(First of two parts) AS mentioned previously, Section 22 of the Tax Code defines “shares of stock” to include warrants and/or options to purchase shares of stock. The Securities and Exchange Commission (SEC) Amended Implementing Rules and Regulations of the Securities Regulations Code (SRC) defines a warrant as a class of derivative. It describes a [...]
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 4-2013 requiring tax-exempt hospitals to secure revalidated tax exemption rulings/certification.
THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 89-2012 clarifying the tax implications and recording of deposits/advances made by clients of general professional partnerships for expenses. It is common business practice for General professional partnerships (herein referred to as ‘Firm’), such as accounting firms or law firms: (1) to require their clients (hereinafter [...]
THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 88-2012 clarifying the tax implications of income or gain derived by an employee from the exercise of stock option plans.
THE Bureau of Internal Revenue issued Revenue Memorandum Circular No. 2-2013 clarifying certain provisions of Revenue Regulations No. 12-2012 on the deductibility of depreciation expenses as it relates to purchase of vehicles and other expenses related thereto, and the input taxes allowed therefor.
THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 36-2012 dated August 3, 2012 clarifying whether documents mentioned in Section 199 of the Tax Code are subject to the documentary stamp tax of P15 as prescribed in Section 188 of said Code. The Documentary Stamp Tax (DST) is a tax upon documents, instruments, [...]
THE Bureau of Internal Revenue (“BIR”) issued Revenue Regulations No. 12-2012 dated October 12, 2012 providing the rule on deductibility of depreciation expenses as it relates to purchase of vehicles and other expenses related thereto, and input taxes allowed from said purchase.
The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 13-2012 dated Oct. 12 providing for the Value Added Tax (VAT) treatment on sale of adjacent residential lots, house and lots or other residential dwellings, thereby amending certain provisions of Revenue Regulations No. 16-2005, as amended, otherwise known as Consolidated VAT Regulations of 2005.
THE Bureau of Internal Revenue (BIR) allegedly to promote the delivery of quality service to all stakeholders, has through Revenue Memorandum Circular No. 80-2012 dated Nov. 28, 2012, directed all revenue officials and employees who are performing “frontline service” to adhere to the provisions of Republic Act (RA) No. 9485, otherwise known as the “Anti-Red Tape Act of 2007.”
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 22-2012 on May 7, 2012 clarifying the implementation of Revenue Regulations No. 5-2012.
GENERALLY, the sale of listed and traded shares in the local stock exchange is subject to a percentage tax of one half of one percent of the gross selling price or gross value in money of the shares transferred pursuant to Section 127 of the Tax Code as follows:
THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (“RMC”) No. 37-2012 clarifying Section 11 of Revenue Regulations No. 06-08 or the “Consolidated Regulations Prescribing the Rules on the Taxation of Sale, Barter, Exchange, or Other Disposition of Shares of Stock Held as Capital Assets.” Revenue Memorandum Order (RMO) No. 15-03 dated May 8, [...]
IN COMMISSIONER of Internal Revenue vs. First Express Pawnshop, G.R. Nos. 172045-46, June 16, 2009, the Supreme Court ruled that deposits for future stock subscriptions are not subject to the documentary stamp tax (DST). The person making a deposit on stock subscription does not have the standing of a stockholder and he is not entitled [...]
