Philippines: SyCipLaw's Top 10 Tax Issues and Practical Solutions (T.I.P.S.) for 2023

Published on Mar 11, 2024

SyCipLaw's Tax Department has listed down its Top 10 Tax Issues and Practical Solutions (T.I.P.S.) for 2023.

Please read the full text here or via this link.

The SyCipLaw's Top 10 Tax Issues and Practical Solutions (T.I.P.S.) for 2023 covers the following tax issues:

1. Does the Court of Tax Appeals have jurisdiction over a tax dispute solely involving two government agencies under the Executive Department?

2. Can a local government unit continue taxing a company that is no longer conducting business within its jurisdiction on the basis of the company's failure to apply for the retirement of its business?

3. Are payments made to a nonresident foreign corporation for satellite services delivered in the Philippines taxable in the Philippines?

4. Is an issuer of Philippine Depositary Receipts ("PDRs") automatically considered a dealer in securities?

5. What are the amendments introduced by Revenue Regulations ("RR") No. 3-2023 to the regulations on VAT zero-rating?

6. What changes were introduced by RMC No. 71-2023 and Revenue Memorandum Order ("RMO") No. 23-2023 on the processing of claims for Value-Added Tax ("VAT") credit or refund?

7. Was the Estate Tax Amnesty extended?

8. When does the five-year prescriptive period for tax evasion cases begin to run?

9. When is prior notice and hearing required for a revenue issuance to be valid?

10. What taxes are due on transactions involving real properties considered as ordinary assets?