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Tax Issues and Practical Solutions (T.I.P.S.) for April 

by Carina Laforteza

Published: May, 2021

Submission: May, 2021

 



 The SyCipLaw T.I.P.S. for April covers the following tax issues:


1. What are the requirements to claim tax exemption for the procurement, importation, donation, storage, transportation, deployment, and administration of COVID-19 vaccines?

2. How are the amendments under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on certain final taxes implemented by the BIR?

3. How will the Commissioner of Internal Revenue disclose to the Department of Finance information on entities receiving tax incentives?

4. What are the new provisions on VAT and percentage tax, and the new corporate income tax rates, under the CREATE Act?

5. How can a domestic corporation apply for the exemption from income tax on foreign-sourced dividends that is provided under the CREATE Act?

6. What provisions in the CREATE Act were vetoed by the President?

7. What are the new rules for availing of tax treaty benefits?

8. Can the taxpayer enter into compromise agreements with the CIR during the pendency of the case?

9. What are the requirements in claiming a refund or tax credit of erroneously paid local government taxes under Section 196 of the Local Government Code?

10. Are the payment of fees to foreign corporations for services rendered outside the Philippines subject to income tax and VAT?
 


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For more information regarding the issuances discussed in this bulletin, please contact:



Carina C. Laforteza
Tax Department Head
[email protected]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 


 



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