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Tax Issues and Practical Solutions (T.I.P.S.) for June
SyCip Salazar Hernandez & Gatmaitan, June 2021

1. What are the new procedures for availing of tax treaty benefits? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 14-2021, as amended by Revenue Memorandum Circular (RMC) No...

The Revised Rules of Practice and Procedure of the Energy Regulatory Commission
SyCip Salazar Hernandez & Gatmaitan, June 2021

The Energy Regulatory Commission (ERC) has revised its Rules of Practice and Procedure (Revised RPP) which govern the proceedings before the ERC through the issuance of ERC Resolution No. 01, Series of 2021.1 The Revised RPP took effect on April 13, 2021 (or 15 days after its publication in Business Mirror, a newspaper of general circulation). It allows the ERC to adapt to changes brought about by the COVID-19 pandemic and modernizes the ERC rules of procedure...

Environmental, Social, and Governance (ESG) Investing in the Philippines
SyCip Salazar Hernandez & Gatmaitan, June 2021

Broadly speaking, environmental, social, and governance (ESG) investing is understood as investing that incorporates ESG factors in investment decisions. It is often used interchangeably with the terms sustainable investing, responsible investing, ethical investing and impact investing...

Tax Issues and Practical Solutions (T.I.P.S.) for May
SyCip Salazar Hernandez & Gatmaitan, June 2021

 1. What are the rules on the exclusion of land in the computation of the PhP100 million threshold on total assets in order to qualify for the reduced corporate income tax rate of 20% under the CREATE Law? The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 62-2021 dated April 30, 2021 (RMC No. 62-2021) to clarify certain provisions of Revenue Regulations No. 5-2021 relative to corporate income taxation under Republic Act No...

Tax Issues and Practical Solutions (T.I.P.S.) for April
SyCip Salazar Hernandez & Gatmaitan, May 2021

 The SyCipLaw T.I.P.S. for April covers the following tax issues: 1. What are the requirements to claim tax exemption for the procurement, importation, donation, storage, transportation, deployment, and administration of COVID-19 vaccines? 2. How are the amendments under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on certain final taxes implemented by the BIR? 3...

Amendments to the Anti-Money Laundering Act
SyCip Salazar Hernandez & Gatmaitan, April 2021

The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,1 which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette). (The new provisions introduced by R.A. 11521 to the AMLA are underlined below for ease of reference.) A. Spotlight on New Provisions B. Covered Persons and Covered Transactions C. Targeted Financial Sanctions D. Other Relevant Provisions   A. Spotlight on New Provisions R.A...

Tax Issues for Practical Solutions (T.I.P.S): International Edition
SyCip Salazar Hernandez & Gatmaitan, March 2021

The SyCipLaw T.I.P.S. International Edition covers the following tax issues: 1. What are the salient provisions on income tax under the Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE Act? On March 26, 2021, President Rodrigo R. Duterte signed the “Corporate Recovery and Tax Incentives for Enterprises Act” (Republic Act No. 11534, the CREATE Act) into law...

The FIST Act (Republic Act No. 11523): A Relief Measure for the Philippine Banking Industry
SyCip Salazar Hernandez & Gatmaitan, March 2021

Republic Act No. 11523, also known as “An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic” (FIST Act)1, which seeks to assist banks and financial institutions (FIs) in dealing with the adverse effects of the COVID-19 pandemic, took effect on February 18, 2021 upon its publication in the Official Gazette and in a newspaper of general circulation...

Tax Issues and Practical Solutions (T.I.P.S.) for February
SyCip Salazar Hernandez & Gatmaitan, March 2021

The SyCipLaw T.I.P.S. for February covers the following tax issues: 1. What are the new and simplified guidelines and procedures on the use of Computerized Accounting Systems, Computerized Books of Account, and/or its Components, including Electronic Storage System? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 9-2021 (RMO No...

Legal Developments in the Philippines: Focus on Data Privacy, Digital Banks and FinTech
SyCip Salazar Hernandez & Gatmaitan, February 2021

This bulletin is on recent Philippine legal developments in data privacy, fintech and digital banks. PRIVACY UPDATE Caring about Sharing: New Rules on Data Sharing Agreements On December 23, 2020, the Philippine data privacy regulator, the National Privacy Commission (NPC) issued NPC Circular No. 2020-03 on data sharing agreements (2020 DSA Circular).1 The circular supersedes NPC Circular No...

PSE Issues Amendments to the Voluntary Delisting Rules
SyCip Salazar Hernandez & Gatmaitan, February 2021

The Philippine Stock Exchange (PSE) issued Memorandum CN-No. 2020-0104, 1 dated December 21, 2020, on the amendments to its Voluntary Delisting Rules. These amendments tighten the approval requirements for delisting and seek to ensure the fairness of the tender offer price...

Supreme Court Guidelines on the Conduct of Videoconferencing
SyCip Salazar Hernandez & Gatmaitan, February 2021

The Supreme Court has issued Supreme Court Administrative Matter No. 20-12-01-SC (Re: Proposed Guidelines on the Conduct of Videoconferencing) dated December 9, 20201 (Court Videoconferencing Guidelines) to ensure that hearings via videoconferencing are conducted in an orderly manner and that the constitutional rights of the accused are protected...

Tax Issues and Practical Solutions (T.I.P.S.) for January
SyCip Salazar Hernandez & Gatmaitan, February 2021

The SyCipLaw T.I.P.S. for January covers the following tax issues: 1. Can the 25% surcharge for late filing of a tax return be abated due to faulty internet connection at the taxpayer’s office on the last day of filing?   2. What are the new requirements for availing of the 15% tax sparing rate for dividends paid by a domestic corporation to a non-resident foreign corporation?   3...

The 2020 Investment Priorities Plan includes “Activities Relating to the Fight Against COVID-19 Pandemic”
SyCip Salazar Hernandez & Gatmaitan, December 2020

The 2020 Investment Priorities Plan (2020 IPP) has been promulgated by the Philippine President under Memorandum Order No. 50 dated November 18, 2020 (https://www.officialgazette.gov.ph/downloads/2020/11nov/20201118-MO-50-RRD.pdf), and it became effective on December 6, 2020. The IPP is issued pursuant to the Omnibus Investments Code of 1987 (Executive Order No. 226), as amended (Omnibus Investments Code)...

Tax Issues and Practical Solutions (T.I.P.S.) for December
SyCip Salazar Hernandez & Gatmaitan, December 2020

The SyCipLaw T.I.P.S. for December covers the following tax issues: 1. When is the extended deadline to avail of the benefits of the Bureau of Internal Revenue’s Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP)? The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 33-2020 (RR No...

BSP Issues Guidelines on the Establishment of Digital Banks
SyCip Salazar Hernandez & Gatmaitan, December 2020

The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Circular No. 1105, Series of 20201 (Digital Bank Circular) dated December 2, 2020 to provide guidelines on the establishment of digital banks. This circular took effect on December 23, 2020 and was promulgated pursuant to the Monetary Board’s authority under Section 3.2(g) of the General Banking Law of 2000 to create other classes of banks...

Tax Issues and Practical Solutions (T.I.P.S.) for November.2020
SyCip Salazar Hernandez & Gatmaitan, December 2020

The November edition of the SyCipLaw T.I.P.S. is on the Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP) under Revenue Regulations No. 21-2020. Under the VAPP, taxpayers may pay “all internal revenue taxes covering the taxable year ending December 31, 2018, and fiscal year 2018 ending on the last day of the months of July 2018 to June 2019...

Tax Updates October 2020: SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 4
SyCip Salazar Hernandez & Gatmaitan, November 2020

The SyCipLaw T.I.P.S. for October cover the following tax issues: 1. When the taxpayer cannot be located, what are the options available to a Revenue Officer in serving an electronic Letter of Authority?  2. Is the sale, barter, exchange or other disposition through Initial Public Offering of shares of stock in closely held corporations subject to tax? 3...

Guidelines on the Implementation of the Hague Service Convention in the Philippines
SyCip Salazar Hernandez & Gatmaitan, October 2020

This is an overview of Supreme Court Administrative Order No. 251-2020 (Guidelines on the Implementation in the Philippines of the Hague Service Convention on the Service Abroad of Judicial Documents in Civil and Commercial Matters)1 (the Hague Service Convention Guidelines). The guidelines became effective on October 1, 2020.2 A...

BSP Issues Rules on the Implementation of the One-Time 60-Day Grace Period on Loans
SyCip Salazar Hernandez & Gatmaitan, October 2020

The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Memorandum No. M-2020-0741 (Implementing Rules and Regulations and Frequently Asked Questions on Section 4(uu) of the R.A. No. 11494 or the “Bayanihan to Recover as One Act” (Bayanihan 2)) to guide BSP-Supervised Financial Institutions (BSFIs) on the implementation of the one-time 60-day grace period granted to debtors under Bayanihan 2 for loan payments falling due by December 31, 2020...

Philippine Legislation in the Pipeline: Can Local Authorities Regulate the “Internet”?
SyCip Salazar Hernandez & Gatmaitan, October 2020

The electronic commerce industry is expected to expand by five to seven percent in the coming years while the streaming services business is also expected to exponentially grow, with more and more Filipinos opting to do their transactions online, as well as accessing Internet-based content and entertainment. Philippine authorities are inevitably focusing their regulatory gaze on these enterprises.  A...

PCC Issues Rules Implementing Section 4(eee) of Bayanihan 2 on the Transaction Value Threshold for the Exemption from Compulsory Notification
SyCip Salazar Hernandez & Gatmaitan, October 2020

The Philippine Competition Commission (PCC) has issued the rules for the implementation of Section 4(eee) of Republic Act No. 11494, the “Bayanihan to Recover as One Act” (Bayanihan 2)1 on October 5, 2020 and these rules (PCC Rules on Bayanihan 2) 2 were published, and thus became effective, from the same date...

SEC Issues Rules on Corporate Debt Vehicles
SyCip Salazar Hernandez & Gatmaitan, October 2020

 The Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 23, Series of 2020 (CDV Circular), dated August 18, 2020, which provides a regulatory framework for the creation and operation of Corporate Debt Vehicles (CDV). The circular aims to alleviate the adverse economic effects of the COVID-19 pandemic on large corporations and medium-sized enterprises by giving them another mode of raising capital through the intermediation of a mutual fund. 1...

PCC Issues Rules Implementing Section 4(eee) of Bayanihan 2 on the Transaction Value Threshold for the Exemption from Compulsory Notification
SyCip Salazar Hernandez & Gatmaitan, October 2020

 The Philippine Competition Commission (PCC) has issued the rules for the implementation of Section 4(eee) of Republic Act No. 11494, the “Bayanihan to Recover as One Act” (Bayanihan 2)1 on October 5, 2020 and these rules (PCC Rules on Bayanihan 2)2 were published, and thus became effective, from the same date...

Rules Implementing the Criminal Provisions of the Philippine Competition Act
SyCip Salazar Hernandez & Gatmaitan, September 2020

 This briefing provides an overview of the salient points of Department of Justice (“DOJ”) Circular No. 016 (Rules Implementing the Criminal Provisions of Republic Act No. 10667, Otherwise Known As the Philippine Competition Act)1 (“PCA Rules on Criminal Provisions”). A...

 

 

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