|Mr. Antonio S. Abacan Jr.|
|Ms. Tomasa Lipana|
|Isla Lipana and Associates|
|Ms. Fleur-de-lis Nadua|
Banking and Taxation
The Banking and Taxation Sector takes the lead in monitoring and formulating the business sector’s position on finance and taxation legislations and issuances.
Pursuing the objective of ensuring that finance and taxation regulations are as simple, transparent and as business-friendly as possible, the Sector monitors legislations and policy decisions that affect/relate to the sector and crafts position papers as needed. Regular tax seminars are also organized to update the business community on the latest revenue regulations.
The Sector works closely with the Department of Finance, the Bureau of Internal Revenue, and Congress and is represented in the National Competitiveness Council’s (NCC) Working Group on Improved Budget Transparency.
The Department of Finance recently issued the Transfer Pricing (TP) Regulations. These are found in Revenue Regulations (RR) No. 2-2013 dated January 23, 2013.
The new regulations implement the power of the BIR Commissioner under Section 50 of the Tax Code to distribute, apportion or reallocate gross income or deductions between or among controlled organizations, trade or business, if she determines that such distribution, apportionment or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of such organization, trade or business. Read more...
The Senate Committee on Ways and Means has begun conducting public hearings on the Fiscal Incentives Bill, which seeks to rationalize and simplify the grant and administration of fiscal and non-fiscal incentives to promote foreign and domestic investments in the Philippines.
At the hearing in April 30 this year, Commissioner Kim Henares of the Bureau of International Revenue (BIR) presented the Department of Finance’s proposed version of the bill seeking to transform the Board of Investment (BOI) into a purely investment promotions agency. Under the DOF version, the granting of incentives shall a function solely of the Philippine Economic Zone Authority (PEZA).Read more...
We, the Philippine Chamber of Commerce and Industry (PCCI), the Tax Management
Association of the Philippines (TMAP), the Management Association of the Philippines (MAP),
Employers Confederation of the Philippines (ECOP), Philippine Exporters Confederation Inc.
(PHILEXPORT), and the Financial Executives Institute of the Philippines (FINEX), respectfully
submit this position paper to convey our concern on RMC 40 -2011 which requires submission
of Supplemental Information Return (SIR) as part of the annual income tax returns of the
following individual taxpayers: Read more...