Philippines – Tax Updates October 2024 (SyCipLaw Tax Issues And Practical Solutions (T.I.P.S.) Vol. 35).
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for October.
The SyCipLaw T.I.P.S for October 2024 covers the following tax issues:
- Does the irrevocability rule (with respect to a claim for refund of excess creditable withholding tax under Section 76 of the Tax Code) apply to a company that has permanently ceased operations but has not yet obtained a tax clearance?
- Is a non-stock, non-profit, domestic corporation organized as a mutual benefit association subject to local business tax?
- Does the period to appeal a decision of the Court of Tax Appeals commence from receipt of the decision by the Commissioner of Internal Revenue or the Office of the Solicitor General?
- Under the recent reforms introduced by Republic Act No. 12001 (enacted on June 13, 2024), otherwise known as the Real Property Valuation and Assessment Reform Act (“RPVARA“), to the Local Government Code, Tax Code, as amended, and other laws, how shall real properties be valued or appraised?
- How will the Schedule of Market Values (“SMVs“) enacted by the local assessors and compliant with the standards set under the RPVARA be used?
- What is the immediate benefit to taxpayers brought about by the enactment of the RPVARA?
- How is the “Risk-Based Approach,” introduced by the Ease of Paying Taxes (“EOPT“) Act to the Tax Code, in the verification and processing of input VAT refund claims implemented?
- When can a seller claim output VAT credit on uncollected receivables?
Please read the full text here or via this link.
