Tax Updates October 2022 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 20)
November 14, 2022
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for October.
The SyCipLaw T.I.P.S. for October covers the following tax issues:
1. Are offshore-based Philippine Offshore Gaming Operations (POGO) licensees subject to Philippine taxes?
2. Does the Court of Tax Appeals have jurisdiction over issues concerning the national wealth share of local government units under the Local Government Code?
3. Is a general professional partnership, which is engaged in the practice of the architecture profession, liable for contractor's tax, which is a local business tax, under the Revised Makati Revenue Code?
4. Are the invoicing requirements under Sections 110 and 113 of the National Internal Revenue Code, as amended, applicable to imported goods?
5. Are lawyers or legal professional partnerships entitled to tax incentives for rendering free legal services?
6. What documents, if any, are required for lawyers or professional partnerships to avail themselves of the "Special Allowable Itemized Deduction"?
7. Is equity-based compensation received by supervisory or managerial employees still taxed as fringe benefits?
8. Are Health Maintenance Organization (HMO) plans acquired by Registered Export Enterprises (REEs) for its employees subject to VAT at zero-rate?
9. What are the requirements for REEs to avail of zero-rated VAT on their expenses incurred in procuring HMO plans?
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