Philippines Chapter in The Tax Disputes and Litigation Review – Edition 5
The Philippines section of The Tax Disputes and Litigation Review – Edition 5 contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. …
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IFLR: “Philippines: Acquiring insurance brokers”
The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Hiyasmin H. Lapitan entitled “Philippines: Acquiring insurance brokers”. The article discusses the new requirement by the Philippine Insurance Commission (IC) for advance approval to acquire a stake in a Philippine corporation that is licensed as an insurance broker or …
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SyCipLaw Tax Bulletin: Philippine BIR Rules on Proper Tax Treatment of Passed-on Gross Receipts Tax
On June 13, 2016, the then Commissioner of Internal Revenue issued Revenue Memorandum Circular No. 62-2016 purporting to clarify the proper tax treatment of percentage tax or gross receipts tax (GRT) due on transactions covered by Sections 1211 and 1222 of the Tax Code which are shifted through contractual stipulations to borrowers/customers/clients (“passed-on” GRT). Banks, …
Philippine Court of Appeals Denies Issuance of Environmental Protection Order Against Mining Company
In a decision issued on March 8, 2017, the Philippine Court of Appeals (CA) denied the petition by NGO Ang Aroroy ay Alagaan, Inc. and certain individuals, for the issuance of a writ of kalikasan against Filminera Resources Corporation, and its directors and officers. The petitioners have claimed that Filminera, which operates in the Philippine …
IFLR: “Philippines: Foreign equity ownership decision”
The March issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Jose Florante M. Pamfilo entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no. …
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SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules
The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions.
Doing Business 2017: Equal Opportunity for All
The World Bank Group has released its Doing Business 2017: Equal Opportunity for All report. This is the 14th in an annual series of reports providing objective measures of business regulations and their enforcement in 190 economies. The report focuses on measuring regulations affecting 11 areas: starting a business, dealing with construction permits, getting electricity, …
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IFLR: “Philippines: Promoting foreign investment”
The February issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Aaron Roi B. Riturban entitled “Philippines: Promoting foreign investment”. The article focuses on Republic Act no. 10881, which lifts the foreign investment limitations found in laws governing adjustment companies, lending companies, financing companies, and investment houses. Read the article online …
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Enabling the Business of Agriculture 2017
The World Bank Group has released Enabling the Business of Agriculture 2017. The report presents data on legal barriers for farmers, entrepreneurs and businesses operating in agriculture in 62 countries and across the topics of land, seed, fertilizer, machinery, water, livestock, finance, markets, transport, and information and communication technology (ICT). SyCipLaw's Rose Marie M. King-Dominguez, Alan C. …
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Geothermal Transparency Guide
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) contributed the Philippine chapter of Icelandic law firm BBA’s handbook called the Geothermal Transparency Guide. The publication is intended to provide an overview of the legal and regulatory framework governing exploration, exploitation and production of electricity from geothermal resources. The Philippine chapter was contributed by SyCipLaw partners Hector M. de …