Tax Updates March 2022 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S) International Edition Vol. 5)
April 13, 2022
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the first quarter of 2022.
The SyCipLaw T.I.P.S - International Edition covers the following tax issues:
1. Attracting More Foreign Businesses in the Philippines
2. Does the rule on the amortization of VAT paid on capital goods with acquisition cost exceeding One Million Pesos apply also to claims for refund of unutilized input VAT or does it apply only when the input VAT is creditable against output VAT?
3. Can a decision of the Regional Trial Court in a case for the determination of the respective shares in local business taxes of two municipalities encompassing a corporation’s power plant facilities be decided on appeal by the Court of Appeals?
4. In a transaction involving the sale of land, may parties stipulate who between the buyer and the seller will bear the burden of paying the relevant taxes relating to the sale’s execution and registration?
5. May the court impose civil liability for a violation of Section 255 of the Tax Code, as amended, based on the computation of deficiency taxes in the absence of an assessment from the Commissioner of Internal Revenue?
6. May a landowner of the lot, where the warehouse building was constructed by the lessee without the former’s knowledge and consent, be held liable for the taxes of the building?
7. Work-around procedures and guidelines in relation to the implementation of the TRAIN Law amendment to the Amortization of Input VAT on Purchases or Importations of Capital Goods
8. Effect of continuing the Work-From-Home Arrangement on the Fiscal Incentives of Registered Business Enterprises in the Information Technology-Business Process Management Sector
9. Clarifications on Revenue Regulations No. 21-2021 on VAT zero-rated transactions under the CREATE Act
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