PH urged to 'reimagine' policies, tax breaks for BPOs Leyte LGU hails Senate action to stop e-sabong SPNEC okays Solar Philippines share swap deal Nat’l ID now enough to access financial services Unfazed by pandemic, 3M expands services hub in PH Jollibee seen close to beating prepandemic earnings this year Largest rescue ship delivered to PCG Employers’ group pledges to create 1 million jobs for 2022 US Supreme Court to hear high-stakes environmental case Musk activates Starlink internet service in Ukraine Google blocks RT, other Russian channels from earning ad dollars
| 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. | PH urged to 'reimagine' policies, tax breaks for BPOs [Inquirer Mobile, February 28, 2022] Business process outsourcing (BPO) firms abroad, including those in India, will likely continue to have many of their employees working from home even after the pandemic, a future that will require the Philippines to reimagine its policies and tax breaks or else get left behind, a global research firm said. Leyte LGU hails Senate action to stop e-sabong [The Manila Times, February 28, 2022] MATAG-OB, Leyte: Mayor Michael Torrevillas of this town has hailed the leadership of the Senate to stop the operation of e-sabong after the chamber's investigation of the disappearance of 32 sabungeros (cockfighting aficionados) in Metro Manila. SPNEC okays Solar Philippines share swap deal [Inquirer Mobile, February 28, 2022] Solar Philippines Nueva Ecija Corp. (SPNEC) has approved an asset-for-share swap involving the acquisition of 20 solar projects from its parent firm, Solar Philippines Power Project Holdings Inc., in exchange for 24.37 billion shares of SPNEC at an issue price of P2.50 per share. Nat’l ID now enough to access financial services [Inquirer Mobile, February 28, 2022] More Filipinos are expected to gain access to vital financial services following President Duterte’s order for government and private entities to accept the national identification or PhilID as enough proof of identity, thus enabling clients to make transactions, according to the Bangko Sentral ng Pilipinas (BSP). Unfazed by pandemic, 3M expands services hub in PH [Inquirer Mobile, February 28, 2022] Despite the prolonged COVID-19 pandemic, American industrial giant 3M has expanded its global shared services hub in the Philippines and is targeting to further expand its operations here by 30 to 35 percent this year. Jollibee seen close to beating prepandemic earnings this year [Inquirer Mobile, February 28, 2022] Homegrown fast-food giant Jollibee Foods Corp. (JFC) is likely to deliver close to prepandemic earnings this year as the reopening of the economy will fuel a stronger recovery, a research from stock brokerage First Metro Securities Brokerage Corp. said. Largest rescue ship delivered to PCG [The Manila Times, February 27, 2022] The MRRV-9701 — modeled after the Japan Coast Guard Kunigami-class vessels — is the first of two 97-meter vessel projects financed by the Japanese government under Phase 2 of the Maritime Safety Capability Improvement Project (MSCIP) between the Philippine government through the DoTr and Japan in October 2016. Employers’ group pledges to create 1 million jobs for 2022 [The Philippine Star, February 27, 2022] The Employers Confederation of the Philippines (ECOP) has committed to work on the creation of one million jobs this year in line with the government’s National Economic Recovery Strategy or NERS. US Supreme Court to hear high-stakes environmental case [ABS-CBN News, February 27, 2022] The high-stakes case concerns the authority of the Environmental Protection Agency (EPA) to regulate greenhouse gas emissions from coal-fired power plants, which produce nearly 20 percent of the electricity in the United States. Musk activates Starlink internet service in Ukraine [The Manila Times, February 27, 2022] Elon Musk said Saturday his company SpaceX's Starlink satellite broadband service had been activated in Ukraine, after a Kyiv official urged the tech titan to provide his embattled country with stations. Google blocks RT, other Russian channels from earning ad dollars [ABS-CBN News, February 27, 2022] Citing "extraordinary circumstances," Google's YouTube unit said it was "pausing a number of channels’ ability to monetize on YouTube." These included several Russian channels affiliated with recent sanctions, such as those by the European Union. | 2. BIR CLARIFIES TAX COMPLIANCE OBLIGATIONS IN LINE WITH THE UPCOMING NATIONAL & LOCAL ELECTIONS | Revenue Memorandum Circular No. 22-2022, issued on February 21, 2022, reminds everyone, particularly those who are running as candidates or participating in any other manner in the May 9, 2022 National and Local Elections, of their obligations. a. All candidates, political parties (PPs)/party list groups (PLGs) and campaign contributors are required to register with the BIR, issue official receipts and withhold taxes. b. It shall be the duty of every candidate and PPs/PLGs upon the filing of the certificate of candidacy to update their registration with the BIR. c. The registration shall be made with the Revenue District Office (RDO) having jurisdiction over the political subdivision where the candidate is seeking election, or at the RDO having jurisdiction over their principal residence or registered head/principal office address. d. Individual candidates shall be registered as “Professional – In General” and tagged as “Politician” under the special code in the BIR registration system. e. PPs/PLGs shall be tagged as “Political Party” under the special code in the BIR registration system. f. Individual campaign contributors shall be registered under Executive Order No. 98 as taxpayer type with the RDO having jurisdiction over his place of residence. Non-individual campaign contributors shall be registered with the RDO having jurisdiction over its principal place of business/head office. g. All candidates and PPs/PLGs shall pay Php 500 Annual Registration Fee and be issued a Certificate of Registration (COR). COR is no longer required to be issued for individual candidates who are not engaged in business. h. All candidates and PPs/PLGs shall keep books and other accounting records and shall also register Non-VAT Official Receipts to be issued for every contribution received. i. Individual candidates may opt to use a simplified set of bookkeeping records. j. To be considered as exempt from the income tax, campaign contributions must have been utilized to cover candidate’s expenditures for his/her campaign during the campaign period. k. Unutilized funds, as well as donations utilized before the campaign period, shall be considered subject to income tax. l. Contributions to any candidates, PPs/PLGs, duly reported to Commission on Elections (COMELEC), are exempt from Donor’s tax. m. Donations made by corporation in violation of the Revised Corporation Code are subject to donor’s tax and may not be deducted as political contribution. n. Income payments made by political candidates and PPs/PLGs on their purchases of goods and services as campaign expenditures, and income payments made by individuals or juridical persons for their purchases of goods and services intended to be given as campaign contribution to political parties and candidates shall be subject to 5% creditable withholding tax (CWT). o. Expenses that were not subjected to the 5% CWT are not considered utilized campaign funds. p. Accounting records and all pertinent documents shall be preserved. q. Every candidate and Treasurer of the PPs/PLGs shall submit Statement of Contributions and expenditures to COMELEC and RDO where they are registered within 30 days after the election. r. Failure to register and comply with the requirements of the BR will be subject to penalties. | 3. BIR CLARIFIES THE CLAIM OF INPUT VAT ON PURCHASES OR IMPORTATION OF CAPITAL GOODS UNDER TRAIN LAW | Revenue Memorandum Circular (RMC) No. 21-2022, issued on February 21, 2022, prescribes new workaround procedures and guidelines in relation to the claiming of input VAT on purchases or importations of capital goods provided in Section 110 of the 1997 Tax Code, as amended by Republic Act No. 10963 (“Tax Reform for Acceleration or Inclusion” or the “TRAIN Law”). Highlights include the following: a. Effective January 1, 2022, all input tax on purchases of capital goods shall already be allowed upon purchase/payment, and shall no longer be deferred; b. Taxpayers with unutilized input VAT on capital goods purchased or imported prior said date shall be allowed to amortize such until fully utilized; c. If depreciable capital good is sold/transferred prior to the exhaustion of the amortizable input tax, the entire unamortized portion can be claimed as input tax credit during the month/quarter when the sale or transfer was made; d. In relation to No. 1, in filling up BIR Form 2550M/Q, Schedule 3(A), instead of the actual useful life in terms of months, place number “1” under columns “E” and “F” and encode the input tax claimed from purchase/s of capital goods exceeding Php 1M in Column “G”. | 4. TAX & BUSINESS-RELATED NEWS [FEBRUARY 25-26] | | VP bets weigh in on how to remove corruption in BIR BPI: Loans rising, delinquencies hitting plateau this year Facebook bans Russia state media from running ads, monetizing MVP-led PXP Energy trims 2021 net loss Court stops Blue Ribbon order PayMaya affiliate digital bank on track for Q1 launch LTFRB studying fare-hike proposals amid oil price surge, Ukraine-Russia conflict DA to build ‘biosecure farms’ to revive ASF-hit hog industry Converge, SweldoMo to provide digital workspaces Gov’t eyes perks for rental housing SEC issues cease and desist order vs ‘NWorld’ over investment schemes Bracing for impact: Fuel tax suspension pushed Dominguez tells US biz men: PH media, telco open to foreigners soon Thales consortium wins P57.5-B contract for Metro Manila Subway Banks’ pandemic relief measures to stay in ’22 Trim budget ‘fat,’ Neda tells next president GSIS to hire 10 more local fund managers to handle P10-B investment
| 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. | VP bets weigh in on how to remove corruption in BIR [Inquirer.Net, February 26, 2022] Speaking at the vice presidential debate hosted by CNN Philippines, the vice presidential hopefuls presented measures such as digitalization and judicial process reforms as possible solutions. BPI: Loans rising, delinquencies hitting plateau this year [Inquirer Mobile, February 26, 2022] Ayala-led Bank of the Philippine Islands (BPI) expects its loan book to grow and loan delinquencies to plateau this year with the reopening of the domestic economy and the increased COVID-19 vaccination of residents. Facebook bans Russia state media from running ads, monetizing [ABS-CBN News, February 26, 2022] Facebook on Friday restricted Russian state media's ability to earn money on the social media platform as Moscow's invasion of neighboring Ukraine reached the streets of Kyiv. MVP-led PXP Energy trims 2021 net loss [Inquirer Mobile, February 26, 2022] The Manuel Pangilinan-led upstream petroleum firm said in a statement that this was due to a P1.66-billion full write-down of the carrying value of oil and gas assets related to Peru block Z-38. Court stops Blue Ribbon order [The Manila Times, February 26, 2022] A PASAY City court has stopped the Senate blue ribbon committee (BRC) from implementing its order for the arrest of Rose Nono Lin after citing her in contempt for failure to attend two committee hearings. PayMaya affiliate digital bank on track for Q1 launch [Inquirer Mobile, February 26, 2022] Backed by PLDT Inc. and other foreign investors, PayMaya will also work with PLDT and subsidiary Smart’s telco customers to promote a “seamless digital banking experience.” LTFRB studying fare-hike proposals amid oil price surge, Ukraine-Russia conflict [ABS-CBN News, February 26, 2022] the rise for 8 successive weeks, are expected to further go up as Russia faces economic sanctions, Political Science and International Relations Professor Anna Malindog-Uy earlier said. SEC issues cease and desist order vs ‘NWorld’ over investment schemes [Inquirer.Net, February 26, 2022] In a motion issued by the Commission En Banc on Wednesday, Alphanetworld Corp., which operates under the name NWorld, was ordered to immediately cease “from further engaging in the sale of unregistered securities, and to remove or take down their online posts and offerings.” DA to build ‘biosecure farms’ to revive ASF-hit hog industry [Inquirer Mobile, February 26, 2022] The Department of Agriculture (DA) is providing farmers’ cooperatives and associations (FCAs) P5.5 million each to build biosecure facilities that will help manage or contain the spread of deadly diseases affecting the hog industry. Converge, SweldoMo to provide digital workspaces [Manila Bulletin, February 26, 2022] The partnership seeks to provide human resources (HR) management in the Cloud service. The digital workplace is accessible through any device, anytime, anywhere, with an automated payroll and HR management system for timekeeping and payroll processes. Gov’t eyes perks for rental housing [Inquirer Mobile, February 25, 2022] Angelito Aguila, officer in charge director of the real estate development and regulation bureau of the Department of Human Settlements and Urban Developments (DHSUD), cited ongoing talks with the Board of Investments (BOI) to include rental housing in the Strategic Investment Priorities Plan, entitling developers to incentives. Bracing for impact: Fuel tax suspension pushed [Philippine Daily Inquirer, February 25, 2022] Lawmakers have urged President Duterte to call a special session of Congress to pass the bill suspending the excise on oil to ease the impact of high prices on motorists and consumers. Dominguez tells US biz men: PH media, telco open to foreigners soon [Inquirer Mobile, February 25, 2022] Speaking at an online economic briefing hosted by the Philippine Embassy in Washington, DC on Thursday (Feb. 24), Dominguez said the amendments pushed by the economic team in the antiquated public service, foreign investments and retail trade laws were “forward-looking measures [that] widen the horizon for investments” in the Philippines. Thales consortium wins P57.5-B contract for Metro Manila Subway [Manila Bulletin, February 25, 2022] Mitsubishi Corporation awarded the over €1 billion, approximately over P57.5 billion, contract to design and build the turnkey rail system for the Metro Manila Subway to Thales, in a consortium with Colas Rail (lead) and Egis. Banks’ pandemic relief measures to stay in ’22 [Inquirer Mobile, February 25, 2022] These relaxed measures, which were supposed to have expired last Dec. 31, include the temporary increase in the Single Borrower’s Limit (SBL) and the separate SBL for project finance exposures to 30 percent from 25 percent; and nonimposition of sanctions for breach in SBL by covered foreign bank branches, subject to conditions. Trim budget ‘fat,’ Neda tells next president [Inquirer Mobile, February 25, 2022] “The only way to make this [fiscal consolidation] sustainable is by growing the economy faster and investing in the future. The fiscal deficit should be lowered to cover only infrastructure investments and not operational expenses,” Dominguez told members of the Financial Executives Institute of the Philippines. Food, beverage manufacturers cheer sugar import plan [Inquirer Mobile, February 25, 2022] In a statement issued on Thursday, the Philippine Chamber of Food Manufacturers, Inc. (PCFMI) cited the “urgent need” for importation to cover the lack of refined sugar that conforms with the quality requirements of food manufacturers. GSIS to hire 10 more local fund managers to handle P10-B investment [Inquirer Mobile, February 25, 2022] Since the GSIS enjoys tax-exemption, it said equity managers “must strive to assert such tax-exempt status in all its dealings and investments on behalf of the GSIS to avoid unnecessary costs to the fund, except on the VAT (value-added tax) that must be reflected and form part of the proposed bid,” referring to the 12-percent VAT. | 5. CTA CASES DIGEST ON PLACE OF PERFORMANCE OF SERVICES TO QUALIFY FOR INPUT VAT REFUND ON ZERO-RATED & RIGHT OF WITHHOLDING AGENT TO FILE REFUND | DETERMINATION OF SITUS OF PERFORMANCE OF SERVICES IS ESSENTIAL IN THE CLAIM FOR INPUT VAT REFUND Petitioner Asurion Hong Kong Limited-ROHQ filed a Petition for Review seeking refund of alleged unutilized input VAT arising from zero-rated sales covering the 1st and 2nd quarters for calendar year (CY) 2016. Several issues were raised but the main issue devolved on the place of performance of services to be qualified for zero-rating. In ruling, the Court cited Sections 108 and 112 of the 1997 Tax Code which enumerate the requisites before a refund or issuance of Tax Credit Certificate prosper. Specifically, Section 108 (B)(2) of the 1997 Tax Code provides the essential elements that must be present for a sale or supply of services to be subject to the VAT rate of zero percent (0%). Perusal of records revealed that the Petitioner failed to establish that the subject services were performed in the Philippines. Consequently, the Petition was DENIED for lack of merit. [ASURION HONG KONG LIMITED-ROHQ VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9852, FEBRUARY 9, 2022] REQUISITES FOR VALID INPUT VAT REFUND ON UNUTILIZED INPUT TAX ATTRIBUTABLE TO ZERO-RATED SALES Petitioner Maersk Global Services Centres (Philippines), Ltd. filed a Petition for Review seeking refund of the alleged unutilized input value-added tax (VAT) on its zero-rated sales in the amount of Php 37,943,875.63 for calendar year 2017. Petitioner claimed that it has complied with the necessary requirements to qualify for the input VAT refund. On the other hand, Respondent Commissioner of Internal Revenue (CIR) claimed otherwise asserting that the Petitioner failed to prove that the recipient of service is doing business outside the Philippines. Likewise, the option to carry-over bars the claimant from seeking refund. In ruling, perusal of the documents showed that the input taxes subject of the claim was carried over to the succeeding 1st quarter taxable year 2018 in the amount Php 37,943,875.08. 63. At the same time, the said amount was also deducted as "VAT Refund/TCC Claimed” on quarterly VAT return for 1st quarter of 2018, which would prevent the carry-over or application of the claimed input VAT in the succeeding taxable periods. Nonetheless, Petitioner has proven that its valid excess input taxes amounting to Php 35,236,379.03 is more than enough to cover its output VAT liability of Php 114,696.430. Hence, the excess input taxes in the amount of Php 35,236,379.03 remained unutilized. Thus, the Petition was PARTIALLY GRANTED resulting in reduced amount of input VAT qualified for refund or issuance of tax credit certificate in the amount of Php 35,236,379.03 [MAERSK GLOBAL SERVICES CENTRES (PHILIPPINES) LTD. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 10022, JANUARY 26, 2022] [EVIDENCE INTRODUCED WITHOUT OBJECTION BECOMES PART OF THE RECORD OF THE CASE AND ALL THE PARTIES ARE AMENABLE TO ANY FAVORABLE OR UNFAVORABLE EFFECTS RESULTING FROM IT] [IT IS A FUNDAMENTAL PRINCIPLE OF CORPORATION LAW THAT "A CORPORATION IS AN ENTITY SEPARATE & DISTINCT FROM ITS STOCKHOLDERS & FROM OTHER CORPORATIONS TO WHICH IT MAY BE CONNECTED] Petitioner Commissioner of Internal Revenue filed a Petition for Review seeking reversal of the earlier decision and resolution of the Court of Tax Appeals partially granting Petitioner's claim for refund or issuance of a Tax Credit Certificate (TCC) representing unutilized excess input value-added tax (VAT) attributable to its zero-rated sales for the second quarter of calendar year 2014. Petitioner asserts that Respondent failed to satisfy the requisite that it is engaged in zero-rated or effectively zero-rated sales since it is just an instrumentality of Vista Wind Systems, thus, failed to prove that it is a non-resident foreign corporation doing business outside the Philippines. Likewise, Respondent's failure to submit complete documents at the time of filing of its administrative claim as well as evidence such as the certificate of creditable withholding tax, which does not constitute conclusive evidence of payment and remittance to the BIR, are sufficient reasons to deny refund claims. Further, exhibits of Respondent should not be given any probative value for being hearsay evidence. In ruling, Petitioner is mistaken for two (2) reasons. First, evidence presented that Vista Wind Systems is a non-resident foreign corporation doing business outside the Philippines is sufficient to establish that it is a non-resident foreign corporation doing business outside the Philippines. The Respondent and Vista Wind Systems are two distinct corporate entities separately registered in two countries, Denmark, and the Philippines. Section 3(d) of Republic Act No. 7042 otherwise known as “Foreign Investments Act” as amended by R.A. No. 8179, specifies that being a shareholder in a domestic corporation does not equate to “doing business” in the Philippines. On the issue on substantiation of claim, nothing in Sec 112(A) of the 1997 Tax Code requires a taxpayer-claimant to prove the actual remittance of taxes withheld to grant a refund of unutilized input VAT. Lastly, the second Division did not err in admitting the testimony of the witness which was not objected by the parties. Thus, the Petition was DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. VESTAS SERVICES PHILIPPINES, INC., CTA EB CASE NO. 2255, JANUARY 25, 2022] CLAIMANT MUST SUBSTANTIATE ALL THE NECESSARY REQUIREMENTS TO QUALIFY FOR TAX REFUND OR CREDIT Petitioner Rema Tip Top Philippines, Inc., filed a Petition for Review seeking refund of the alleged unutilized input VAT arising from its zero-rated sales covering the 4th quarter of taxable year (TY) 2015. Petitioner asserts that it is entitled for refund for meeting all the requisites pursuant to Sections 106, 108, and 112 (A)(C) of the Tax Code. In ruling, the Court held that the qualification for zero-rated sales must be established before the claimant will be entitled to refund. Perusal of records disclosed the following: (a) failure to prove the existence of Non Resident Foreign Corporation status of foreign clients; (b) services rendered fall under any of the categories under Section 108(B)(2); (c) services provided to clients are not in the same category as "processing, manufacturing or repacking goods"; (d) lack of verification whether the purported foreign currency remittances actually pertain to the alleged zero-rated sales of services; (e) defects on invoicing; and (f) failure to proportionally allocate sales to 12% VAT on the remaining valid input VAT. Consequently, failure to substantiate that the Petitioner has sufficient input taxes to offset output taxes due for the period covered merits the DENIAL of its claim for refund. [REMA TIP TOP PHILIPPINES, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9794, JANUARY 24, 2022] [WITHHOLDING AGENT HAS A LEGAL RIGHT TO FILE A CLAIM FOR REFUND PROVIDED IT HAS THE OBLIGATION TO REMIT THE SAME TO THE PRINCIPAL TAXPAYER] [WITHHOLDING AGENT MAY FILE A CLAIM FOR REFUND ON BEHALF OF ITS FOREIGN PARENT COMPANY] [WITHHOLDING AGENT NEED NOT BE RELATED PARTIES IN ORDER TO GAIN LEGAL PERSONALITY FOR FILING A CLAIM FOR REFUND] Petitioner Commissioner of Internal Revenue (CIR) filed a Petition for Review seeking to reverse and set aside the earlier decision of the CTA First Division on the issuance of Tax Credit Certificate (TCC) on alleged erroneously paid taxes arising from income payments made to a non-resident foreign corporation. Petitioner argued that Respondent Toledo Power Company is a mere withholding agent without any personality to claim for refund as the right belongs to the person to whom the tax is imposed by the statute. In addition, to be entitled to a refund or TCC the income payment should have been declared as part of the gross income. Further, the income payment received was not declared as part of its gross income because Respondent and Yashima are unrelated entities. On the other hand, Respondent countered that while it is indeed the taxpayer who has the legal personality to file a claim for refund, the withholding agent may also file a claim for refund in lieu of the taxpayer, pursuant to the ruling of the Supreme Court in Commissioner of Internal Revenue v. Smart Communication, lnc. In ruling, the Court held that a withholding agent has a legal right to file a claim for refund in case the taxpayer does not file a claim for refund. Further, a withholding agent is considered a proper party to file a claim for refund of the withheld taxes of its foreign parent company, and that the taxpayer need not be related parties in order for the withholding agent to have a right to file a claim for refund on behalf of the taxpayer. Thus, the Petition was DENIED for lack of merit. [COMMISSIONER OF INTERNAL REVENUE VS. TOLEDO POWER COMPANY, CTA EB CASE NO. 2359, JANUARY 5, 2022] | 6. TAX & BUSINESS-RELATED NEWS [FEBRUARY 21-24] | | Pag-IBIG to defer hike in contribution as fund posts strong performance BIR shutters 18 POGOs in Cagayan Panagbenga opens in Baguio on March 6 Robinsons Land to build 216-ha Pampanga ‘destination estate’ Govt plans P250-B borrowings in March Globe helps confiscate illegal repeaters in Lanao Nat’l Press Club protests Comelec’s partnership with Rappler AMLC freezes assets of 16 NDF members Senate panel approves resolution to suspend e-sabong licenses amid disappearances Gov’t seizes P650M worth of illegal food items as of Feb Taiwan to reopen to business travelers in March 25-year old ethical hacker poised to be the youngest CEO of a cybersecurity company in the Philippines PHL climbs six notches on download speed ranking UN slams 'aggressive' formula milk marketing Next admin to inherit ‘hard-won’ reforms—Dominguez China to delay retirement ages ‘gradually’ by 2025 Davao City to sue erring bar owner Ayala creates center of excellence in sports As sanctions start, Russia’s trade flow shifting towards China PLDT says building 100 MW data center in Laguna Debt, pension burdens await next PH prexy Philippine banks near pre-pandemic profitablity levels, says S&P Robinsons Retail eyes Ministop PH rebranding after partner buyout Dominguez: Next admin may have to ‘review’ DBP’s standalone viability Gas exporters working for 'reliable' supplies as Ukraine crisis worsens ACEN switches on 40-MW solar power storage units Court affirms conviction of ex-tourism chief Ace Durano RL Commercial REIT books P1.68-billion net income CREIT, Philippines' first energy-focused REIT, rallies in frenzied trading debut Palace welcomes study saying PH will become trillion-dollar economy by 2033 BIR reminds poll candidates of tax regulations or face penalties DILG defends crackdown on sari-sari stores selling meds PH No. 4 target of cybercriminals C. Luzon town regulates fishing to preserve resources
| 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. | Pag-IBIG to defer hike in contribution as fund posts strong performance [ABS-CBN News, February 24, 2022] The hike was originally planned for last year but was moved to 2022 because of the pandemic. But as the pandemic persists and because of the good fiscal standing of the mutual fund, Pag-IBIG Chairman Sec. Eduardo del Rosario said they will again postpone the hike. BIR shutters 18 POGOs in Cagayan [Inquirer Mobile, February 24, 2022] The taxman has temporarily shuttered 18 Philippine offshore gaming operators (Pogos) and their service providers located in a Cagayan ecozone for lack of registration with the Bureau of Internal Revenue (BIR). Panagbenga opens in Baguio on March 6 [The Manila Times, February 24, 2022] BAGUIO CITY: The local government and the Baguio Flower Festival Foundation Inc. agreed to hold a special edition of Panagbenga this year to help in the gradual and safe revival of the heavily impacted local economy. Robinsons Land to build 216-ha Pampanga ‘destination estate’ [Inquirer Mobile, February 24, 2022] Gokongwei-led Robinsons Land Corp. (RLC) is embarking on its biggest property project ever in terms of geographical footprint: a 216-hectare estate project near Clark Freeport in Pampanga that will offer a mix of real estate offerings, including commercial and residential properties. Govt plans P250-B borrowings in March [The Manila Times, February 24, 2022] THE government plans to borrow P250 billion from local sources next month, according to the Bureau of the Treasury (BTr) figures released on Wednesday. Globe helps confiscate illegal repeaters in Lanao [Inquirer Mobile, February 24, 2022] Globe Telecom launched a fresh crackdown on network-disruptive signal boosters while urging the National Telecommunications Commission (NTC) to strengthen regulations against the use of illegal gear. Nat’l Press Club protests Comelec’s partnership with Rappler [Manila Bulletin, February 24, 2022] The National Press Club (NPC) has protested the partnership forged by the Commission on Elections (Comelec) and news website Rappler, saying it is “unacceptable to most Filipinos.” AMLC freezes assets of 16 NDF members [Inquirer Mobile, February 24, 2022] The Anti-Money Laundering Council (AMLC) has ordered the freezing of assets that belong to 16 member-organizations of the National Democratic Front (NDF), and advised government agencies and private entities as well as the public to not deal with the “terrorist” groups. Senate panel approves resolution to suspend e-sabong licenses amid disappearances [ABS-CBN News, February 24, 2022] The Senate Committee on Public Order and Dangerous Drugs approved a resolution on Thursday to suspend the operations of online cockfighting operators amid a series of disappearances linked to "e-sabong". Gov’t seizes P650M worth of illegal food items as of Feb [Inquirer Mobile, February 24, 2022] In a report, Agriculture Assistant Secretary Federico Laciste Jr. said imported farm and fishery products amounting to P548.56 million were confiscated from April to November 2021 while smuggled food items worth P109 million were captured from January to February this year. Taiwan to reopen to business travelers in March [ABS-CBN News, February 24, 2022] Taiwan announced plans on Thursday to reopen to business travelers and shorten quarantine for all arrivals, slightly loosening restrictions in one of the few places alongside China still pursuing a zero-Covid strategy. 25-year old ethical hacker poised to be the youngest CEO of a cybersecurity company in the Philippines [Manila Bulletin, February 24, 2022] Secuna, the Philippines’ largest cybersecurity testing platform, appointed its co-founder AJ Dumanhug to lead the company as Chief Executive Officer (CEO). PHL climbs six notches on download speed ranking [BusinessWorld, February 24, 2022] Out of 100 global markets, the Philippines ranked 67th at the end of the fourth quarter last year in terms of 5G’s impact on the mobile network experience, better than the 73rd ranking in the first quarter of 2019. UN slams 'aggressive' formula milk marketing [ABS-CBN News, February 23, 2022] GENEVA, Switzerland - The United Nations slammed baby formula makers Wednesday for "unethical" marketing strategies, accusing them of aggressively targeting expecting parents and health workers and putting shareholder interests before children's health. Next admin to inherit ‘hard-won’ reforms—Dominguez [Manila Bulletin, February 23, 2022] These reforms include the comprehensive tax reform program (CTRP), the flagship “Build, Build, Build” infrastructure modernization, “sin” tax reform, rice tariffication, a national ID system and the Ease of Doing Business (EODB) Law, to name a few, Dominguez said. China to delay retirement ages ‘gradually’ by 2025 [ABS-CBN News, February 23, 2022] Demographic and labour experts have long argued that the current mandatory retirement ages in China - 60 for men, 55 for female office workers and 50 for female blue-collar workers - must be reconsidered, especially since they were first stipulated about 70 years ago. Davao City to sue erring bar owner [The Manila Times, February 23, 2022] DAVAO CITY: Dr. Michelle Schlosser, spokesman of the Davao City Covid-19 Task Force, confirmed on Tuesday, February 22, the filing of cases against a local bar owner for operating illegally and not complying with Covid-19 protocols. Ayala creates center of excellence in sports [ABS-CBN News, February 23, 2022] The Center's initial program will include the redevelopment of the Ayala Vermosa Sports Hub in Imus, Cavite, into a world-class training center for national athletes in partnership with Ayala Land. As sanctions start, Russia’s trade flow shifting towards China [Inquirer Mobile, February 23, 2022] WASHINGTON — The United States is poised to unleash a wider array of sanctions against Russia if Moscow escalates the conflict in Ukraine, denying key Russian financial institutions and companies access to U.S. dollar transactions and global markets for trade, energy exports, and financing. PLDT says building 100 MW data center in Laguna [ABS-CBN News, February 23, 2022] PLDT Inc is building a 100-MW data center located in a 5-hectare property in Sta. Rosa, Laguna. The facility will be among the biggest in the space, it said. Debt, pension burdens await next PH prexy [Inquirer Mobile, February 23, 2022] It will be up to the next president to come up with new or higher taxes, based on the fiscal consolidation plan to be pitched by the Duterte administration, to repay the ballooning debt and narrow the record budget deficit wrought by the prolonged COVID-19 pandemic, Finance Secretary Carlos Dominguez III said. Philippine banks near pre-pandemic profitablity levels, says S&P [PhilStar, February 23, 2022] After close to two years of swimming in turmoil, Philippine banks find themselves close to pre-pandemic levels of profitability as credit risks ease, according to S&P Global Ratings. Robinsons Retail eyes Ministop PH rebranding after partner buyout [ABS-CBN News, February 23, 2022] “RRHI will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan, until they are repurposed and appropriately rebranded in consideration of strong ready-to-eat offerings such as Uncle John’s Fried Chicken and Kariman,” it said in a disclosure to the stock exchange. Dominguez: Next admin may have to ‘review’ DBP’s standalone viability [Inquirer Mobile, February 23, 2022] In the Duterte administration’s first year in office, the Governance Commission for Government Owned and Controlled Corporations, which is composed of the President’s appointees including Dominguez as an ex-officio member, canceled the Aquino administration’s Executive Order No. 198, which would have merged Landbank and DBP. The planned merger in 2016 would have established the country’s second-biggest bank in terms of assets, thus challenging local tycoons’ dominance in the banking sector. Gas exporters working for 'reliable' supplies as Ukraine crisis worsens [ABS-CBN News, February 22, 2022] DOHA - Qatar's emir said major gas exporting nations were working to ensure "credible and reliable" supplies as he hosted a forum overshadowed by the worsening crisis in Ukraine on Tuesday. ACEN switches on 40-MW solar power storage units [BusinessWorld, February 22, 2022] AYALA-LED AC Energy Corp. (ACEN) on Monday said it had energized two units of 20-megawatt (MW) battery energy storage system (BESS) in Alaminos, Laguna. Court affirms conviction of ex-tourism chief Ace Durano [Philippine Daily Inquirer, February 22, 2022] The Sandiganbayan has affirmed its conviction of former Tourism Secretary Ace Durano and five others in a graft case that involved the department’s 2009 wall calendar project worth P2.7 million that allegedly failed to undergo public bidding. RL Commercial REIT books P1.68-billion net income [BusinessWorld, February 22, 2022] RL Commercial REIT, Inc. (RCR) said it booked a P1.68-billion net income in 2021, surpassing expectations thanks to the company’s stable “revenue stream and operational efficiency.” CREIT, Philippines' first energy-focused REIT, rallies in frenzied trading debut [Philippine Star, February 22, 2022] Citicore Energy REIT Corp. (CREIT), a new class of real estate investment trust (REIT) company in the Philippines, sizzled during its much-awaited stock market debut Tuesday — even outperforming the main index as the offer proved very attractive to investors. Palace welcomes study saying PH will become trillion-dollar economy by 2033 [ABS-CBN News, February 22, 2022] According to the IHS Markit report released last month, the Philippines is seen to enjoy "rapid growth in 2022" thanks to private consumption and government infrastructure investments. BIR reminds poll candidates of tax regulations or face penalties [The Manila Times, February 22, 2022] All candidates, political parties/party list groups, and campaign contributions must register with the tax agency, issue official receipts, and withhold taxes, according to Revenue Memorandum 22-2022 signed by BIR Commissioner Caesar Dulay. DILG defends crackdown on sari-sari stores selling meds [ABS-CBN News, February 22, 2022] Under the Philippine Pharmacy Act, a special license must be obtained from the Food and Drug Administration (FDA) before an establishment can sell medical products, said Undersecretary Jonathan Malaya, spokesperson for the DILG. PH No. 4 target of cybercriminals [The Manila Times, February 22, 2022] THE Philippines is one of the countries most targeted by web threats, a report released by Kaspersky Security Network (KSN) said. C. Luzon town regulates fishing to preserve resources [Philippine News Agency, February 21, 2022] On Monday, BFAR said the municipality of Casiguran in Aurora enacted Ordinance No. 044 s. 2020, otherwise known as An Ordinance Regulating the Municipal Fishing within the Territorial Waters of Casiguran, Aurora, to address shortage in supply and to sustain the livelihood of fisherfolk. | 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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