Tax exemptions, being in derogation of the State’s inherent power to tax, are strictly construed against the taxpayer. Thus, when one is upheld, it is not merely a legal triumph — it is a cause for celebration. In G.R. No. 262092 (October 9, 2024), the Supreme Court ruled that a foreign currency deposit — specifically an HSBC …
Supreme Court Affirms: Foreign Currency Deposits Exempt from Estate Tax Read More »
Revenue Regulations No. 3-2025 (RR No. 3-2025), issued by the Bureau of Internal Revenue (BIR) on January 16, 2025, provides the implementing rules and guidelines for Republic Act No. 12023, also known as the “VAT on Digital Services Act.” This regulation operationalizes the imposition of a 12% Value-Added Tax (VAT) on digital services in the …
Philippines- An Overview of VAT on Digital Services Read More »
31 March 2022 It seems the Philippine legislative and executive branches are on a roll in their mission to further attract foreign investments into the country to accelerate recovery of the economy which was drastically affected by the COVID19 pandemic. After the approval in December 2021 of Republic Act No. (“RA”) 11595 which simplified the …
On 01 March 2022, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 3, series of 2022 on the implementation of the ceiling on interest rates and other fees charged by Lending Companies (LCs), Financing Companies (FCs) and their Online Lending Platforms. In a nutshell, this circular puts a cap on the interests and …
Interest Cap on Loans Offered by Lending and Financing Companies Read More »
