 deal? [Manila Bulletin, August 12, 2022] SAGIP Party-list Rep. Rodante Marcoleta warned officials of three agencies that they would be summoned by the House of Representatives “in proper time” if they fail to address the issue on the deal between shuttered media giant ABS-CBN and TV5. Monde closes lid on Lucky Me! controversy, but sales plunge [Inquirer Mobile, August 12, 2022] Food conglomerate Monde Nissin Corp. said profits in the first half declined on cost pressures while third quarter sales saw a turbulent start after a European Union (EU) warning last month scared off buyers of its iconic Lucky Me! instant noodles. Sisters’ seaweed chips help local communities and bring recognition to Tawi-Tawi [Manila Bulletin, August 12, 2022] Mangan by Iman is a Tawi-Tawi-based social enterprise that produces seaweed chips. It was founded by CEO Dayang Iman Sahali, 25 and her sister Alyssa Sahali Tan, 23, who serves as COO, in July 2020 after the Manila-based sisters returned to their hometown of Panglima Sugala to weather the pandemic. PH urged to allow entry of more Brazilian meat [Inquirer Mobile, August 12, 2022] “We are asking [the] Philippine government to allow more establishments for Brazilian establishments to export pork meat and chicken meat to [the] Philippines,” Luis Rua, markets director of Brazilian Association of Animal Protein (ABPA), said at a press conference. Forbes' list: Philippines' 50 richest sees combined wealth drop to $72 billion [Yahoo Philippines, August 11, 2022] The combined wealth of tycoons on the 2022 Forbes’ list of the Philippines’ 50 richest people fell by $72 billion even as the country recovered from pandemic headwinds. DOLE cool to removing mandatory retirement age [The Philippine Star, August 11, 2022] “If you lift the mandatory age of retirement, you have to consult GSIS (Government Service Insurance System) on this. Because you’re talking about the fund life of the GSIS,” Lizada told CNN’s “The Source.” DITO refutes P622-M fine for fraudulent calls [Inquirer Mobile, August 11, 2022] DITO countered allegations that it had only filed complaints against Globe Telecom and Smart Communications before the Philippine Competition Commission (PCC) to skirt away from paying penalty. After ‘plastic in pizza’ incident, brand’s president and CEO reaches out to Julius Babao [Manila Bulletin, August 11, 2022] ICYMI, Julius Babao went viral on social media early this week because a pizza he ordered was cooked with plastic. Calling it the “weirdest experience,” the pizza he got from Shakey’s has a sheet of plastic separating the crust and its cheese toppings. Shopee’s insurance affiliate gains local foothold [Inquirer Mobile, August 11, 2022] The industry regulator has cleared the entry of new insurance player SeaInsure Life Insurance Co. Inc. (SeaLife), owned by an affiliate of e-commerce giant Shopee. Social Media Regulation and Protection Act: What we know so far and here’s what parents have to say [Manila Bulletin, August 11, 2022] A father to 3 children himself, Laguna Representative Dan Fernandez filed a house bill that would presumably help alleviate the worst conundrum of most parents; cybercrimes like stalking, defamation, impersonation, and more. Marcos admin eyes sugar trade liberalization [Inquirer Mobile, August 11, 2022] It may be tough because of a powerful and moneyed sugar lobby, but the Marcos administration is looking at dismantling the industry’s cartel to bring prices of many other manufactured food items down, the country’s chief economist said. SEC revokes NWorld's registration due to alleged fraud [ABS-CBN News, August 11, 2022] “[T]he use of an invalid and false TIN on [NWorld’s] Articles of Incorporation constitutes fraud in the procurement of the certificate of registration, which is a valid ground for the revocation of the Corporation’s Certificate of Incorporation,” the order read. Students urged to help reverse Baguio urban decay [Philippine Daily Inquirer, August 11, 2022] If nothing is done to “course-correct,” the city’s problems of overpopulation, deforestation and pollution would be irreversible by 2045, Mayor Benjamin Magalong told them. | 2. BIR ITAD RULING DIGEST ON MOST-FAVORED-NATION CLAUSE | [THE APPLICABILITY OF THE MOST-FAVORED-NATION CLAUSE IS NOT AUTOMATIC] [THE SIMILARITY IN THE CIRCUMSTANCES OF PAYMENT OF TAXES IS A CONDITION FOR THE ENJOYMENT OF THE MOST FAVORED NATION TREATMENT] A Co., a foreign company based in Hungary, is requesting confirmation that the royalty payments made by F Co. to A Co. are subject to the preferential income tax rate of 10% pursuant to the “Most-Favored-Nation” (MFN) clause under the Convention between the Republic of the Philippines and the Republic of Hungary (PH-Hungary Tax Treaty), in relation to the Agreement between the Government of the Philippines and the Government of the United Arab Emirates (PH-UAE Tax Treaty). In ruling, the Bureau opined that the applicability of the MFN clause is not automatic but is subject to certain conditions. Utmost, A Co. must be able to prove that the tax on royalties under both treaties is paid under similar circumstances. The BIR did not agree that the methods employed for eliminating or mitigating the effects of double taxation under the Tax Treaty with Hungary and UAE are the same. Both countries adopt the credit method for eliminating double taxation. The difference lies, however, in the amount that may be credited against the tax to which a nonresident taxpayer may be liable in Hungary and UAE. While UAE uses the full credit method, Hungary employs the ordinary credit method. Therefore, it cannot be said that the tax on royalties under the PH-Hungary Tax Treaty is paid under circumstances similar to the tax on royalties under the PH-UAE Tax Treaty. Consequently, the MFN clause under the PH-Hungary Tax Treaty cannot apply. Thus, the royalty income derived by A Co. from the Philippines is subject to 15% pursuant to PH-Hungary Tax Treaty. [BIR ITAD RULING NO. 013-2022, JULY 14, 2022] | 3. BIR RULINGS DIGEST ON VAT-EXEMPT ASSOCIATION DUES & TAX-EXEMPT RECONVEYANCE OF PROPERTY AS A RESULT OF RESCISSION OF A CONTRACT | TOWNHOUSE DUES COLLECTED FROM ITS MEMBER-LESSEES ARE NOT INCOME SUBJECT TO VAT M P Club, Inc (the Club) is requesting a confirmation that the townhouse dues collected by the Club from its member-lessees are not subject to Value-Added Tax (VAT). In reply, Section 105 of the 1997 Tax Code, as amended, states that “any person who in the course of trade or business sells, barters, exchanges, leases goods or properties, renders services and any person who imported goods shall be subject to the VAT.” Hence, before VAT is imposed, a sale, barter or exchange of goods or properties or sale of service is required. Since membership dues and assessment fees of similar nature do not pertain to the sale of services to the member-lessees by the Club, and conversely, the member-lessees are not buying services from the Club when the townhouse dues are paid, dues collected are not subject to VAT. There is no economic or commercial activity to speak of as the townhouse dues are devoted for the operations and maintenance of the townhouses, which may warrant the imposition of VAT. [BIR RULING NO. 347-2022, JUNE 30, 2022] [RESCISSION OF A CONTRACT WOULD NOT GIVE RISE TO A TAXABLE EVENT] [RECONVEYANCE AS A RESULT OF RESCISSION OF CONTRACT IS NOT SUBJECT TO CAPITAL GAINS TAX & DOCUMENTARY STAMP TAX] N Co. is requesting an exemption from the payment of Capital Gains Tax (CGT) and Documentary Stamp Tax (DST) on the reconveyance of lots covered by transfer certificates issued to P Co. by Register of Deeds. To rectify the mistake caused by their inadvertence and oversight, a Deed of Reconveyance was executed between P Co. and N Co. wherein parties mutually agreed to rescind the Deed of Transfer. In reply, the BIR discussed first that to rescind is to declare a contract void at its inception. Hence, the rescission of a contract would not give rise to a taxable event for two reasons: (a) the result of rescission is that it is as if there was no sale, transfer, or exchange, and hence, no income is realized; and (b) the return of the object rescinded contract is not for monetary consideration and is merely an acknowledgment or confirmation of the title and ownership of the original owner of the property. Such being the case, the reconveyance by P Co. of lots in favor of N Co., in accordance with the parties’ mutual agreement to rescind the Deed of Transfer, is not subject to CGT. Moreover, the said reconveyance is not subject to DST as there is no sale transaction or conveyance for consideration. [BIR RULING NO. 291-2022, JUNE 10, 2022] | 4. DOF OPINION DIGEST ON INUREMENT PROHIBITION, TAX-EXEMPT COPYRIGHT & TAX-EXEMPT SALE OF FOREIGN GOVERNMENT PROPERTY | [THE GIVING OF REASONABLE PER DIEMS IS NOT AUTOMATICALLY AN INUREMENT] [ REVERSAL OF DENIED RULING ON INUREMENT PROHIBITION OF A BUSINESS LEAGUE] C Co. is requesting a review of the earlier BIR Ruling denying C Co.’s application for issuance of a Certificate of Tax Exemption under Section 30(F) of the 1997 Tax Code, as amended. In ruling, Section 30(F) of the 1997 Tax Code, as amended, provides that a business league, chamber of commerce, or board of trade shall have no part of its net income inure to the benefit of any private individuals, to enjoy tax exemption. A perusal of records revealed that the Amended Articles of Incorporation (AOI) of C Co. provides that its Trustees do not receive compensation for the discharge of their duties but only reasonable per diems. Nevertheless, giving reasonable per diems is not automatically an inurement in violation of the prohibition provided for by law. The DOF opines that the exigencies of the operations of non-profit organizations also require them to incur reasonable expenses. However, such per diem to be granted must be a legitimate expense arising from the performance of duties that will lead to the Association achieving its purposes. Here, the DOF disagreed with the decision of the BIR that the provision of reasonable per diems in the AOI of C Co. is an outright violation of the “inurement” prohibition. [DEPARTMENT OF FINANCE OPINION NO. 011.2022, JUNE 29, 2022] [WHEN ONLY COPYRIGHT RIGHTS ARE TRANSFERRED, PAYMENTS MADE IN CONSIDERATION THEREFORE ARE ROYALTIES] [WHEN COPYRIGHT OWNERSHIP IS TRANSFERRED, PAYMENTS MADE IN CONSIDERATION THEREOF ARE BUSINESS INCOME] BPI is requesting for the review of a BIR Ruling, which ruled that the license fees paid by BPI to W Co., a foreign company, are considered royalties subject to an income tax rate of 25% pursuant to Philippines-Singapore Tax Treaty (PH-SG Tax Treaty). BPI maintained that license fees for the software are not royalties but business profits. BPI argued that it acquired only the copy of the copyrighted articles without acquiring any of the copyright rights, making the income payment of BPI to W Co. as business profits for income tax purposes. In ruling, the DOF, in accordance with Revenue Memorandum Circular (RMC) No. 44-2005, provides the twin requirements for the transaction to fall as a transfer of a copyrighted article, to wit: (1) the person does not acquire any of the copyright rights; and (2) the transaction does not involve the provision of services or of know-how. A perusal of records showed that BPI complied with the twin requirements. When BPI was granted the right to the software on a license-to-use basis, it only acquired the end-product itself, and this does not include the ideas and principles underlying such software. When copyright ownership is transferred, payments made in consideration thereof are business income. Thus, the business profits of W Co. from license fees paid by BPI for the software use after the effectivity of the RMC are exempt from income tax pursuant to PH-SG Tax Treaty considering that W Co. is not deemed to have a permanent establishment in the Philippines, and, as such, the same is exempt from withholding taxes. [DEPARTMENT OF FINANCE OPINION NO. 001.2022, JANUARY 25, 2022] [SALE OF AUSTRALIAN GOVERNMENT OF REAL PROPERTY USED AS DIPLOMATIC RESIDENCE IS NOT SUBJECT TO 6% CGT] [THE PHILIPPINES, BEING A SIGNATORY & PARTY TO THE CONVENTION, IS BOUND TO PERFORM ITS TREATY OBLIGATIONS IN GOOD FAITH] Australian Government is requesting a review of the earlier BIR Ruling, which ruled that the sale of the Australian Government’s real property is subject to the 6% Capital Gains Tax (CGT) based on the gross selling price or the current fair market value, whichever is higher. It argued that the sale of the subject property, which was used as a diplomatic residence of the Australian Embassy, is exempt from all national taxes, specifically, CGT, under Article 23 of the Vienna Convention on Diplomatic Relations (VCDR). In ruling, Article 23 of VCDR provides that the sending State and the head of the mission shall be exempt from all national, regional, or municipal dues and taxes in respect of the mission’s premises. Considering that the subject property was utilized as the residence of several heads of the Mission, the same qualifies as part of the Mission’s premises. Arguably, the heads of Mission and Diplomatic Agents both perform indispensable duties while posted in a foreign state. It can be said that providing the necessary board and lodging for them allows such a foreign state to pursue the functions of the Mission with more efficiency and efficacy. So long as there are no overt acts indicating the change in the purpose for the use of the property, it remains classified as a residence of its Head of Mission. Thus, when it was sold, it remained as a property intended for such purpose. Therefore, the Australian Government’s sale of the subject property is not subject to 6% CGT. [DEPARTMENT OF FINANCE OPINION NO. 005-2021, AUGUST 24, 2021] | 5. SEC LEGAL OPINION DIGEST ON FOREIGN DIRECTOR & STOCK OWNERSHIP OF A MINOR CHILD | A FOREIGNER MAY BE ELECTED AS A DIRECTOR & PRESIDENT OF A HOLDING & ENERGY COMPANY P Co. is requesting an opinion on the following: (1) whether a foreigner may be elected as a Director and President of N Co., a new holding company owned and controlled by Philippine nationals; and (2) whether N Co. may elect a foreigner as a Director of each of its subsidiaries, which shall engage in power generation from renewable energy sources, a partially nationalized activity, and shall own land. In reply, Section 46 of the Revised Corporation Code provides no citizenship requirement for directors. However, this is subject to the allowable participation of foreigners in the Board of Directors and/or management of a nationalized corporation based on the proportionate share of its capital. Given that the N Co.’s paid-in capital will not be less than US$ 200,000, a foreigner may be elected as a Director and President of the holding company since the nationality restriction on domestic market enterprises does not apply. On the 2nd query, foreigners may be elected as directors in the subsidiary companies engaged in a partly nationalized activity, provided that the number of foreign directors shall not exceed the allowable proportion of foreign participation in the corporation’s capital (e.g., 40%). The basis for determining the representation of foreign stockholders in the Board of Directors of corporations engaged in partly nationalized activities would be the actual share of foreign stockholders in the capital of the corporation, which share should not exceed the foreign equity limitation. [SEC OFFICE OF THE GENERAL COUNSEL OPINION NO. 2022-09, JUNE 28, 2022] [STOCK CERTIFICATES OWNED BY A MINOR SHOULD BE ISSUED IN THE NAME OF THE FATHER OR IN HIS ABSENCE, IN THE NAME OF THE MOTHER, IN TRUST FOR THE MINOR] [A DIRECTOR MAY HOLD HIS STOCK AS TRUSTEE & YET BE LEGALLY QUALIFIED] [THE GRANDFATHER RULE APPLIES WHEN THERE IS DOUBT ON THE NATIONALITY OF AN INVESTEE] The subject Proposed Corporation, which will engage in a partially nationalized activity in the Philippines, is seeking a legal opinion on whether its contemplated ownership structure will be compliant with nationality laws. It is asking whether the Chinese father of Minor C can validly be appointed/designated as trustee for his daughter’s shares in the Proposed Corporation. In rendering an opinion, the SEC held that shares may be issued in trust for another person. The shares may be registered in the name of one person, but the beneficial owner may belong to another. However, under the proposed structure, the 50% shareholding of Minor C will be under the control of her Chinese father. Since foreign control over the Proposed Corporation will exceed 40%, it will not comply with the Constitution and nationality laws. As to the query whether the Chinese trustee can qualify as a nominee/representative of the Filipino minor incorporator in the Board of Directors, the SEC opined that the trustee’s Chinese father may qualify as a director subject to the allowable proportion under the Anti-Dummy Law. The Grandfather rule does not apply in this case. [SEC OFFICE OF THE GENERAL COUNSEL OPINION NO. 22-05, APRIL 13, 2022] | 6. TAX & BUSINESS-RELATED NEWS [AUGUST 9-10] | | CHEd overpaid P130M to 3 colleges: COA Marcoleta wants PCC, NTC to probe ABS-CBN, TV5 joint venture New GCash modus alert! Tips to avoid getting scammed Jetstar Asia Adds More Services To Bangkok And Manila Thailand hikes rate for first time since 2018 to tame hot inflation Binance optimistic on Philippines entry despite SEC pushback Three Philippine firms land on Forbes Asia’s ‘Best Under A Billion’ list DOE to scrutinize controversial Malampaya deal Jollibee Group to relaunch Yoshinoya in PH Federal Land, Nomura to build ‘smart’ Japanese townships No more 'more fun in the Philippines'? DOT wants new slogan for rebrand Australian miner, Filipino firm end court battle over $2-B Davao Oriental mining project BSP cap sought on digital transfer fees charged by banks Globe, Smart may face P100-M fine if found guilty of 'abuse': antitrust body Users in Philippines may still do Facebook live selling —Meta SpaceX launches 3000th Starlink satellite
| 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. | CHEd overpaid P130M to 3 colleges: COA [Yahoo Philippines, August 10, 2022] The discrepancies were discovered during COA's audit on CHEd’s implementation of Republic Act No. 10931, or the Universal Access to Quality Tertiary Education Act. COA compared the amount of tuition and other school fees paid by CHEd, with certified rates. Marcoleta wants PCC, NTC to probe ABS-CBN, TV5 joint venture [Philippine News Agency, August 10, 2022] SAGIP Party List Representative Rodante Marcoleta on Wednesday called on the Philippine Competition Commission (PCC) and the National Telecommunications Commission (NTC) to investigate the reported joint venture between media firms ABS-CBN Corp. and TV5. New GCash modus alert! Tips to avoid getting scammed [The Philippine Star, August 10, 2022] It seems that the targets for this new scam are usually store owners or anyone who offers cash-in services. Jetstar Asia Adds More Services To Bangkok And Manila [Simple Flying, August 10, 2022] With Asia's major carriers, such as Singapore Airlines, Korean Air and Vietnam Airlines, recovering quickly, low-cost carrier Jetstar Asia is also adding more capacity. Last week the airline announced it would increase services to Bangkok and Manilla from its Singapore base. Thailand hikes rate for first time since 2018 to tame hot inflation [Inquirer Mobile, August 10, 2022] The Bank of Thailand (BOT), which had been among Asia’s least hawkish central banks, finally joined most of its peers in raising rates as consumer inflation hovers near 14-year highs, though it stressed further hikes will be gradual. Binance optimistic on Philippines entry despite SEC pushback [Cointelegraph, August 10, 2022] Binance’s head of Asia-Pacific Leon Foong said that they are not distracted by the efforts of so-called lobbying bodies to ban Binance. Three Philippine firms land on Forbes Asia’s ‘Best Under A Billion’ list [GMA News Online, August 10, 2022] The latest list features companies such as semiconductors, software and services, pharmaceuticals, healthcare, and manufacturing, among others. DOE to scrutinize controversial Malampaya deal [Inquirer Mobile, August 10, 2022] State firm PNOC Exploration Corp. (PNOC-EC) is reviewing the transfer of Malampaya shares from global oil giant Shell to the Udenna group led by Davao City-based businessman Dennis Uy amid lingering questions about the validity of the transaction and the rapidly eroding commercial quantity of natural gas output. Jollibee Group to relaunch Yoshinoya in PH [ABS-CBN News, August 10, 2022] The world-famous bestseller gyudon or beef bowl with thin strips of tender beef slowly simmered in its signature gyudon sauce, will banner the "beefed up" menu, JFC said. Federal Land, Nomura to build ‘smart’ Japanese townships [Inquirer Mobile, August 10, 2022] The two real estate powerhouses teamed up to form Federal Land NRE Global Inc. (FNG), the vehicle that would develop a series of townships across the country, including a 100-hectare Japanese “smart city” in Cavite and a mixed-use project along Manila Bay. No more 'more fun in the Philippines'? DOT wants new slogan for rebrand [The Philippine Star, August 10, 2022] Tourism Secretary Christina Frasco bared this on Wednesday and said that the Department of Tourism is eyeing to replace the decade-old slogan with a new one that is anchored on making the Filipino brand “distinct.” Australian miner, Filipino firm end court battle over $2-B Davao Oriental mining project [Rappler, August 10, 2022] Australia’s BHP Group Limited, one of the world’s biggest mining companies, and its counterpart in Davao Oriental, Asiaticus Management Corporation (AMCOR), ended their protracted legal battle in the Philippines and abroad with a multimillion-dollar settlement. BSP cap sought on digital transfer fees charged by banks [Philippine Daily Inquirer, August 10, 2022] Calling prevailing high bank transfer fees a form of “avarice,” or extreme greed for wealth or material gain, the House ways and means committee chair on Tuesday cited data from the BSP showing that interbank transfer fees using PesoNet reached as high as P2,100 per transaction, with P550 being the highest charged by a purely local bank, while InstaPay fees amounted to as much as P35 per transaction. Globe, Smart may face P100-M fine if found guilty of 'abuse': antitrust body [ABS-CBN News, August 10, 2022] DITO filed complaints against Globe and Smart for alleged abuse of dominant position, accusing the more established telcos of making it difficult for DITO subscribers to connect to Globe and Smart networks. Users in Philippines may still do Facebook live selling —Meta [GMA News Online, August 9, 2022] Meta, the operator of Facebook, made the clarification after it announced that it will remove the live shopping feature on Facebook starting on October 1. SpaceX launches 3000th Starlink satellite [Teslarati, August 9, 2022] SpaceX has successfully launched its 3000th Starlink satellite as part of Falcon 9’s 54th dedicated mission for the low Earth orbit (LEO) internet constellation. | DOWNLOAD OUR PAST EDITIONS & FULL TEXT OF REFERENCES https://weeklytaxupdates.getresponsesite.com/ | |
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