Client Advisory Letter (March 2022)

At a glance

Updates, reiterations, and clarifications on selected topics

Taxes, compliance matters, assessments, and refunds

Responsible employee Proof of direct and active participation as a requirement for conviction of an employee
Great rescission Prescription of claim for CGT refund reckoned from date of filing and payment
Change of address Effect of transfer of Revenue Region of taxpayers with pending tax investigations
Taken for granted When the running of prescriptive period to collect is suspended
Late objection When a security guard is considered an authorized person to receive an LOA
Manual entries Permissibility of handwritten information in computerized receipts/invoices
Revised certificate Inclusion of 5% tax credit under the PERA Act of 2008 in BIR Form No. 2316
Gambling issues Clarifying the tax treatment of PAGCOR, its licensees and contractees
Proof of entitlement Submission of Certificate of Entitlement to Tax Incentives under the CREATE Act
Target list Updated list of Top Withholding Agents effective 1 April 2022
Vaccine update Updated list of VAT-exempt drugs and vaccines for COVID-19 treatment
Online “sabong” Clarifying the taxation of Electronic Sabong operations regulated by the PAGCOR
RBE incentives Clarifying the implementation of VAT zero-rating provisions under the CREATE Act
Back to office Suspension of income tax incentives of RBEs violating WFH threshold
Tax codes Creation and modification of Alphanumeric Tax Codes (ATCs)
Banking responsibilities Policies in the acceptance of 2021 annual income tax returns and payments
Bank hours Acceptance of tax returns and payments and extension of banking hours

Latest on regulatory landscape

SEC OGC filings Physical submission of pleadings filed with the General Counsel via email
Dissolution steps Procedures for corporate dissolution under the Revised Corporation Code
Recommended dose Wages of employees covered in the National Vaccination Day Part IV
Insurance value Adopting the requirements of PFRS 4 – Insurance Contracts
Attracting investments Amendments to the Foreign Investments Act of 1991
Easing restrictions Amendments to the Public Service Act

Meet us

PwC exits Russia
Isla Lipana & Co./PwC Philippines is the official auditor of TV5’s singing contest
Countdown to Isla Lipana & Co.’s 100th year
Alex Cabrera talks about climate resilience at MBC event
PwC subject matter expert speaks at PASIA’s work and supply chain webinar
Zaldy Aguirre named new chair of Philippine Interpretations Committee
Mary Jade Divinagracia delivers lecture on valuing IP assets
Tax directors headline PICPA session on tax audits
Mary Jade Divinagracia conducts workshop on achieving success in infra projects
Pocholo Domondon speaks on the state of the mining industry
PEZA vs work from home: an accelerated sunset?
Alex Cabrera leads virtual launch of the Integrity Self-assessment Tool
Flords Odulio speaks at PCCI tax webinars