CREATE Bill’s VAT amendments and real property exemptions
AS the end of 2020, a year like no other, draws near, the CREATE Bill also inches closer to becoming a law.
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AS the end of 2020, a year like no other, draws near, the CREATE Bill also inches closer to becoming a law.
The government’s invigorated legislative response against Covid-19, Republic Act 11494 or more popularly known as “Bayanihan to Recover as One Act” (Bayanihan 2), echoed one of the more important provisions of its precursor, Bayanihan 1 (RA 11469). Section 4(cc) of RA 11494 liberalizes once again the grant of duty and tax incentives to manufacturers and importers dealing with essential goods or critical equipment needed to contain the cataclysmic effects of this pandemic.
IS a taxpayer entitled to a “No Audit” privilege if it selects to pay not all, but just some tax types from among those it is currently registered?
IN this last part of my article featuring the “Strategic Trade Management Act” or Republic Act 10697, I will now focus on the Internal Control Program (ICP) needed to be established in accordance with STMA.
IN my last article, I wrote about Republic Act (RA) 10697, otherwise known as the “Strategic Trade Management Act” (STMA) enacted to prevent the proliferation of weapons of mass destruction by managing and regulating the trading of strategic goods, including software and technology. This affirms the Philippines’s binding commitment to UN Security Council Resolution 1540 imposing upon member states to enforce measures to establish domestic controls preventing WMD proliferation.
IN May 2012, an Iranian citizen and international trader, Parviz Khaki, was arrested in Manila based on America’s provisional arrest request for a US Court indictment for exporting dual-use goods (i.e., maraging steel suited with nuclear applications). Khaki died in 2014 while at the National Bureau of Investigation’s custody with an extradition case pending in court. A few months after Khaki’s arrest, Daniel Frosch, an Austrian designated by the US as a key supplier to Iran’s ballistic missile program, was arrested also in Manila. A Philippine trading company offering electronic components, measuring equipment and machine tools was being linked to him. Unlike Khaki, Frosch was extradited to Austria where he was criminally charged.
The Covid-19 pandemic kills…not only lives but also businesses.
AS the clock ticked last week, both Houses of Congress were scurrying to pass on third reading their respective bills extending the life of Republic Act (RA) 11469 (Bayanihan to Heal as One Act) [Bayanihan 1] as it was set to expire after three months or upon Congress’ adjournment.
IN his 1985 opus, “Love in the Time of Cholera”, Colombian Nobel laureate Gabriel García Márquez wrote that the symptoms of love were the same as those of cholera. Today, during and post-quarantine era, the symptoms of life all point to that new normal in this time of corona.
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