LMA Law is a team of passionate, creative and qualified advocates of law.
Shared among this team is the mastery of taxation and corporation law gained from working in top auditing and law firms in the Philippines.
FOR those new to my column, I usually write about tax-related topics. You would think writing about tax would be easy, considering that I’m a tax lawyer. However, that is far from the truth. It’s not that I lack material, as there are many taxation topics to choose from. It’s trying to choose a topic that would spark interest in my readers that prove to be challenging.
LOOKING back at my childhood, I’ve come to realize how a large part of who I am has been influenced by my grandfather. My lolo was a very strict person and a man of few words (if you’re familiar with the cartoon strip Dennis the Menace, Mr. Wilson is my lolo). He loved simple things, and this was reflected in his choice of food.
ANYONE who knows me is familiar with my fascination with any noodle-based dish. Ramen, beef mami, pancit canton, batchoy — I’m all for them. I hear a lot of people say “rice is life,” but for me, noodles trump rice any day.
The attacks on Saudi Arabia’s oil facilities on September 14 have cut the oil-rich kingdom’s production capacity to half and caused worldwide panic over anticipated skyrocketing prices of goods and commodities. The Philippines, being a heavy importer of oil, is more vulnerable to price increases than its Southeast Asian neighbors.
IF you are a person with disability (PWD), expect to enjoy more sales discounts, as the Department of Finance and the Bureau of Internal Revenue (BIR) have issued regulations expanding the current benefits and privileges they enjoy under Republic Act (RA) 10754, as implemented by Revenue Regulations (RR) 5-2017.
HAVING trouble paying taxes? Fret no more, as paying taxes will be as easy as ordering your favorite brown sugar milk tea online. But before we dive into the details, a brief background is in order:
The Merriam-Webster dictionary defines “phenomenon” as “a rare or significant fact or event.” Lately, the new Mayor of Manila, Francisco “Isko” Domagoso, has been making waves, what with his refreshing take on what a mayor’s obligations should be. The maverick mayor is literally cleaning up the streets of Manila and is trying to bring back the grandeur of the nation’s capital. A phenomenon, no doubt, as it is rare that we see this level of commitment coming from a Philippine public official.
During our June 2 issue this year, we discussed Revenue Regulations (RR) 6-2019, issued by the Department of Finance and the Bureau of Internal Revenue (BIR), implementing the estate tax amnesty provisions of Republic Act 11213. The regulations took effect last June 15, 2019. The regulation’s date of effectivity is crucial, as the estate tax amnesty may be availed of by taxpayers within two years from June 15, 2019.
Last year, we discussed Revenue Regulation (RR) No. 11-2018, which provides for withholding tax rates on income payments made to individual/corporate citizens, resident aliens, and non-resident aliens. Particularly, income payments made by top taxpayers to their local supplier of goods and services is subject to 1 percent withholding tax for a supplier of goods, and 2 percent withholding tax for a supplier of services.
Death and taxes. This pretty much sums up Revenue Regulations (RR) 6-2019, issued by the Department of Finance and the Bureau of Internal Revenue (BIR), implementing the estate tax amnesty provisions of Republic Act (RA) 11213, the “Tax Amnesty Act of 2019” or Tax Amnesty Act. The regulations take effect fifteen days from the date of its publication, which will be on June 15, 2019.
In our April 21 article, we discussed Revenue Regulations (RR) 4-2019, the implementing rules and regulations covering the Tax Amnesty on Delinquencies (TAD) under Republic Act 11213, the
“Tax Amnesty Act of 2019.” The regulations took effect on April 24, 2019.
In our previous articles, we’ve discussed Republic Act (RA)–1213, the “Tax Amnesty Act of 2019” (Tax Amnesty Act), particularly the fact that President Duterte vetoed several provisions, specifically the General Tax Amnesty (GTA). The GTA was supposed to cover all national internal revenue taxes (i.e., income tax, withholding tax, value-added tax, etc.), with or without assessments, that have remained unpaid as of Dec. 31, 2017.
With the April 15 deadline for the payment of income tax looming in the background, you can expect an effort, mostly from the Bureau of Internal Revenue (BIR), to drum up the public’s interest on the importance of paying taxes. The BIR’s message is actually more of a reminder for taxpayers not to miss the April 15 deadline (or better yet, to pay early to avoid the long lines).