Legal Updates

Philippines Taxes Offshore Services: What your Business Needs to Know!

TAXATION, Announcements, blog, Compliance, Corporate, Finance, Legal Updates / By Admin GVES

On 10 January 2024, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Circular (“RMC”) No. 5-2024 which clarifies the tax treatment of cross-border services based on the case of Aces Philippines Cellular Satellite Corp. v. Commissioner of Internal Revenue, G.R. No. 22668, 30 August 2022. Aces Philippines Cellular Satellite Corporation (“Aces Philippines”) and Aces International …

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SEC Rolls Out ZERO: A Fully Digital, Paperless Registration System

Uncategorized, Compliance, Corporate, Legal Updates / By Admin GVES

The SEC is taking additional steps toward going paperless. Under new SEC Memorandum Circular No. 3, 2005, all domestic stock corporations—excluding lending and financing companies—are now mandated to register through the SEC’s new fully online, paperless company registration systems. ZERO stands for Zuper Easy Registration Online, a digital platform that lets users register their companies …

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Supreme Court Affirms: Foreign Currency Deposits Exempt from Estate Tax

Legal Updates, Compliance, Corporate, TAX EXEMPTION, TAXATION / By Admin GVES

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 …

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Philippines- An Overview of VAT on Digital Services

Legal Updates, Compliance, Corporate, Technology, Uncategorized / By John Henley Godinez

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 …

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EOPT introduces shifts from Official Receipts to Invoices

Announcements, Legal Updates / By admin

By: Atty. Ludanielle N. Legarde The term “Official Receipt” as commonly used in the Philippine has forever changed as we know it. Due to the Ease of Paying Taxes (EOPT) Act, R.A. No. 11976 (2023), the Bureau of Internal Revenue (BIR) issued BIR Revenue Regulations No. 7-2024 (April 11, 2024) to implement the amendments on …

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GVES LAW Conducts Brief Real Estate Seminar To REBs

Announcements, Legal Updates / By admin

Gves Law through one of its Partners specializing in real estate, Atty. Ludanielle N. Legarde, conducted a short seminar for one of its retainers, one of the country’s top real estate brokerage company. The purpose of the seminar was to arm real estate brokers with additional legal know how to close deals faster and to …

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Tax Implications of Sale of Real Property in the Philippines

Legal Updates / By admin

The first step to knowing the tax implications of a sale of a real property is to determine whether the real property is a capital asset or an ordinary asset. Ordinary assets are either (1) Stock in trade of a taxpayer or other real property of a kind which would properly be included in the …

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GVES Law Awarded as the 2023 Rising Law Firm of the Year

Legal Updates, Announcements / By Peter Guan S. Espiritu

The Godinez Villanueva Espiritu & Soliman (GVES Law) is delighted to announce that it was recognized as the Asian Legal Business (ALB) Philippine Law Awards 2023 Rising Law Firm of the Year. GVES Law was also named by ALB as finalists in the following categories: Data Privacy and Protection Law Firm of the Year and …

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