Tax Updates November 2022 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 21)

December 9, 2022

SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for November.

Please read the full text here or via this link.

The SyCipLaw T.I.P.S. for November covers the following tax issues:

1. Can corporate officers be held guilty of a violation of the Tariff and Customs Code for misdeclared, misclassified, and undervalued imported goods of the company?

2. Can news articles be a valid basis of a tax assessment?

3. For the sale of service (other than processing, manufacturing, or repacking of goods) to a foreign corporation doing business outside the Philippines to be considered a value-added tax zero-rated sale, does the relevant service agreement have to specifically state that the services are to be performed only in the Philippines?

4. Are the Filipino employees of the Asian Development Bank exempt from income tax?

5. What are the guidelines on the procedures and requirements for the payment of taxes upon the exercise of equity-based compensation granted by employers to their employees?