10 August 2021
The SyCipLaw T.I.P.S. for July covers the following tax issues:
1. What is the extended period for availing yourself of the Estate Tax Amnesty?
2. May the Bureau of Internal Revenue issue a Final Letter of Demand and Final Assessment prior to the expiration of the 15-day period given to the taxpayer to respond to a Preliminary Assessment Notice?
3. If a taxpayer pays local business tax pursuant to an assessment made on it by a local government unit, can it ask for a refund of the taxes paid under Section 196 of the Local Government Code which covers illegally collected local business tax if it disagrees with the assessment?
4. May a local government unit assess local business tax based on dividend income of a holding company pursuant to Section 143(f) of the LGC?
5. Is the “sale of goodwill” resulting from the sale of shares separately subject to income tax in addition to the capital gains tax due from the sale of shares?
6. Are goods imported into the Subic Bay Freeport Zone subject to import duties and taxes?
7. Is an import permit from the relevant government agency required for regulated goods imported into the SBFZ?
8. Is the Bases Conversion and Development Authority exempt from payment of docket fees?
Please read the full text at https://tinyurl.com/
For further information, please contact:
Carina C. Laforteza, Tax Department Head,
SyCip Salazar Hernandez & Gatmaitan
cclaforteza@syciplaw.com
