SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for July.
Please read the full text here or via this link.
The SyCipLaw T.I.P.S. for July covers the following tax issues:
1. Is the stock transaction tax an income tax? If yes, will the exclusion from gross income under Section 32(B)(7)(a) of the Republic Act No. 8424, as amended, otherwise known as the National Internal Revenue Code, as amended, apply to the stock transaction tax?
2. May a taxpayer await the decision of the Commissioner of Internal Revenue (CIR) on an administrative appeal of a denial of protest before filing a petition for review despite the issuance of the Preliminary Collection Letter, the Final Notice Before Seizure and the Warrant of Distraint and/or Levy?
3. Is the Court of Tax Appeals bound to accept the findings of an independent certified public accountant who recommended granting a claim for refund of input value added tax?
4. Is the importation of alkylate subject to excise taxes, even if alkylate is not expressly listed among the excisable articles in the NIRC?
5. May a taxpayer refuse the service of an electronic Letter of Authority (eLOA) or question its validity if the eLOA is served upon the taxpayer beyond the 30-day period from the issuance of the eLOA?
6. Can taxpayers still use their printed and/or system generated receipts/invoices beyond the 5-year period from the date of the ATP or PTU?
7. Can Registered Business Enterprises (RBE) in the Information Technology-Business Process Management (IT-BPM) continue their Work-from-Home (WFH) arrangements without adversely affecting their fiscal incentives?
8. Is there a prescribed format for the sworn declaration to be executed by RBEs to avail themselves of the VAT zero rating on their local purchase of goods and services?
9. Tax Incentives Under the Renewable Energy Act of 2008; An Overview