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Implementing rules of AMLA tweaks to be similar to statutory amendments

REVISIONS to the implementing rules and regulations (IRR) of the law strengthening the country’s anti-money laundering measures will follow key legislative amendments, Anti-Money Laundering Council (AMLC) Executive Director Mel Georgie B. Racela said on Monday.

“The IRR amendments will be substantially similar to the statutory amendments in order to minimize any potential controversy and avoid further delays to its approval,” Mr. Racela said in a text message.

The reconciled version of House Bill No. 7904 and Senate Bill No. 1945 was approved by the Bicameral Conference Committee on Jan. 12, just weeks before the Feb. 1 deadline set by the Financial Action Task Force (FATF) for the country to comply with its recommendations and avoid being gray-listed. The changes are meant to strengthen Republic Act (RA) No. 9160 or the Anti-Money Laundering Act (AMLA) of 2001.

Mr. Racela said the AMLC has been “taking parallel moves in the IRR draft to beat the deadline.” He added they have yet to receive the official enrolled bill version.

“The enrolled bill is still with Congress, particularly in the Senate from the last I heard,” he said.

The bicameral panel last week reconciled key differences in their earlier proposals and finalized covered transactions to include a P25-million threshold for tax crimes and a threshold for real estate single cash transactions in excess of P7.5 million.

Lawmakers also included a provision to allow the AMLC to apply for a subpoena through the court. Initially, the House proposed to grant the regulator power to issue subpoenas on its own, but this was not included in the Senate’s version.

Quirino Representative Junie E. Cua, who chairs the House Committee on Banks and Financial Intermediaries, previously said they adjusted provisions related to subpoenas in accordance with the Constitution.

“This is one of the amendments where the representatives of the Senate and the House of Representatives found a middle ground. So we will respect this outcome as it is a “better than nothing” version,” Mr. Racela said.

The Philippines has been under a FATF observation period since 2019 and needs to address the gaps in its measures against dirty money and terrorism financing to avoid the gray list. The country was removed from the gray list in February 2005 after its inclusion in 2000.

Legislators have warned that being deemed a jurisdiction with lax measures on anti-money-laundering and counter-terrorism financing could impact remittance and investments as transactions will have to undergo stricter scrutiny, higher fees, and longer processing.

Recommended improvements by the FATF on the country’s counter-terrorism financing measures have already been addressed through the controversial RA No. 1149 or the Anti-Terror Act of 2020. — Luz Wendy T. Noble

Meralco to start work on Aseana substation project

D.M. WENCESLAO & Associates, Inc. (DMW) said it signed an agreement with Manila Electric Company (Meralco) for a substation within its Aseana City township project.

In a statement, the developer said the Aseana-1 Substation Project is set to break ground within the first quarter and targeted for completion by the second half of 2022.

The substation will boost the power supply capacity in Aseana City.

Aseana City is a 107-hectare mixed-use development situated between the Mall of Asia Complex and Entertainment City. Locators include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequoia Hotel, Honda Manila Bay, among others.

“Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully-designed to allow them to live a comfortable life,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

How PSEi member stocks performed — January 25, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, January 25, 2021.


Peso climbs on PHL stock market’s gains

THE PESO strengthened against the greenback on Monday following the stock market’s climb and signals of more inclusive policies in the United States to help combat the coronavirus pandemic.

The local unit closed at P48.079 per dollar, appreciating by 0.6 centavo from its P48.085 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.07 per dollar. Its weakest was at P48.085 while its strongest showing was at P48.05 against the greenback.

Dollars traded declined to $763.05 million on Monday from $1.09 billion on Friday.

The peso was backed by the local stock market’s gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The Philippine Stock Exchange index rose 25.67 points or 0.36% to close at 7,071.50 on Monday.

Meanwhile, a trader said the market was bullish on the policies of the new US administration.

“The peso appreciated as investors cheered after President Biden remarked about his initiative to put the US back into the global community, which was a departure from his predecessor’s stance,” the trader said in an e-mail.

The US COVID-19 strategy revealed late last week shows the administration of US President Joseph R. Biden, Jr. has been taking steps to help poorer countries secure vaccines and securing more funding through legislation meant for international efforts, Reuters reported.

“The Biden-Harris administration will seek funding from Congress to strengthen and sustain these efforts, as well as other existing multilateral initiatives involved in fighting COVID-19,” according to the strategy.

Mr. Ricafort expects the peso to move within the P48.04 to P48.09 band on Tuesday while the trader gave a forecast range of P48.00 to P48.10 per dollar. — L.W.T. Noble with Reuters

PSEi rebounds on bargain hunting, US stimulus

LOCAL SHARES bounced back on Monday as investors picked up bargains at the last minute and on news of a $1.9-trillion economic stimulus package being pushed in the United States.

Ending its six-day decline, the 30-member Philippine Stock Exchange index (PSEi) rose 25.67 points or 0.36% to close at 7,071.50 on Monday, while the broader all shares index rose 8.96 points or 0.21% to 4,250.65.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market improved as investors study the new stimulus package being pushed by US President Joe R. Biden.

Officials in Mr. Biden’s administration tried to head off Republican concerns that his $1.9-trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution, Reuters reported.

Lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900-billion relief measure.

“We can’t wait,” White House Principal Deputy Press Secretary Karine Jean-Pierre told reporters. “Just because Washington has been gridlocked before, doesn’t mean it needs to continue to be gridlocked.”

As of Monday, the US led all countries in terms of coronavirus disease 2019 (COVID-19) cases at 25.12 million, based on data from the Johns Hopkins University COVID-19 dashboard. The country also has the most deaths at 419,209.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market improved on bargain hunting.

“Last minute bargain hunting sent the local market higher on Monday. With this, the local bourse breaks its six-day losing streak,” Mr. Tantiangco said in a mobile phone message.

Sectoral indices ended mixed. Financials inched up 21.76 points or 1.5% to 1,470.88; property climbed 41.16 points or 1.15% to 3,609.27; and services gained 4.83 points or 0.31% to 1,540.96.

Meanwhile, mining and oil declined 109.25 points or 1.17% to 9,212.70; industrials retreated 73.73 points or 0.8% to 9,101.37; and holding firms lost 11.82 points or 0.16% to 7,213.33.

Value turnover on Monday reached P9.11 billion with 79.86 billion issues switching hands, lower than the P11.39 billion, with 135.08 billion issues traded in the previous session.

Decliners beat advancers, 129 against 92, while 39 names ended unchanged.

Net foreign selling amounted to P311.43 million, lower than the P1.42 billion logged on Friday.

“We’ll have to observe if the index continues to hold its 7,000 support, with 7,300 being the nearest resistance area,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave with Reuters

Agriculture dep’t looking into price manipulation in food

PHILSTAR/MICHAEL VARCAS

AGRICULTURE Secretary William D. Dar said price manipulation by traders and wholesalers is behind the high retail prices of commodities such as pork and chicken.

In a virtual briefing Monday, Mr. Dar said the Department of Agriculture (DA) has asked the Philippine Competition Commission to investigate traders and wholesalers allegedly involved in the manipulation of supply, leading to increased prices.

“Let us not sow panic among consumers. We have enough food in the country. Food prices are being manipulated by wholesalers and traders,” Mr. Dar said.

“During my visit to Batangas last Saturday, traders are the ones dictating farmgate prices. They are manipulating prices. Their profits are too much,” he added.

To bring prices down, Mr. Dar said the DA has proposed an executive order to President Rodrigo R. Duterte that will impose a price ceiling on pork and chicken in the National Capital Region for 60 days.

Once issued, it will cap the price of pork shoulder, or kasim, at P270 per kilogram (kg), pork belly, or liempo, at P300, and dressed chicken at P160.

Mr. Dar said the price ceiling is to prevent businesses from illegally manipulating the prices of basic necessities and assist consumers during the pandemic.

According to the DA’s Monday price monitoring report, the retail price of kasim was between P350 and P400 per kg., while liempo prices were between P380 and P440 and chicken between P160 and P180, well above the DA’s suggested retail prices (SRP).

In November, a price freeze on selected basic commodities was also implemented after President Rodrigo R. Duterte placed Luzon under a state of calamity following a series of typhoons, which hit key food-growing areas and disrupted the transport of goods to market.

Mr. Dar said the focus is now on traders and wholesalers via a proposed competition investigation.

Mr. Dar said the DA is planning to increase its minimum access volume (MAV) allocation for pork imports to 162,000 metric tons (MT), from the current 54,000 MT.

Pork products imported under MAV are charged a 30% tariff, while those outside the MAV are charged 40%.

Meanwhile, Trade Secretary Ramon M. Lopez in a statement Monday called for the creation of a registry of stakeholders involved in the agriculture supply chain. The registry will help future investigations identify the source of sudden price increases.

Mr. Lopez also said that local government units should start a dialogue with retailers regarding the implementation of the SRP.

In a statement Monday, Samahang Industriya ng Agrikultura Chairman Rosendo O. So said prices are high because the supply of pork in Metro Manila has to be sourced from distant growing areas like the Ilocos and Bicol region. He added that the prices of feed and inputs have also increased.

Mr. So claimed that the hog industry has lost P134 billion due to African Swine Fever, while the poultry industry is being affected by the entry of imports.

“The farmgate price of pork is now between P230 to P250 per kilogram in Luzon. Chicken farmgate price is between P115 to P120 per kilogram. How will traders bring these to Metro Manila? It is high time that the DA help producers,” Mr. So said. — Revin Mikhael D. Ochave

BIR collects 86% of taxes online in 2020

THE Bureau of Internal Revenue (BIR) said it collected P1.67 trillion worth of taxes through electronic payment channels last year, or 86% of the P1.94 trillion total, after the pandemic shut down many face-to-face online payment channels.

Around 21.5 million or 94% of the 22.86 million tax returns filed last year were submitted online, according to the Department of Finance (DoF), citing preliminary data from BIR Commissioner Caesar R. Dulay.

Only 6% or 1.38 million tax returns were filed manually in 2020, with taxpayers also restricted in their mobility by the quarantine.

Taxes collected from the PayMaya mobile application, the latest addition to the BIR’s pool of electronic payment channels, amounted to P4.98 billion.

The DoF said the BIR’s collections overall were down 11.23% from the P2.19 trillion in 2019, but exceeded the P1.6-trillion target for 2020 by 15%.

The Development Budget Coordination Committee (DBCC) reduced its projection for government revenue last year as tax collections slumped due to weak consumption and business closures during the pandemic.

Other accredited electronic payment platforms of the BIR were the Gcash e-wallet app, the Land Bank of the Philippines e-payment portal Linkbiz, the PayTax service of the Development Bank of the Philippines, the UnionBank Online app and PESONet.

It launched in April pilot operations for its web-based Internal Revenue Integrated System, which will centralize the processing of taxpayer information. The system is targeted for full launch by the end of 2021, according to the bureau.

It also opened the Electronic Audited Financial System, under which businesses can submit their financial statements to the agency digitally. An e-appointment facility was set up in October for taxpayers to raise concerns online. — Beatrice M. Laforga

PCC increases fines for anti-competitive behavior

THE Philippine Competition Commission (PCC) has raised fines for violations of competition rules like cartel behavior in pricing and unauthorized mergers by 10%.

Firms found to be participating in cartels, abuse of market dominance, and unauthorized mergers can now be fined up to P110 million, while those that refuse to follow the commission’s rulings or are late in submitting merger notifications can be fined up to P2.2 million.

Submission of wrong or misleading information to the commission can lead to fines of up to P1.1 million, the commission said in a statement Monday.

Companies subject to the Philippine Competition Act (PCA) or Republic Act No. 10667 are not allowed to use their dominance or significant market power to deter competition or employ secret agreements to fix prices.

Under the law, PCC may adjust its penalties for inflation every five years.

PCC Chairman Arsenio S. Balisacan said that this adjustment ensures that the law can sufficiently deter firms from engaging in anti-competitive behavior.

“Along with effective detection and prosecution of infringements, increasing PCC’s fines is meant to deter cartelistic and abusive business practices that take advantage of consumers amid the pandemic,” he said.

While the range of fines has been adjusted, the commission said that companies will ultimately be penalized based on “the gravity and duration of the infringement, profits derived from the illegal conduct, and consumer harm.” 

The new fines will take effect on Feb. 9 and will apply to violations committed after that date.

The PCC has imposed P162.5 million in fines since 2016. — Jenina P. Ibañez

BCDA invites bidders for construction of Clark sports academy

THE Bases Conversion and Development Authority (BCDA) has issued an invitation to bid for the design and construction of the first phase of the National Academy of Sports in New Clark City.

The approved budget for the contract is P568.4 million, including taxes and fees, the BCDA said in its invitation, published Monday.

Works must be completed in 210 days, the BCDA said. The eligibility requirement for bidders is the completion of similar projects such as multi-sports gyms, stadiums, arenas, or indoor sports facilities with a contract value of at least half of the approved budget.

The auction will be limited to Filipino citizens running sole proprietorships, partnerships, corporations, or joint ventures, with at least 75% interest or outstanding capital stock belonging to Filipino citizens.

Prospective bidders must hold an “AAA” construction license and a “Large B” license classification with the Philippine Contractors Accreditation Board.

The pre-bid conference will be on Feb. 9, while the bid deadline is Feb. 26.

Republic Act No. 11470 establishing the academy was signed into law in June. The academy will develop a secondary education program that emphasizes a sports curriculum. — Jenina P. Ibañez

House panel approves bills simplifying tax filing process

THE House Committee on Ways and Means approved measures that will make tax filing easier, to encourage taxpayers to pay their dues.

In a virtual committee hearing Monday, the panel approved House Bill (HB) 7881 and House Bill 7415. HB 7881, or the proposed “Ease of Paying Taxes Act” seeks to relax the rules on filing returns and paying taxes. It will also ease compliance requirements and penalties for violators. The bill proposes to amend sections of the National Internal Revenue Code of 1997.

HB 7415, also a proposed tax code amendment, seeks to simplify registration for taxes and the filing of returns and payment of income and percentage taxes. It will also provide tax relief for micro enterprises.

“After a lengthy discussion… may I now make a motion since this is…very commendable. I move for the approval of House Bills 7881 and 7415 subject to style and amendments,” Nueva Ecija 2nd District Representative Estrelita B. Suansing proposed before the measures were approved.

Albay 2nd District Rep. Jose María Clemente S. Salceda said at the hearing that the National Internal Revenue Code does not contain provisions that “empower” taxpayers and underline their rights. The law takes a “one size fits all” approach even if each tax paid has a different compliance requirement.

He cited the need to boost “tax morale,” as a means of driving growth. He estimated that low enthusiasm for paying taxes shaves off between 0.68 and 1.02 percentage points from gross domestic product each year.

“When citizens perform their patriotic duty to pay correct taxes and ensure the flow of the lifeblood of the government, the least the state can do is ease the process of doing so,” he said at the hearing.

Aside from reduced requirements and removal of tax registration fees, the proposed law also creates a “Taxpayers’ Bill of Rights” and establishes a Taxpayer’s Advocate Office.

The proposed measures also intend to cut red tape further and minimize occasions for corruption in the tax collection effort. — Gillian M. Cortez

Use of dams in aquaculture proposed

DAMS and some lakes can be tapped for aquaculture, with the industry possibly attracting investors if the new growing areas are opened up, according to advocacy group Tugon Kabuhayan.

In a virtual briefing Monday, Tugon Kabuhayan convenor Asis G. Perez said aquaculture can be established in Lake Mainit and Lake Lanao in Mindanao, as well as Angat Dam, San Roque Dam, and Pantabangan Dam.

Mr. Perez, a former national director of the Bureau of Fisheries and Aquatic Resources, said a policy overhaul is needed to establish aquaculture in dams and more lakes.

“This is especially needed for government agencies with jurisdiction in those areas, because every area has a different situation. Regulations should be aligned in order for investment to be drawn to those areas,” Mr. Perez said.

“Done properly, aquaculture can contribute to the overall production of the fisheries sector,” he added.

Mr. Perez said a stumbling block for the proposal is the conversion of these locations into protected areas, which could make for investors.

“Regulations are not clear in terms of fees that need to be paid,” Mr. Perez said.

According to Norberto O. Chingcuanco, co-convenor of Tugon Kabuhayan, a fully operational aquaculture set-up requires an investment of 100 to 500 cages, with one cage worth half a million pesos (P500,000), along with other facilities.

Mr. Chingcuanco said the establishment of aquaculture in lakes and dams can provide employment for those living near them.

“You can create livelihood in remote areas and people can earn properly,” Mr. Chingcuanco said.

Mr. Chingcuanco said one of the companies with a pending application before the National Irrigation Administration is aquaculture company Feedmix Specialist, Inc., which is seeking to operate in Pantabangan Dam.

Mr. Perez said other companies are trying to secure permits to invest in aquaculture in dams and other areas. He did not elaborate. — Revin Mikhael D. Ochave

Revisiting the manner of tax filings and payment

Earlier this month, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 4-2021, which lays down the guidelines for the filing of tax returns and attachments, as well as the payment of the taxes due. The RMC did not, essentially, introduce any changes to the prescribed manner of filing and payment of tax returns, but it is nevertheless important to refresh ourselves on these guidelines to ensure proper compliance and avoid unnecessary penalties and inconvenience.

ELECTRONIC FILING AND PAYMENT OF TAX RETURNS
The electronic mode of filing of tax returns can either be via the eBIR Forms or the Electronic Filing and Payment System (eFPS) Facility. Several regulations were previously issued by the tax authority, which identified taxpayers for whom the filing of tax returns using these electronic filing platforms is mandatory. Nevertheless, other taxpayers may also opt to voluntarily file their tax returns electronically.

Under existing regulations, the following taxpayers are required to use the eBIR Forms in filing their tax returns:

1. Top withholding agents;

2. Accredited tax agents/practitioners and all their client-taxpayers;

3. Accredited printers of principal and supplemental receipts/invoices;

4. One-Time Transaction (ONETT) taxpayers who are classified as real estate dealers/developers; those who are considered habitually engaged in the sale of real property who are using/filing BIR Form No. 1606 together with the BIR Form No. 2000OT and regular taxpayers already covered by eBIR Forms;

5. Taxpayers who are filing for a “No Payment Return”;

6. Government-owned and -controlled corporations (GOCCs);

7. Local government units, except barangays;

8. Cooperatives registered with National Electrification Administration and Local Water Utilities Administration.

In case of filing of “No Payment Returns,” note that once the taxpayer filed using the eBIR Forms, it shall continue to file its subsequent tax returns via the platform whether or not there are any tax payments due. However, manual filing for “No Payment Returns” shall be allowed for the following taxpayers:

1. Senior Citizen or Persons with Disabilities filing their own returns;

2. Employees deriving purely compensation income from two or more employers, concurrently or successively at any time during the taxable year, or from a single employer although the income of which has been correctly subjected to withholding tax, but whose spouse is not entitled to substituted filing; and

3. Employees qualified for substituted filing that opted to file for an annual income tax return and are filing for purposes of promotion, loans, scholarships, foreign travel requirements, etc.

The payment of taxes due on returns filed via the eBIR Forms shall be made through any of the following:

1. Authorized Agent Banks (AABs) under the jurisdiction of the concerned Revenue District Office (RDO) where the taxpayer is registered.

2. Revenue Collection Officers (RCOs) under the RDO where the taxpayer is registered through the Mobile Revenue Collection Officer System (MRCOS) in areas where there are no AABs.

In manually paying its taxes through RCOs, taxpayers shall take note that cash payments are allowed only up to a maximum of P20,000 per return. Therefore, in case the tax payable for a single return exceeds P20,000, the taxpayer shall prepare instead a check for payment, which in most cases shall be a manager’s or cashier’s check.

3. Electronic payment via the following channels:

a. GCash or PayMaya;

b. Development Bank of the Philippines (DBP) Pay Tax Online — for taxpayers who are holders of Visa/Mastercard Credit Card and/or BancNet ATM/Debit Card.

c. Land Bank of the Philippines (LANDBANK) Link.Biz Portal — for taxpayers who have ATM accounts with LANDBANK and/or holders of BancNet ATM/Debit/Prepaid Card or taxpayers utilizing the PESONet facility for depositors of RCBC, Robinsons Bank and Union Bank.

d. Union Bank Online Web and Mobile Payment Facility — only for taxpayers who have accounts with Union Bank of the Philippines.

On the other hand, filing and payment of tax returns via the eFPS are mandatory for the following taxpayers:

1. Large taxpayers;

2. Top 5,000 individual taxpayers and top 20,000 private corporations as notified by the BIR;

3. Taxpayers under the Taxpayer Account Management Program (TAMP);

4. Insurance companies and stockbrokers;

5. Government bidders;

6. National government agencies;

7. Government offices, in so far as remittance of VAT withheld and business tax is concerned;

8. Accredited importers and prospective importers;

9. All licensed local contractors;

10. Corporations with paid-up capital stock of P10 million and above;

11. Corporations with complete computerized accounting systems (CAS); and

12. Enterprises enjoying fiscal incentives (e.g., PEZA, BoI, various zone authorities, etc.).

As stated in the RMC, in case those taxpayers required to file and pay their tax returns via the eFPS are not yet enrolled in the system or its application for enrollment with an eFPS-AAB is not yet completed, such taxpayers shall file their tax returns using the eBIR Forms and pay the corresponding taxes via any payment facilities available. The same manner of filing and payment of taxes applies in case of newly created tax returns which are not yet available in the eFPS facility but are already available in the eBIR Forms.

MANUAL FILING AND PAYMENT OF TAX RETURNS
Taxpayers who are not required to file their tax returns electronically shall manually file their tax returns using the electronic or computer-generated returns or photocopied returns in their original format in a folio or legal-size bond paper. Payment of the corresponding taxes due shall be made through either of the following:

1. AABs under the jurisdiction of the concerned RDO where the taxpayer is registered.

2. RCOs under the RDO where the taxpayer is registered through the MARCOS in areas where there are no AABs.

SUBMISSION OF REQUIRED ATTACHMENTS TO THE TAX RETURNS
Pursuant to the RMC, the following shall be observed as regards submission of the attachments to the tax returns.

1. Tax returns filed and paid electronically with no required attachments need not be submitted further in printed copy to the Large Taxpayers Service or Revenue District Office where the taxpayer is registered.

2. All required attachments such as the Monthly/Quarterly Alphalist of Payees (MAP/QAP), Summary List of Sales, Purchases and Importation (SLS/SLP/SLI), and Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax (SAWT), which are prepared using the Data Entry Module and RELIEF shall be submitted via e-mail through esubmission@bir.gov.ph.

3. For quarterly and annual income tax returns (ITR) which were electronically filed, taxpayers have the option to submit the required attachments using the Electronic Audited Financial Statement (eAFS) system, which can be accessed via the BIR website. Note, however, that in case of the Information Return on Related Party Transaction (BIR Form 1709), which is a new required attachment to the annual ITR, the submission of which shall be made manually pursuant to Revenue Memorandum Circular (RMC) No. 76-2020.

It is important that taxpayers are well aware of the manner of tax filing and payments they are required to observe, as doing otherwise will be considered tantamount to wrong venue filing which is subject to a penalty of P1,000 per return and a 25% surcharge of the tax due to be paid. Nevertheless, in special circumstances, such as the unavailability of electronic filing platforms, taxpayers are advised to observe the procedures in manual filing and payment of taxes. In such cases, it is also good practice for taxpayers to keep proof of the unavailability of the eFPS or eBIR Forms, such as screenshots of errors encountered in the filing or payment using these platforms, or a copy of the duly released advisory from the BIR, to support the alternative means of filing and payment of return that was observed.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Arianne Cyril L. Mandac is a manager of the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com