TAX & BUSINESS-RELATED NEWS [JUNE 10-12] BIR CLARIFIES THE TAX TREATMENTS & OBLIGATIONS OF THE DIFFERENT CLASSIFICATIONS OF EDUCATIONAL INSTITUTIONS BIR ISSUES IRR ON TAX TREATMENT OF IMPORTATION OF PETROLEUM PRODUCTS IN FREEPORT & ECOZONE SUPREME COURT CASES DIGEST COURT OF TAX APPEALS CASES DIGEST TAX & BUSINESS-RELATED NEWS [JUNE 6-9]
| 1. TAX & BUSINESS-RELATED NEWS [JUNE 10-12] | | BSP shuts down rural bank in Nueva Ecija South Korea lends $55 million for BIR e-invoicing FIRB: BPOs will survive in PH sans tax perks There’s a major recession signal everybody is missing: small businesses cutting spending as they prepare for the worst SEC warns of Davao City groups in membership card scam Cardano founder on crypto rout: 'Bear markets are actually quite comfortable' Ranked: Biggest Banks in the Philippines (by Total Assets) Business Mentor: Challenges encountered by franchisors 3 Israeli firms to invest in the PH COA chides PCGG ‘laxity’ in dividend collection PSA open to national ID changes by Q4 Concentrix waives tax perks to continue work from home setup: DOF ‘World’s richest man in fashion’ visits Manila, sees potential as fashion capital Villar’s fab headhunter? Korina Sanchez reportedly raiding ABS-CBN talent to beef up Manny’s ‘Capamella TV’ PSE: ‘Goodbye physical, hello virtual’ Royal Caribbean wants to add Elon Musk's Starlink high-speed internet to its cruise ships Deposed Okada board gets US merger prospect’s backing BSP to cut fund transfer fees Philippine Government Launched Blockchain Training Program Japan Is Dropping a Gargantuan Turbine Into The Ocean to Harness 'Limitless' Energy
| 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. | BSP shuts down rural bank in Nueva Ecija [The Philippine Star, June 12, 2022] BSP Deputy Governor Chuchi Fonacier said the Monetary Board has issued a resolution prohibiting the Banco Rural de General Tinio from doing business in the Philippines as mandated under Republic Act 7653 or The Central Bank Act. South Korea lends $55 million for BIR e-invoicing [The Philippine Star, June 12, 2022] The BIR is enhancing its e-invoicing to cover at least one million business taxpayers, including 3,000 large-scale firms, in the system’s registry. Starting July, the tax agency will begin transitioning to the digital issuance of invoices and receipts as mandated under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law. FIRB: BPOs will survive in PH sans tax perks [Inquirer Mobile, June 11, 2022] Citing a FIRB study, Danofrata said “total dividends declared by BPOs exceeded their income tax incentives, signaling that tax incentives are being used to augment shareholder returns.” This suggests “that the tax benefits received by BPO firms are not that necessary as these only increase their profitability,” he added. There’s a major recession signal everybody is missing: small businesses cutting spending as they prepare for the worst [Yahoo Finance, June 11, 2022] A record 51% of U.S. small businesses had vacancies last month, according to a study by the National Federation of Independent Business. Another recent report by HR software provider ADP found that 91,000 small business jobs were lost in May due to the downturn. SEC warns of Davao City groups in membership card scam [Inquirer Mindanao, June 11, 2022] The Securities and Exchange Commission Davao Extension Office (SEC DEO) warns the public of groups reportedly using the names of prominent individuals to lure people into paying for membership cards with the promise of future assistance. Cardano founder on crypto rout: 'Bear markets are actually quite comfortable' [Yahoo Finance, June 11, 2022] Investors have shed more than $200 billion in crypto assets since the beginning of May. In that time, Cardano’s ADA has outperformed both bitcoin and ether with a gain of 3.5%. Ranked: Biggest Banks in the Philippines (by Total Assets) [Yugatech, June 11, 2022] Would you know which of the nation’s banks are the largest today in terms of total assets? If not, here then is a list of the twenty biggest banks in the country today. Business Mentor: Challenges encountered by franchisors [ABS-CBN News, June 11, 2022] Starting a business can be easy. However, maintaining the company can be difficult, especially if the entrepreneur is unprepared for the possible challenges of being a business owner and a franchisor or franchisee. This article will be about the everyday struggle of franchisors in their business and how they can help improve their business for long-term success. 3 Israeli firms to invest in the PH [Bilyonaryo, June 11, 2022] Economic Attaché and Head of the Economic Mission of the Israel Embassy Tomer Heyvi said software development company Amdocs, agro-business firm LR Group, and information technology and business process outsourcing (ITBPO) firm Maroonz Holdings submitted their letters of intent (LOIs) to the Department of Trade and Industry (DTI). COA chides PCGG ‘laxity’ in dividend collection [Philippine Daily Inquirer, June 11, 2022] The Presidential Commission on Good Government (PCGG) has not been collecting dividends from close to a billion shares of stock recovered from cronies of the late deposed dictator Ferdinand Marcos since 2005 and they could have profited from the uncollected earnings due to its “laxity,” the Commission on Audit (COA) said in a report. PSA open to national ID changes by Q4 [The Philippine Star, June 11, 2022] Apart from ID photos, other concerns include incorrect or missing names or those who got married and would want to change their family names. Concentrix waives tax perks to continue work from home setup: DOF [ABS-CBN News, June 10, 2022] “We support the decision of Concentrix to carry on with its flexible work arrangements. We respect that they are supportive of their employees who want such a work setup in this post-pandemic situation,” said Danofrata, who also heads the FIRB secretariat. ‘World’s richest man in fashion’ visits Manila, sees potential as fashion capital [The Philippine Star, June 10, 2022] Bernard Arnault, Chairman and Chief Executive Officer of Louis Vuitton Moet Hennessy (LVMH), once the world’s richest man and still among the wealthiest for leading the world's largest luxury products group, visited Manila before the pandemic and saw its potential as one of the world’s upcoming fashion capitals. Villar’s fab headhunter? Korina Sanchez reportedly raiding ABS-CBN talent to beef up Manny’s ‘Capamella TV’ [Bilyonaryo, June 10, 2022] A Babbler said Sanchez and another former ABS-CBN alumna, former TV Patrol producer Cheryl Favila, have been actively recruiting staff in the Lopez network with generous offers to jump ship to Villar’s Advanced Manila Broadcasting System which took over ABS-CBN’s former channels 2 (analog) and 16 (digital) five months ago. PSE: ‘Goodbye physical, hello virtual’ [Inquirer Mobile, June 10, 2022] Biz Buzz learned that the PSE board had just approved a plan to cease operations of its still relatively new physical trading floor at its still relatively new Bonifacio Global City (BGC) headquarters in Taguig by next month. Royal Caribbean wants to add Elon Musk's Starlink high-speed internet to its cruise ships [Royal Carrebeanblog, June 10, 2022] Based on regulatory filings, it appears Royal Caribbean is engaged with SpaceX’s satellite internet system Starlink to provide internet service for its ships. Deposed Okada board gets US merger prospect’s backing [Inquirer Mobile, June 10, 2022] US firm 26 Capital Acquisition Corp. expects its merger with the embattled Okada Manila to proceed as planned, but stressed that the ongoing boardroom crisis paints the entire local gaming industry in a bad light. BSP to cut fund transfer fees [Manila Bulletin, June 10, 2022] The Bangko Sentral ng Pilipinas (BSP) will soon issue a pricing standard for the real time, interbank money transfer services InstaPay and PESONet which will likely result to lower fees. Philippine Government Launched Blockchain Training Program [Inquirer Los Angeles, June 10, 2022] The Philippines’ science and technology department recently launched a blockchain training program. It recognizes the significance of this growing technology that could benefit the country. Crypto adoption is spreading worldwide, so other nations may follow soon. Japan Is Dropping a Gargantuan Turbine Into The Ocean to Harness 'Limitless' Energy [Science Alert, June 10, 2022] Deep beneath the waves there's a source of power quite unlike any other. To tap into it, Japanese engineers have constructed a true leviathan, a beast capable of withstanding the strongest of ocean currents to transform its flow into a virtually limitless supply of electricity. | 2. BIR CLARIFIES THE TAX TREATMENTS & OBLIGATIONS OF THE DIFFERENT CLASSIFICATIONS OF EDUCATIONAL INSTITUTIONS | Revenue Memorandum Circular (RMC) No. 78-2022, issued on June 9, 2022, clarifies the Income Tax treatment of the different classifications of educational institutions and their tax obligations. a. Proprietary Educational Institution The income of a proprietary educational institution, as well as Non-Stock, Non-Profit (NSNP) educational institutions whose net income or assets accrue/inure to or benefit any member or specific person, is subject to 10% (now 1% from July 1, 2020, until June 30, 2023). If unrelated income exceeds 50% of the total gross income, the Regular Corporate Income Tax (RCIT) rate shall be applied on the entire income.
b. Government Educational Institution (GEI) If the GEI’s Charter expressly provides that it is exempt from taxes, then the GEI is exempt from applicable taxes. However, if GEI’s Charter does not explicitly provide that it is exempt from tax, then Section 30 (I) of the 1997 Tax Code, as amended, shall govern its claim of tax exemption.
c. Non-stock and Non-profit Educational Institutions (NSNP) II. Tax Treatment of Contributions or Gifts/Donations to Educational Institutions a. Deduction from gross income of donor subject to the following ceiling based on the donor’s taxable income: (1) 10%-individual (2) 5%-corporation) or (3) full deductibility if the conditions under Section 34(H)(2)(c) of the 1997 Tax Code, as amended are complied. b. Exemption from Donor’s Tax subject to the condition that the donee institution shall not use more than 30% of said gifts/donations for administration purposes. III. Withholding Tax Obligations a. Withhold on income payments such as compensation and purchases of goods and services b. NSNP educational institutions shall not be subject to any Creditable or Final Withholding Tax (CWT/FWT) on their revenues and assets used actually, directly and exclusively for educational purposes subject to the presentation of Certificate of Tax Exemption (CTE) or exemption rulings, and Securities and Exchange Commission (SEC) registration. Newly organized NSNP educational institutions must secure their CTE within three (3) months from the issuance of their Certificate of Registration with the SEC. c. Proprietary educational institutions, including NSNP educational institutions, which are subject to preferential Income Tax of 10% (now 1% until June 30, 2023), are subject to CWT/FWT. The CWT on the income payments to these institutions should not be more than the statutory income tax rate imposed on proprietary educational institutions under Section 27(B) of the Tax Code (i.e., 1%). IV. Compliance Requirements b. Secure Authority to Print Receipts/Invoices c. Register Books of Accounts and update registration information d. Issue receipts/invoices f. Secure Certificate of Income Tax Exemption | 3. BIR ISSUES IRR ON TAX TREATMENT OF IMPORTATION OF PETROLEUM PRODUCTS IN FREEPORT & ECOZONE | Revenue Regulations (RR) No. 4-2022, issued on May 26, 2022, implements Sections 295(F), as amended by Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE Law), on the Tax Treatment of the Importation of Petroleum and Petroleum Products into, and subsequent transfer, transport and/or withdrawal through and from Freeport Zones and Economic Zones. a. The proper tax administration and treatment of all petroleum products entered and/or imported into Philippine Freeport Zones or Economic Zones; b. The strict monitoring process of the movement of all petroleum and petroleum products within the aforementioned Zones and the subsequent transfer, transport and/or withdrawal of the same therefrom; and c. The guidelines on the refund of Value-Added Tax (VAT) and Excise Taxes paid for transactions statutorily zero-rated or exempt therefrom. | 4. SC CASES DIGEST ON PRESCRIPTION ON COLLECTION & DEFECTIVE WAIVER | [THE 5-YEAR PERIOD TO COLLECT APPLIES ONLY TO THE ASSESSMENTS ISSUED WITHIN THE EXTRAORDINARY PERIOD OF 10 YEARS] [THE USE OF AN ERRONEOUS REMEDY IS A CAUSE FOR THE OUTRIGHT DISMISSAL OF THE PETITION FOR CERTIORARI] Petitioner Commissioner of Internal Revenue (CIR) filed a Petition for Certiorari and Prohibition challenging the Court of Tax Appeals (CTA) 2nd Division’s Resolutions which cancelled Respondent QL Development, Inc.’s deficiency tax assessment on the ground of prescription and enjoined the Petitioner from collecting the assessed deficiency taxes against Respondent. The Court noted that the Petitioner directly filed a Petition for Certiorari and Prohibition with the Court, alleging that the Resolutions are Interlocutory Orders that cannot be appealed before the CTA En Banc. In ruling, the Court first discussed the distinctions between a Final Judgment or Order and an Interlocutory Order, and there is no doubt that the Resolutions are final judgments or orders. The Petitioner’s proper remedy on the adverse Resolutions was to file an Appeal by way of a Petition for Review. Thus, the Petitioner’s filing of the instant Petition is erroneous. Nonetheless, even if the Court were to disregard the impropriety of the remedy resorted to by the Petition, the same should still be dismissed. The Court held that the CTA Division erred when it applied the 5-year period to collect taxes. The 5-year period for collection of taxes only applies to assessments issued within the extraordinary period of ten (10) years in cases of false or fraudulent return or failure to file a return. Here, given that the assessment was issued within the 3-year ordinary prescriptive period to assess, the Petition had another three (3) years to initiate the collection of taxes. Since the Final Assessment Notice or the Formal Letter of Demand was mailed on December 12, 2014, the Petitioner had another three (3) years reckoned from said date, or until December 12, 2017, to enforce collection. Verily, prescription had already set-in when the CIR initiated its collection efforts only in 2020. Consequently, the Petition was DISMISSED, and the earlier Resolutions were AFFIRMED. [COMMISSIONER OF INTERNAL REVENUE VS. COURT OF TAX APPEALS SECOND DIVISION & QL DEVELOPMENTS, INC., G.R. NO. 258947, MARCH 29, 2022 UPLOADED MAY 25, 2022] [ASSESSMENTS ISSUED BEYOND THE THREE-YEAR PRESCRIPTION PERIOD ARE INVALID] [THE WAIVER IS DEFECTIVE & INVALID IN THE ABSENCE OF DATE OF ACCEPTANCE BY THE BIR] [WITHOUT A DEFINITE DATE OF ACTUAL DEMAND OF PAYMENT BY THE TAXPAYER, THE ASSESSMENT IS INVALID] Petitioner Bureau of Internal Revenue filed a Petition for Review on Certiorari assailing the Court of Tax Appeals (CTA) En Banc’s earlier Decision affirming the cancellation of the assessment issued to the Respondent First Gas Power Corporation since it was issued beyond the three-year prescription period in violation of Section 203 of the 1997 Tax Code, as amended. Likewise, the Waivers issued were not valid because the date of acceptance by the Petitioner was not indicated in the Waivers. In ruling, the Court cited Revenue Memorandum Order (RMO) No. 20-90 and Revenue Delegation Administrative Order (RDAO) No. 09-2001 which clearly mandate that the date of acceptance by the BIR should be indicated in the Waiver; therefore, the failure to comply with the mandatory and strict compliance of the said RMO and RDAO renders the Waiver defective and ineffectual. Furthermore, it was noted that the assessments noticed failed to indicate the specific date or period to settle the tax liabilities. Citing the landmark case of CIR vs. Fitness By Design, Inc., the Court held that a FAN is invalid if it does not contain a definite due date for payment by the taxpayer. Consequently, the Petition for Review on Certiorari was DENIED, and the earlier Decision was AFFIRMED. [REPUBLIC OF THE PHILIPPINES, REPRESENTED BY THE BUREAU OF INTERNAL REVENUE VS. FIRST GAS POWER CORPORATION, G.R. NO. 214933, FEBRUARY 15, 2022, UPLOADED MAY 16, 2022] | 5. CTA CASES DIGEST ON BIR'S PRESCRIPTIVE PERIOD TO COLLECT, LICENSEE OF PAGCOR IS VAT-EXEMPT & NOT VAT ZERO-RATED & VOID ASSESSMENT DUE TO THE ABSENCE OF DEFINITE DATE TO SETTLE | BIR HAS FIVE (5) YEARS TO COLLECT THE ASSESSMENT IN THE ABSENCE OF FRAUD Petitioner Commissioner of Internal Revenue (CIR) filed a Petition for Review seeking to reverse the Court of Tax Appeals (CTA) 3rd Division’s earlier Decision and Resolution granting refund of erroneously paid tax in favor of the Respondent Sunnyphil Incorporated. Petitioner argued that the CTA 3rd Division erred in granting the Respondent’s claim for refund. He contended that despite the lack of Letter of Authority authorizing the Revenue Officer (RO) who conducted the assessment of Respondent, the issuance of a Memorandum to such effect was nevertheless enough to clothe such RO with authority. However, before the Court En Banc proceeded in the resolution of the sole issue raised, the Court noted that the Respondent’s prior Petition for Review filed with the Court in Division was mainly grounded on the Petitioner’s supposed prescribed action of collection against it. It did not raise any issue on the invalidity of Petitioner’s assessment but sought refund of the taxes paid under protest on such ground. In BPI case, the Supreme Court applied a 3-year prescriptive period only because the taxes involved were assessed in 1989 or prior to the 1977 Tax Code's amendment. In the present case, Respondent was assessed for alleged deficiency taxes in 2010, thus, the 5-year period would now apply. The records showed that the Respondent received the Final Assessment Notice on January 14, 2010. From then on, Petitioner would have five (5) years or until January 14, 2015 to collect the Respondent’s tax deficiencies. However, Petitioner took no action to collect within the said 5-year period. Respondent received the Final Decision on Disputed Assessment, Preliminary Collection Letter, and Final Notice Before Seizure only on 13 May 2016, 03 May 2016, and 16 May 2016, respectively, or more than a year after the end of the 5-year prescribed period. Even if the Court were to uphold the assessment, as Petitioner argued or deem that administrative res judicata should preclude an inquiry into the validity of the assessment, still, a refund is in order as Petitioner’s right to collect had indubitably prescribed. Consequently, the Petition was DENIED. [COMMISSIONER OF INTERNAL REVENUE VS. SUNNYPHIL INCORPORATED, CTA EN BANC CASE NO. 2232, MAY 24, 2022] [LICENSEE OF PAGCOR IS VAT EXEMPT & NOT VAT ZERO-RATED, THUS, NOT SUBJECT TO INPUT VAT REFUND AFTER 5% FRANCHISE TAX PAYMENT] [VAT ZERO-RATING IS DIFFERENT FROM VAT EXEMPTION] [ONLY THOSE ENGAGED IN ZERO-RATED OR EFFECTIVELY ZERO-RATED SALES CAN APPLY FOR INPUT VAT REFUND] Petitioner Melco Resorts Leisure (Php) Corporation filed three (3) Petitions for Review seeking a refund or issuance of Tax Credit Certificate (TCC) on its unutilized input VAT arising from zero-rated sales. Petitioner anchored its claim pursuant to Presidential Decree No. 1869 or the Philippine Amusement and Gaming Corporation (PAGCOR) Charter which grants PAGCOR and its licensees an exemption from both direct and indirect taxes, such as VAT. On the other hand, Respondent Commissioner of Internal Revenue (CIR) countered that only those VAT-registered persons whose sales of goods, properties, or services are zero-rated or effectively zero rated may apply for the issuance of TCC or refund of input tax attributable to such sales. In ruling, the Court held that the Petitioner is VAT exempt. Before PAGCOR or any of its licensees can enjoy tax exemption, the 5% Franchise Tax must first be paid. Records revealed that Petitioner has paid the 5% Franchise Tax. Consequently, it is VAT-exempt. The Tax Code clearly provides that only VAT-registered persons whose sales are zero-rated or effectively zero-rated may apply for input VAT refund. While it has been shown that the Petitioner is exempt from VAT as a result of it being a PAGCOR licensee, the same does not automatically mean that its sales are subject to VAT zero-rating. Being VAT exempt means that no VAT, either the 12% or the 0% rate, is imposed at all for the subject sales transaction. On the other hand, engaging in VAT zero-rated transactions means that a sale is subjected to the 0% VAT rate. Here, the records were bereft of any showing that Petitioner is engaged in zero-rated or effectively zero-rated transactions. As Petitioner is simply VAT exempt and has not shown to be engaged in any of the zero-rated or effectively zero-rated transactions, it cannot claim for refund of its input VAT. Consequently, the Petitions were DENIED. [MELCO RESORTS LEISURE (PHP) CORPORATION VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NOS. 9582, 9667 & 9724, MAY 23, 2022] AN ASSESSMENT IS VOID IF IT FAILS TO STATE A DEFINITE DATE TO SETTLE Petitioner Pepsi-Cola Products Philippines, Inc. filed a Petition for Review seeking to cancel the assessment issued by the Respondent Commissioner of Internal Revenue (CIR), citing prescription as its defense. Petitioner argued that the Formal Letter of Demand was received beyond the 3-year prescriptive period in violation of Section 203 of the 1997 Tax Code, as amended. In ruling, the Court noted that since the assessment issued by the Respondent failed to clearly demand payment of the supposed tax liabilities within a specific period, the same cannot be considered a valid assessment notice. To be clear, an assessment must indicate not only the assessment's legal and factual bases but also state categorically a demand for payment of the computed tax liabilities within a specific period. In the absence thereof, it negates the CIR's demand for payment, making the final assessment notice defective and void. Thus, the Petition was GRANTED, resulting in the CANCELLATION of the assessment. [PEPSI-COLA PRODUCTS PHILIPPINES, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9170, MAY 6, 2022] | 6. TAX & BUSINESS-RELATED NEWS [JUNE 6-9] | | Singapore is 13th most expensive city for expats while Hong Kong stays top–survey Telco wars update: 2 media groups file charges against NTC officials before Ombudsman ADB approves $4.3-B financing for South Commuter Railway Project Ex-LWUA Administrator Pichay convicted in 2009 purchase of Express Savings Bank World’s largest solar farm to rise in PH Market vendors in QC stage ‘No Palengke Day’ Binance chief eyes ‘localized services’ in PH game plan SMC officially takes control of Ilijan plant Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBA Joey Concepcion wants everyone to know: RFM wasn’t desperate to sell Swift hotdogs to Po family a decade ago Tourism agency says travel tax payments can soon be done online with new platform Philippine banana growers plead for Japanese consumers to bear price hikes Dole 7 fines URC Mandaue Nayong Pilipino must generate income – CoA Tax perks review needed as 'billions' lost from defunct Hanjin shipyard: DOF Public sector may adopt 'flexi-work' arrangements anytime starting June 15 – CSC The world's biggest four-day work week pilot begins ABS-CBN exploring ‘various opportunities’ as TV5 talks sizzle LTO-7 extends validity of permits, licenses, and registrations expiring this June ‘Five times larger than the next ewallet’: GCash transactions top half a trillion pesos in March
| 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. | Singapore is 13th most expensive city for expats while Hong Kong stays top–survey [Inquirer.Net, June 9, 2022] The survey also found that New York is the second most expensive city in the world after Hong Kong, moving up from fourth last year. Telco wars update: 2 media groups file charges against NTC officials before Ombudsman [Manila Bulletin, June 9, 2022] NOW Cable, Inc. (NCI) and partner News and Entertainment Network Corp. (News net) early today fired another salvo against the National Telecommunications Commission (NTC), further spicing up the long-running “telco wars” in the country. ADB approves $4.3-B financing for South Commuter Railway Project [The Philippine Star, June 9, 2022] ADB’s investment in the project — which involves the construction of nearly 55 kilometers of modern suburban railway line connecting Metro Manila with the city of Calamba, south of the capital — is the multilateral lender’s largest infrastructure financing in the Asia and Pacific region to date. Ex-LWUA Administrator Pichay convicted in 2009 purchase of Express Savings Bank [Manila Bulletin, June 9, 2022] Outgoing Rep. Prospero A. Pichay Jr. has been convicted by the Sandiganbayan of three graft charges in connection with the purchase of the Express Savings Bank, Inc. (ESBI) when he was the administrator of the Local Water Utilities Administration (LWUA) in 2009. World’s largest solar farm to rise in PH [Philippine Daily Inquirer, June 9, 2022] Tycoon Enrique Razon Jr. wants to put up the world’s largest solar power facility in the Philippines with a capacity of 2,500 to 3,500 megawatts, along with a massive battery energy storage system. Market vendors in QC stage ‘No Palengke Day’ [Manila Bulletin, June 9, 2022] Vegetable vendors from Balintawak Cloverleaf Market in Quezon City on Thursday, June 9, staged a “No Palengke Day” to protest against the exorbitant market stall rental fees being imposed on them, and warned that this may lead to a marked increase in the prices of vegetables. Binance chief eyes ‘localized services’ in PH game plan [Inquirer Mobile, June 9, 2022] Changpeng “CZ” Zhao, at a press briefing in Taguig City on Wednesday, said Binance was looking at offering “localized services” by becoming a virtual asset services provider (VASP) or electronic money issuer (EMI), the licenses for which should first be secured from the Bangko Sentral ng Pilipinas. SMC officially takes control of Ilijan plant [Philippine Daily Inquirer, June 8, 2022] The government has turned over the 1,200-megawatt Ilijan Power Plant, the largest natural gas facility in the country, to a unit of conglomerate San Miguel Corp. (SMC). Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBA [Bitcoin.com, June 8, 2022] The deal is the PBA’s first crypto partnership during its 47th season and the Coins.ph brand will be showcased at the premier tournament during the Philippine Cup. Joey Concepcion wants everyone to know: RFM wasn’t desperate to sell Swift hotdogs to Po family a decade ago [Bilyonaryo, June 8, 2022] “As CEO of RFM Corporation, the former owner of the Swift brand mentioned in the article, I would like to ask Bilyonaryo to kindly issue a clarification on the misimpression that RFM was desperate to sell a loss-making brand to Century Food,” said Concepcion in a letter to this website. Tourism agency says travel tax payments can soon be done online with new platform [ABS-CBN News, June 8, 2022] The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) said it will launch its online travel tax services system or OTTSS platform on June 18. Philippine banana growers plead for Japanese consumers to bear price hikes [Reuters, June 8, 2022] The Philippines on Wednesday appealed directly to consumers in its top export market Japan to pay higher prices for imported bananas to help shoulder a surge in production costs. Dole 7 fines URC Mandaue [SunStar Cebu, June 8, 2022] THE Department of Labor and Employment in Central Visayas (Dole 7) has ordered the temporary suspension of operations of a department at Universal Robina Corp.’s (URC) Mandaue City plant after the death of one of its workers, Stephen Corilla. Nayong Pilipino must generate income – CoA [The Manila Times, June 8, 2022] THE Commission on Audit (CoA), in an audit report for 2021, told the Nayong Pilipino Foundation (NPF) to introduce income-generating activities, saying that it would be "out of funds" starting 6.5 years to 13 years from 2021 if its financial conditions would not improve. Tax perks review needed as 'billions' lost from defunct Hanjin shipyard: DOF [ABS-CBN News, June 7, 2022] Tax perks granted to firms should be reviewed after the "billions of pesos" were lost in tax breaks for the defunct Hanjin shipyard in Subic, the Department of Finance said Tuesday. Public sector may adopt 'flexi-work' arrangements anytime starting June 15 – CSC [Manila Bulletin, June 7, 2022] This was after it approved CSC Resolution No. 2200209 promulgated on May 18, 2022. The policy will take effect 15 days after its publication (May 31, 2022), or on June 15. The world's biggest four-day work week pilot begins [CNN Philippines, June 7, 2022] Thousands of UK workers are starting a four-day work week from Monday with no cut to their pay in the largest trial of its kind. ABS-CBN exploring ‘various opportunities’ as TV5 talks sizzle [Rappler, June 6, 2022] Embattled media giant ABS-CBN responded to news reports of a potential merger with Manny Pangilinan’s TV5, saying that it continues to “explore” opportunities as they come. LTO-7 extends validity of permits, licenses, and registrations expiring this June [Cebu Daily News, June 6, 2022] The Land Transportation Office in Central Visayas (LTO-7) announced on Monday afternoon, June 6, 2022, the extension of the validity of LTO-issued permits and licenses that are due to expire on June 2022. ‘Five times larger than the next ewallet’: GCash transactions top half a trillion pesos in March [Bilyonaryo, June 6, 2022] Active GCash users are also now five times larger than the next e-wallet, with 83 percent of the Philippine adult population, or 60 million Filipinos already having a GCash account. | DOWNLOAD OUR PAST EDITIONS & FULL TEXT OF REFERENCES https://weeklytaxupdates.getresponsesite.com/ | |
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