Client Advisory Letter (June 2022)

At a glance

Updates, reiterations, and clarifications on selected topics

Digital evidence Admissibility of electronically reported and generated sales and purchase data
Invoicing requirement Mandatory issuance of e-Receipts/ e-invoices, and electronic reporting of sales
Clean breaks Implementing the tax incentives under the Renewable Energy Act of 2008
No expiry Removing the 5-year validity period of receipts/invoices
Veteran moves Implementing the estate tax exemption of veteran-decedent’s Veterans Bank shares
Zone movements Importation, transfer, transport or withdrawal of petroleum and petroleum products
TWA list Updating the list of TWAs required to deduct the 1% and 2% EWT
Smoking area List of manufacturers, importers and exporters of tobacco and vapor products
School rules Taxation of the different classifications of educational institutions
Off-field Suspending all BIR field audit and other field operations until further notice
Separation benefits Delegating the authority to approve CTE of separation pay

Interest ceiling Frequently Asked Questions on SEC Memorandum Circular No. 3-2022
Compulsory conversion Extending the deadline for transition from sole practitioner to partnership
Beneficial ownership Frequently Asked Questions regarding beneficial ownership disclosure
Backdoor moves Amending the Revised Rules on Backdoor Listing
Currency flow Amending the Rules on Cross-Border Transfer of Local and Foreign Currencies
Sugar effects Amounts received under the Sugar Workers’ Maternity and Death Benefit Programs
Transitional framework Financial Reporting Framework of insurance and reinsurance companies
ACGR extension Extending the period for submitting the Annual Corporate Governance Report
Over the edge Increasing the investment threshold allocation under the Pre-Need Code
Solo flight Amendatory law granting additional benefits to solo parents
Ownership limitations Approving the 12th Regular Foreign Investment Negative List