Digging into the mining business, 9/9/2008

In my former work, I paid very little attention to the tax concerns of those in the mining business. After all, I thought that taking care of the International Tax Affairs Division absolved me from concerning myself about their tax issues unless it relates to the implementation of a tax treaty. However, after several interactions with clients engaged in mining, I was prompted to take a closer look into their tax exposures and the interplay of incentives accorded them that may modify such exposure. For those who dare mine, explore with me!
Read more...

PERA in your pocket, 9/2/2008

I’m not often given to hyperbole and avoid using adjectives such as “landmark” to describe a decision or a law, but I’ll make an exception in the case of Republic Act No. 9505. Signed by the President on Aug. 22, 2008, RA 9505, whose title is “The Personal Equity and Retirement Account Act of 2008” —PERA, for short, is “landmark”.
Read more...

Tax relief in times of crisis, 8/26/2008

For most of us Filipinos battered by skyrocketing prices of fuel and basic commodities, any grant of financial assistance in whatever form, subsidy or tax savings, is a welcome change. It is no wonder that when President Gloria Macapagal-Arroyo signed Republic Act (RA) No. 9504 on June 17, 2008, the news was all over the newspapers and news programs.
Read more...

Knowing the Foreign Corrupt Practices Act, 7/29/2008

The rapid growth in international transactions and the expansion of foreign businesses in other countries has made the present regulatory environment more complex.
Read more...

Some issues regarding the transfer pricing regulations, 6/10/2008

On March 24, 2008, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 26-2008, entitled “Interim Transfer Pricing Guidelines”.
Read more...

Awaiting the Japan-Philippines Economic Partnership Agreement, 5/27/2008

The Senate has recently deferred voting for the Japan-Philippines Partnership Agreement (JPEPA), pending another exchange of notes between the Philippine and Japanese governments.
Read more...  
 

Hope for the Pale Blue Dot?, 5/6/2008

You see that pale, blue dot? That’s us. Everything that has ever happened in all of human history has happened on that pixel.
Read more...

Deductibility of business expenses, 4/29/2008

“A life without love is like a year without summer”, so says a Swedish proverb. 
Read more...

Philippine Customs and the Revised Kyoto Convention, 4/8/2008

Tariff reduction is often times lauded as a positive signal of an open economy that is attractive to foreign investments.
Read more...

Understanding tax investigations, 3/25/2008

As it was told, Joseph and Mary journeyed back to their hometown, Bethlehem, because the Roman Emperor wanted his soldiers to count the number of people in the tribes of Israel.
Read more...

Related parties, transfer prices and revenues, 3/18/2008

One topic expected to gain prominence in the coming months from the purview of the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) is that of transfer pricing.
Read more...

Taxation of expatriates, 3/4/2008

With the April 15 tax filing deadline in the horizon, every income earner in the Philippines, Filipino or otherwise, should start thinking taxes.
Read more...

Attention: New tariff classifications out now, 2/26/2008

For any company importing or exporting goods, tariff classifications play a vital part in the cost management of its supply chain. Our classification system is arranged in a systematic numerical fashion, with unprocessed agricultural products grouped together in one end, moving towards more sophisticated and processed goods on the other end.
Read more...

How customs heps business, 2/5/2008

It is anticipated that the domestic economy will fare relatively well in the foreseeable future in spite of a predicted slowdown in the US economy. 
Read more...

Lower tariffs for Chinese goods, 12/25/2007

One simple fact that readers should know is this: a good number of our tariffs on Chinese imports have been reduced by way of the ASEAN-China Free Trade Agreement (ACFTA).
Read more...

Classification: Shopping for the best tariff rate?, 10/23/2007

If the nature of the product you import can be deemed complex, multi-functional and/or sophisticated, then, chances are, its tariff classification (and hence its applied rate of customs duties) could be ambiguous and subject to change. Read more...

Customs Gives Importers a Helping Hand, 10/16/2007

On 06 July 2007, Commissioner Napoleon Morales of the Bureau of Customs (BoC) issued Customs Memorandum Order (CMO) No. 18-2007.

Read more...

Correct customs valuation equals savings, 10/9/2007

If you are into the importation of goods, what is the basis of the customs duties you pay? If your answer is the invoice price – then I would encourage you to read on, since engaging in such a practice may lead to very interesting implications on the future of your business.

Read more...

Making Trade and Customs Rules Work for Your Company, 10/2/2007

First, there was the General Agreements on Tariffs and Trade and the World Trade Organization.

Read more...

Here comes the SALN, 8/28/2007

“Here comes the Sun. Here comes the Sun. and I say, ‘It’s All Right”

I am almost certain that not a few of us are familiar with this song which was composed and performed by guitarist George Harrison of the Beatles.

Read more...

Zeroing in on zero percent VAT rate, 7/10/2007

Prior to the effectivity of Republic Act No. (RA) 9337, known as the VAT Reform Law, services performed in the Philippines by VAT-registered persons which are paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) were considered subject to zero percent VAT.

Read more...

Forgiveness and Redemption, 4/24/2007

These are the main themes of the Lenten season, which ended last Sunday. As our parish priest discoursed on the virtue of compassion, my mind wandered to the general tax amnesty bill (House Bill No. 2933, as amended by the Senate) that awaits the president’s signature.

Read more...