Philippines – Tax Updates August 2024
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for August.
The SyCipLaw T.I.P.S for August 2024 covers the following tax issues:
- What are the options of the taxpayer in case of overpayment of creditable withholding tax (“CWT“)? Are these options irrevocable?
- Does the irrevocability rule under Section 76 of the Tax Code apply to a corporation even if it is already in the process of dissolution?
- Is an Authority to Release Imported Goods (“ATRIGs“) issued by the CIR considered an entry in official records under Rule 130 of the Rules of Court?
- May a non-stock, non-profit electric cooperative, which is not registered with the Cooperative Development Authority, but is registered with the National Electrification Administration, be qualified for exemption from income tax?
- Does an assessment based on third-party information require confirmation if the findings in a letter notice issued by the Bureau of Internal Revenue are not refuted or protested by the taxpayer?
- Under the recent reforms introduced by the Ease of Paying Taxes (“EOPT“) Act to the Tax Code, what are the mandatory requirements for claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority?
- What are the mandatory requirements for claims of tax credit or refund of excess/unutilized CWT on income?
Please read the full text here or via this link.
