1 June 2021
The SyCipLaw T.I.P.S. for May covers the following tax issues:
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?
2. If the tax assessment is invalid, can a taxpayer still be convicted for willful failure to pay taxes?
3. Can the Commissioner of Internal Revenue decide that a taxpayer is not entitled to an income tax holiday and assess deficiency income tax on this basis?
4. Given that a municipality cannot impose franchise taxes, can a municipal ordinance that imposed franchise taxes be cured by the subsequent conversion of a municipality into a city?
5. Are the properties of the Metropolitan Waterworks and Sewerage System subject to real property taxes?
6. What are the deadlines for the submission of the relevant reports and application form in connection with the Personal Equity and Retirement Account Act?
7. What are the new excise tax rates on alcohol products, tobacco products, heated tobacco products, and vapor products?
For further information, please contact:
Hiyasmin H. Lapitan, Partner, SyCip Salazar Hernandez & Gatmaitan
hhlapitan@syciplaw.com
