Member Article

SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for August.

The August 2023 issue covers the following tax issues:

1. May the ruling in the 2011 case of Commissioner of Internal Revenue v. Filinvest ("Filinvest"), that instructional letters, journal and cash vouchers evidencing advances to affiliates qualified as loan agreements upon which Documentary Stamp Tax ("DST") may be imposed, be applied retroactively against a taxpayer who did not obtain a prior favorable ruling from the Bureau of Internal Revenue ("BIR")?

2. Can the Deputy Commissioner of Internal Revenue re-open a case for deficiency taxes after the finality of a Final Decision on Disputed Assessment?

3. Was the Estate Tax Amnesty extended?

4. When does the five-year prescriptive period for tax evasion cases begin to run?

5. May assessments be based solely on third-party information?

6. How can Board of Investments ("BOI") Registered Business Enterprises ("RBEs") avail themselves of the VAT and customs duty exemption on the importation of capital equipment, raw materials, spare parts, or accessories?

7. How may an RBE obtain a CNLA to avail itself of the VAT and customs duty exemption on the importation of capital equipment, raw materials, spare parts or accessories?

8. Are RBEs registered with an IPA prior to the CREATE Act exempt from local business taxes, fees, and charges after the effectivity of the CREATE Act?

9. Are Independent Power Producers ("IPPs") entitled to a reduction and condonation of real property taxes ("RPT") on their property, machinery and equipment used in the generation and distribution of electric power?

10. How can domestic corporations declare tax-exempt dividend income when such income was received from multiple foreign sources?

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