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TAX MANAGEMENT ASSOCIATION OF THE PHILIPPINES, INC.

CALENDAR OF EVENTS

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MEMBER'S CORNER

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TAXATION IN THE DIGITAL AGE: THE BEPS TWO-PILLAR SOLUTION

Joint Webinar of the UP College of Law Tax Cluster and TMAP

Friday, March 17, 2023

Guest Speaker:

Mr. Bruno Silva

Via Zoom

MARCH GENERAL MEMBERSHIP MEETING

Thursday, March 30, 2023

11:45 am to 1:45 pm

Guest Speaker:

Mr. Nico Bolzico

(Content Creator and Entrepreneur)

Makati Diamond Residences

SEMINAR ON TAX AND SEC UPDATES

Thursday, March 30, 2023

2:00 pm to 5:00 pm

Guest Speakers:

Ma. Rosario Charo Enriquez-Curiba

(Deputy Commissioner – Information Systems Group – BIR)

Mr. Primo Marasigan

(Miscellaneous Operations Monitoring Division – BIR)

Ms. Ma. Amalia Dacumos

(Section Chief, Taxpayer Service Programs and Monitoring Division – BIR)

Mr. Conrado Item

(Chief, Miscellaneous Operations Monitoring Division – BIR)

Atty. Ma. Pilar Pilares-Gutierrez

(Senior Partner, Castillo Laman Tan Pantaleon & San Jose Law Office)

Makati Diamond Residences

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MEMBER'S CORNER

New TMAP Members Inducted During the January GMM

New TMAP Members During the January GMM

The Tax Management Association of the Philippines (TMAP) welcomed five new members of the organization who also took their oath during the induction ceremonies of new officers and directors and first General Membership Meeting held at the Makati Diamond Residences in Legaspi Village, Makati City last January 28, 2016.

Atty. Ramon Enrique B. Ramirez is presently the Legal Manager for Tax of the Global Corporate Legal Affairs Team of International Container Terminal Services, Inc. (ICTSI). He joined ICTSI in October 2014. ICTSI will now have two members, Atty. Ramirez and Mr. Benjamin Gorospe III. He graduated from the University of the Philippines (UP) College of Law in 2006. His undergraduate course was Bachelor of Arts in Public Administration also from UP. After graduation, he joined SGV where he held the positions of Tax Senior Associate and then Tax Manager from 2006 to 2014.

Mr. Christian Oliver M. Mataverde or Chris is the Managing Partner of SMF Accounting & Management Services Co. He’s a CPA. He graduated from Polytechnic University of the Philippines with a degree in Bachelor of Science in Accountancy. Before putting up his own accounting firm, he worked for consultancy firms in the Philippines. Then he worked for a Gaming Ship as Ship Head Accountant in the Palm Beach Casino Line. After that, he joined the Auditing Firm of A.F. Paredes & Co. in New Jersey, USA.

Atty. Charito R. Villena is presently the Head for Tax of Philex Mining Corporation. She’s a CPA-Lawyer. She finished Bachelor of Science in Business Administration (BSBA) and Law from UP Diliman in 2008. Her previous employers are SGV, Citibank Phil., and PLDT.

Atty. Jonathan J. Larga, a CPA Lawyer, is an additional representative of Smart Communications Inc. Atty. Larga joined Smart in September 2015. He is presently one of three Senior Managers for the Tax Department. Before Smart, he worked for the Investment & Capital Corporation of the Philippines (CCP) and was a TMAP member representing said firm. He finished his Bachelor of Laws from the University of Sto. Tomas.

Atty. Lyne L. Arnaldo Vega is an additional representative of Picazo Buyco Tan Fider & Santos. Atty. Vega finished BSBA and Law from UP Diliman. She went straight to Picazo after graduation and was promoted to Partner in 2014.

A Day with Press for TMAP

A Day with Press for TMAP

The Tax Management Association of the Philippines, Inc. (TMAP) hosted a Press Lunch held at the Tower Club which is located in Philamlife Tower along Paseo de Roxas in Makati City last February 4, 2016.

Atty. Benedict Tugonon, TMAP’s newly elected President, shared the various tax reforms that the Association will be pushing for this year in line with its theme – “Tax Reforms for Rapid Development of Philippine Economy”.

Specifically, under his stewardship, TMAP will be pushing for the adjustments of the income tax rates, institutionalization of the administrative process for claiming input VAT refunds, VAT exemption for Section 40(c) transfers, the simplification of tax compliance for professionals and SMEs, adoption of “deemed approved” policy for unacted applications and the reinstatement of the Preliminary Assessment Notice stage.

The members of the press who attended the said event are the following –

 Bianca Cuaresma – Business Mirror

 Keith Richard Mariano – Business World Publishing Corporation

 Angela Celis – Malaya Business Insight

 Madelaine Miraflor – Manila Bulletin

 May Caraballo – Manila Times

 Ben Arnold De Vera – Philippine Daily Inquirer

 Joann Villanueva – Philippine News Agency

 Priz Magtulis – Philippine Star

 Gabrielle Marie Binaday – The Manila Standard

TMAP Welcomes New Officers and Directors

TMAP WELCOMES NEW OFFICERS AND DIRECTORS

The Tax Management Association of the Philippines, Inc. (TMAP) welcomed its new set of officers, directors and committee chairpersons who took their oath during the induction ceremonies and first General Membership Meeting held at the Makati Diamond Residences in Legaspi Village, Makati City last January 28, 2016.

TMAP’s 2016 Officers and Board of Directors were formally initiated into office by Rep. Romero “Miro” S. Quimbo, the Chairman of Committee on Ways and Means of the House of Representatives, who also delivered the Keynote Address centered on TMAP’s theme, “Tax Reforms for Rapid Development of Philippine Economy”. He likewise shared the various tax reform laws and bills that the 16th Congress was able to pass.

The theme is aligned with the Association’s objectives of promoting the development of tax management, monitoring and evaluating proposed, pending and current tax legislation, recommending tax reforms, provide assistance to government in determining appropriate tax directions and instituting improvements in the tax system.

Atty. Benedict R. Tugonon, a Partner from Quiazon Makalintal Barot Torres Ibarra & Sison, accepted the duties and responsibilities of the Association’s highest post from outgoing President, Atty. Terence Conrado H. Bello of Baniqued & Baniqued.

Atty. Tugonon, during his inaugural speech, said that this year’s focus would be pushing for various tax reforms needed to sustain the country’s economic growth and improve its competitiveness. Specifically, under his stewardship, TMAP will be pushing for the adjustments of the income tax rates, institutionalization of the administrative process for claiming input VAT refunds, VAT exemption for Section 40(c) transfers, the simplification of tax compliance for professionals and SMEs, adoption of “deemed approved” policy for unacted applications and the reinstatement of the Preliminary Assessment Notice stage.

Presidentiables and Other Candidates Urged to Enact Tax Reform within First 100 Days of Administration

PRESIDENTIABLES & OTHER CANDIDATES URGED TO ENACT TAX REFORM WITHIN FIRST 100 DAYS OF ADMINISTRATION

The Tax Management Association of the Philippines (TMAP) is calling on all presidential candidates to certify tax reform as urgent and commit to enact a holistic tax reform measure within the first 100 days of their presidency. TMAP is likewise calling on all candidates for Senate and Lower House seats to support and enact the needed tax reform measure.

The candidates are again reminded of the urgent need to enact tax reform due to the inherent inequity in the current personal income tax system and our uncompetitive corporate income tax rates vis-à-vis the corporate income tax rates of our ASEAN neighbors.

The tax brackets for individuals are outdated resulting in an unfair regressive system. Inflation has eroded the income brackets and has pushed up the meager earnings of salaried individuals into higher tax rate brackets causing increases in income taxes, but without a corresponding increase in purchasing power. This has created inequity and has caused the current personal income tax system to be regressive.

At the same time, the tax gap between salaried workers and self-employed individuals and professionals (SEPs) continue to be significant which further aggravate the unfairness in the tax system. As of 2014, compensation income earners accounted for 86% of total collections from individuals, while SEPs only contributed 14% to total collections.

Moreover, the Philippines effectively imposes the highest personal income tax rate and the highest corporate income tax rate among the ASEAN-6 countries. Reducing the personal and corporate income tax rates will make the Philippine workforce and corporations doing business in the Philippines competitive with their ASEAN neighbors.

Tax reform, however, is not all about just giving tax breaks and providing tax relief. While we need to immediately address the current unfairness and inequity in the system and simplify compliance, a holistic approach to tax reform will have to be undertaken to address any revenue loss from these measures, especially those arising from competitiveness issues, and allow the government to collect more.

With this in mind, TMAP proposes a 5-point Tax Reform agenda to improve fairness and expand the revenue base:

1. Restructure the personal income tax and corporate income tax systems: immediately adjust/restructure income tax brackets for individuals and index the brackets against CPI, and reduce personal income tax and corporate income tax rates in line with our ASEAN neighbors.

2. Improve tax compliance of self-employed individuals and professionals: simplify the manner by which SEPs compute their taxable income; simplify the VAT system for SEPs with annual gross sales/receipts of P10 million or below; and simplify return filing, bookkeeping and invoicing requirements. Congress may want to consider also lifting bank secrecy laws consistent with international standards to enable revenue authorities to combat tax evasion.

3. Broaden VAT base: in lieu of increasing the VAT rate (already the highest in the ASEAN region), which will adversely impact the poor, consider other measures that would broaden the VAT base and maximize tax collections. The VAT effort rate is just 2.2% of GDP, hence, there is ample leeway to increase VAT collections through other means than just by increasing the VAT rate. For example, the VAT base can be broadened by revisiting exemptions and retaining only those which efficiently and effectively achieve clear social and economic objectives.

4. Consider indexing the excise tax on petroleum products: excise tax rates on petroleum peroducts have not been updated since 1997 and fuel prices are expected to stay low for at least a few more years. Morever, lower fuel prices have encouraged car owners to drive more, aggravating traffic and adding to air pollution. Indexing excise taxes within certain parameters will help curb these environmental and mobility issues.

5. Enact Fiscal Incentive Reform Bill: data gathered from TIMTA implementation will enable policy and fiscal advisers to recommend elimination of redundant incentives and retention of certain incentives to make the Philippines attractive to foreign investors. Performance-based incentives can be adopted as a policy for the grant of incentives for a fixed term, subject to periodic review and/or adjustments, rather than preferential tax rates in perpetuity.

To show full support for the foregoing and convince the incoming administration to certify tax reform as urgent, TMAP urges taxpayers to join “April 15 Black Friday,” a symbolic unity declaration to be held on April 15, 2016, annual ITR filing deadline, demanding for tax reform. Taxpayer-voters are also encouraged to speak to their candidates about the issue, engage them in healthy discussion, and get them to commit to publicly declare support for tax reform.

Taxpayers who wish to participate in “April 15 Black Friday” are asked to wear black on that day, post selfies in social media (Facebook, Instagram, Twitter, etc.) holding a “Tax Reform Now” sign, and use the hashtag #April15BlackFriday in their posts.

TMAP to Launch Lingkod TMAP in April 2016

TMAP to launch Lingkod TMAP in April 2016

Taxpayer education is the key to understanding taxpayer rights and responsibilities and one of the primary taxpayer’s responsibilities is the timely filing and correct payment of annual income tax returns.

To help ease the burden of taxpayers, TMAP will again establish Taxpayer Assistance Centers in Revenue Regions of Manila, Quezon City and Makati in April 2016. Lingkod TMAP is an annual project of the Association wherein TMAP, in partnership with the BIR, assists taxpayers in filing their annual income tax returns and in complying with their tax obligations. This year, volunteers from Far Eastern University will join TMAP.

TMAP calls on its members to volunteer in manning the helpdesks.

TMAP Held First Tax Seminar For 2016

TMAP Held First Tax Seminar For 2016

The Tax Management Association of the Philippines (TMAP) held its First Tax Seminar for the year at the Legaspi 2 Ballroom of the Makati Diamond Residences in Legaspi Village, Makati City last March 31, 2016.

The first technical session was “Tax Filing Reminders” discussed by Ms. Rosita Meniano, Revenue District Officer of Revenue District Office No. 50 of the Bureau of Internal Revenue. Ms. Meniano talked about the different modes of filing the annual income tax returns and paying the tax due thereon, administrative requirements and procedures governing the filing of annual income tax returns, audited financial statements and other accompanying schedules and documents and applicable penalties in case of non-compliance.

In the second technical session, Atty. Charadine Bandon, Chief of the International Tax Affairs Division of the Bureau of Internal Revenue, gave a lecture on “Impact of FATCA and GATCA on the Philippines.” She discussed the international standards on Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI), Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS) and the Philippines approach to its implementation.

For the last technical session, Atty. Terence Conrad H. Bello, 2015 TMAP President and Partner of Baniqued & Baniqued presented “Updates on Tax Jurisprudence”. He summarized and shared his views on recent court cases affecting the local tax environment.

Atty. Catherine T. Manahan (1999 TMAP Past President) and Ms. Lina Figueroa (Principal, Punongbayan & Araullo) participated in the Tax Seminar as members of the panel of reactors.

TMAP and CSR Philippines sign MOA in February 2016 GMM

TMAP and CSR Philippines sign MOA in February 2016 GMM

In line with its 2016 theme of tax reforms for rapid development of the Philippine economy, the Tax Management Association of the Philippines (TMAP) partnered with Center for Strategic Reforms of the Philippines (CSR PH) to push for tax reforms for the micro, small and medium enterprise (MSME) sector.

CSR PH, a non-profit organization, was established in February 2013 to serve as a center for integrated efforts of the public and private sectors that empower the MSMEs towards inclusive growth.

During the February GMM, TMAP and CSR PH represented by its Founding President, Mr. Raymond A. Abrea and Jose Sixto Dantes, III, signed a memorandum of agreement to collaborate in empowering Filipino taxpayers, developing the MSMEs and advocating genuine tax reform through the promotion of the advocacy programs, services and other endeavors of both parties aimed to uplift the lives of Filipino entrepreneurs.

Prior to the MOA signing, Mr. Abrea, discussed the advocacy of CSR PH for genuine tax reform through public and private collaboration. He enlightened the members on the current tax issues such as narrow taxpayer base and non-competitive income tax rates. He also shared the recent projects of CSR PH, the tax handbook titled “Got a Question About Taxes? Ask the Tax Whiz!” and the Tax Komiks “ VAT Ganun? Bakit Ako May Tax?” which shall serve as easy guides for the faster registration of MSMEs and related tax requirements. Mr .Abrea, a TMAP member, is also the Chief Strategy Officer of the country’s first social consulting enterprise, the Abrea Consulting Group that offers strategic finance and tax advisory services to businesses, professionals and individuals.

All 5 Presidentiables & Other Candidates Filled-Up the TMAP 2016 Elections Tax Policy Survey

ALL 5 PRESIDENTIABLES & OTHER CANDIDATES FILLED-UP

THE TMAP 2016 ELECTIONS TAX POLICY SURVEY

The Tax Management Association of the Philippines (TMAP) received the answers of all five (5) candidates for President, two (2) candidates for Vice-president, five (5) candidates for the Senate and a candidate for the Lower House.

We are inviting all taxpayers-voters to vote wisely and to consider the answers of our candidates to the TMAP tax survey in choosing the right person to vote for. With all five (5) candidates for President participating in the survey, we believe that we have successfully informed them about the important tax issues in our country. We have likewise gathered valuable information that may define the tax policy direction of the next administration.

Please click on the attached link for the summary of key takeaways for the TMAP 2016 Elections tax policy survey.

Let's pray for a peaceful and honest election.

TMAP Holds April 2016 General Membership Meeting

TMAP Holds April 2016 General Membership Meeting

The Tax Management Association of the Philippines (TMAP) held its April 2016 General Membership Meeting (GMM) at the Legaspi 1 Ballroom of the Makati Diamond Residences in Legaspi Village, Makati City last April 29, 2016 (Friday).

The luncheon meeting was graced with the presentation of Mr. Joselito R. Armovit, Tax Policy and Tax Administration Advisor of Facilitating Public Investment, entitled “Judicious Management of Investment Tax Incentives as Part of Comprehensive Tax Reforms”.

According to Mr. Armovit, the Philippines has one of the most inefficient tax system in the region which can be validated by having the lowest tax to GDP ratio. He also shared that the Bureau of Internal Revenue (BIR) operates within an environment that limits rather than enables performance. Rather than meeting performance metrics as a tax advisor, the BIR tend to focus excessively on meeting tax collection target instead. He also observed the BIR’s limited resources and its inability to access banking transactions as one of the reasons hampering its tax collection goals.

Other highlights of this momentous event were the welcome remarks of Atty. Benedict R. Tugonon and his presentation for the President’s Report, the report on the 2016 Lingkod TMAP and the awarding of Certificates of Appreciation to the volunteers, the induction of new members and the presentation of token of appreciation to the guest speaker.

The GMM was hosted by Atty. Agnes L. Casabar Oxales, 2011 TMAP President.

TMAP Pushes for Tax Reforms at the Davao Consultative Business Conference

TMAP Pushes For Tax Reforms at The Davao Consultative Business Conference

The Tax Management Association of the Philippines (TMAP) attended the consultative workshop called called “Sulong Pilipinas: Hakbang Tungo sa Kaunlaran” which was held last June 20 and 21, 2016 in Davao City. The workshop was co-organized by the Philippine Chamber of Commerce and Industry and the Mindanao Business Council.

TMAP would like to thank Philippine Chamber of Commerce and Industry (PCCI) and the economic team of President-Elect Rodrigo Duterte for inviting the association to the conference.

TMAP took advantage of the opportunity to discuss and recommend various tax reform proposals, which are geared towards the following objectives:

1. Remedy over-taxation resulting from inflation;

2. Adjustment of tax rates for regional and global competitiveness;

3. Adoption of a fair and just tax system that protects and uphold taxpayers rights;

4. Simplification of the tax system to promote tax compliance and broaden the tax base;

5. Remove or at least lessen graft and corruption;

6. Plug tax leaks in the current system; and

7. Customer-friendly and service-oriented tax collection agencies.

While some of the tax reform proposals would require congress to enact laws, there are much needed administrative reforms that the incoming DOF and BIR chiefs can implement at their level. TMAP recommended the withdrawal, reversal or amendment of a number of administrative issuances (Revenue Regulations, Revenue Memorandum Orders, Revenue Memorandum Circulars, and rulings) which are no longer consistent with the tax code provisions, unreasonable or difficult to comply, or would tend to over-regulate taxpayers. TMAP also took the opportunity to call the attention of the next administration to the barrage of last minute revenue circulars recently issued by the BIR, less than 30 days prior to the start of the new administration. The commissioner should have exercised restraint as a courtesy to the next administration. We commend President-Elect Duterte’s team for convening the consultative conference even before the start of the term of the new administration. The consultation meeting with the business sector and stakeholders is in stark contrast to the practice of the current BIR Commissioner of releasing revenue issuances without conducting consultation meetings or public hearings with the taxpayers and practitioners.

TMAP President Benedict Tugonon, together with some of the past presidents of the association attended the conference and shared their observations on the current tax system and their views and comments on the various tax reform proposals floated by various proponents.

TMAP Submits "Tax Wish List" to DOF

TMAP Submits “Tax Wish List” to DOF

The Tax Management Association of the Philippines (TMAP) sent a letter to the Secretary of Finance formally informing his office of the wish list containing the issuances recommended for revocation and/or amendment in order to help the Bureau of Internal Revenue (BIR) attain the following objectives:

1. Increase tax collection;

2. Simplify taxation rules to enhance the ease of doing business;

3. Encourage voluntary tax compliance;

4. Prevent corruption; and

5. Correct some issuances to make them consistent with the provisions of the National Internal Revenue Code (“Tax Code) and/or the Constitution of the Republic of the Philippines.

Among the various issuances in the wish list, TMAP identified priority issuances pertaining to the following:

1. Hasten the Approval of Tax Compromise Offers and Requests for Abatement

The revival and streamlining of the processing and approval of tax compromise offers and/or requests for abatement under Section 204 (A) and (B) of the Tax Code will give taxpayers a good alternative to legitimately settle tax issues with the BIR, particularly those based on table assessments or resulting from the application of issuances or rulings which are no longer consistent with the provisions of the Tax Code. Encouraging taxpayers to avail of these alternative remedies will increase the tax collection of the BIR and will allow taxpayers to avoid expensive litigation cost and give them fast alternative ways to settle tax assessments.

2. Remove the Appraisal Report Requirement on Transfers of Unlisted Shares

By requiring the adjustment of the book value of the shares to take into account the present appraisal value of the real properties owned by the corporation, Revenue Regulations 6-2013 effectively subjects to income tax (i.e., capital gains tax) the unrealized valuation gain, which cannot be considered yet as income. The adjustment of the book value will also unnecessarily expose the transferor to donor’s tax under Section 100 of the Tax Code. The high tax cost resulting from this issuance discourages investors from investing capital with unlisted Philippine corporations.

3. Reinstate the PAN Stage and Remove the 20%+20% Interest Rule

The removal of the informal conference stage and the preliminary assessment notice (PAN) stage in the assessment of deficiency taxes only led to the issuances of assessments based on misappreciation of facts. Revenue Regulations 18-2013 rendered the express mandate of the Tax Code for the issuance of PAN virtually useless.

The same RR 18-2013 also prescribed for the imposition of 20% deficiency plus 20% delinquency interest or a total of 40% interest from the date of demand to actual payment. 40% is simply too onerous considering that the imposition of interest on unpaid taxes in the Tax Code is not intended to be punitive but simply compensatory in nature.

4. Allow the Deductibility of Expenses After Payment of Deficiency Withholding Tax

Not allowing taxpayers from claiming as a valid deduction the expenses initially not subjected to withholding tax even after payment of the deficiency withholding tax is too much punishment for withholding agents. On the contrary, withholding agents should be rewarded with leniency as they also incur administrative expenses when they collect taxes for the government without compensation.

5. Continue the Administrative Processing of VAT Input Refunds

Taxpayers should be given the option to pursue a purely administrative claim for VAT input refund. Revenue Memorandum Circular 54-2014 effectively transferred that function to the Court of Tax Appeals when it considered claims that are not timely elevated to the CTA as deemed “”denied claims. The power to refund taxes is vested with the Commissioner of Internal Revenue and this power will stay with the office regardless of whether the taxpayer will appeal to the CTA or not.

The letter to the DOF and the detailed discussion of the wish list can be accessed at these links.

Letter to DOF

TMAP Wish List

TMAP Participates in Cebu Tax Forum in Cebu

TMAP Participates in Tax Reform Forum in Cebu

TMAP, in partnership with FINEX Cebu, Cebu Chamber of Commerce & Industry, Development Alternatives, Inc., and USAID conducted a Tax Reform Forum: "Change is Coming in Taxation: Do you want to be a part of it?" in Cebu on August 30, 2016 at Golden Prince Hotel. The forum presented and evaluated the various tax reform proposals now pending in Congress and those expected to be submitted by Department of Finance. The forum also enlightened the participants on how taxation may work under a federal system.

Resource speakers and topics were as follows:

Atty. Euney Mata-Perez

Chairman of FINEX Tax and Legal Committee

Topic: "Tax Rates Adjustments: Tax Reform Proposals"

Atty. Benedict R. Tugunon

President of Tax Management Association of the Philippines, Inc. (TMAP)

Topic: "Tax Reform Beyond Rates"

Mr. Jem Armovit

Tax Policy and Administration Advisor of Development Alternatives Incorporated

Topic: "Judicious Management of Investment Tax Incentives as Part of Comprehensive Tax Reforms"

Mr. Bruce Hutchins

Deputy Chief of Party USAID-FPI Project

Topic: "Tax System under a Federal System"

TMAP Past presidents Rina Manuel and Leny Casabar-Oxales also shared their insights. A total of 110 participants attended the forum.

TMAP to Hold 9th Golf Cup on September 21, 2016

TMAP to hold 9th Golf Cup on

September 21

TMAP will be holding its 9th TMAP Golf Cup 2016 on September 21, 2016, Wednesday, at the Tagaytay Midlands Golf Club located in Talisay, Batangas.

Registration and breakfast open at 6:30 A.M. and the tournament will officially start with shotgun tee-off at 7:30 A.M.

The TMAP golf cup is a traditional fund raising event of the association. Aside from its tax advocacy activities, where the association has become the premier and one of the most recognized champions of tax reform, and its corporate social responsibility projects, TMAP is gearing up to host the 2017 Asia-Oceana Consultant’s Association (AOTCA) Meeting and Tax Conference in Manila.

Ticket to the tournament entitles the holder to participate in the tournament (green fees), enjoy breakfast and lunch and join the raffle. All ticket holders will have a chance to win a major prize.

TMAP would like to appeal to its members and friends to become a sponsor of the tournament. Gold Sponsorship will entitle sponsor to have 2 company banners displayed prominently at the venue, company banner displayed at the 1st or 10th hold, and four (4) free golf tournament tickets. Silver sponsorship will entitle sponsor to 1 company banner displayed prominently at the venue, sole sponsorship of one hole (except 1 and 10), and three (3) free golf tournament tickets. Bronze sponsorship entitle sponsor to 1 company banner displayed prominently at the venue, joint sponsorship of one hole together with other bronze sponsors (except 1 and 10), and one (1) free golf tournament ticket. We are looking forward to raising a substantial amount of money from the tournament in preparation for our hosting of the AOTCA conference next year.

TMAP also invites peers and partners outside of the association to join the tournament. For details on tickets and sponsorship packages, kindly contact Benedict R. Tugonon at 631-0981, Raymund

S. Gallardo at 817-6493 and Cora Sta. Ana at 840-2325 or any of the TMAP Directors and officers.

Your generous support to TMAP would surely help the association in completing its projects and consequently fulfill its role in society as the taxpayers’ advocate and the government’s partner in nation building.

TMAP's Comments to Tax Reform Statement in 1st SONA of President Duterte

TMAP Conducts Outreach in Don Bosco Pugad Center

TMAP Conducts Outreach in Don Bosco Pugad Center

Last May 28, 2016, the Tax Management Association of the Philippines (TMAP) conducted its annual summer and outreach activity at the Don Bosco Pugad Center founded by the Salesian Missionaries.

Don Bosco Pugad Center is a shelter/halfway house operated by the Salesian Missionaries for poor and needy migrant youth between the ages of 17-24 years mostly rescued from circumstances of domestic violence, human trafficking, exploitation, crime and child labor. The advocacy of Don Bosco Pugad Center is to transform these young people’s lives not just by giving them education and technical, vocational and livelihood skills training but to empower them through wholistic character formation that will take care of their physical, social, moral and spiritual needs. The ultimate objective is for these transformed lives to leave the Pugad Center as responsible, productive and dignified citizens of the community. The shelter has slowly evolved into a social enterprise with sustainable bakery/restaurant, coffee shop, water refilling station and car wash/auto detailing shop embedded inside the St. John Bosco Parish community.

The activity started with a message from Fr. Dave Buenaventura, Pugad Center Director, who shared the history and advocacy of the Center. He introduced the current roster of students who are currently enrolled in the different technical and academic programs and graduates who now serve as mentors/teachers. The Pugad Center Boys also shared their talents in singing and dancing. The highlight of the visit was the baking demonstration by Pugad’s resident baking expert, who shared the recipe and process for making Pugad Pan de Sal, one type of bread they sell at the bakeshop fondly called “Manna from Heaven”.

As its way of giving back, TMAP turned over its contribution to help Pugad Center in sustaining its advocacy and improving the lives of more migrant youth.

TMAP Held March 2016 General Membership Meeting

TMAP Held March 2016 General Membership Meeting

The Tax Management Association of the Philippines (TMAP) held its March 2016 General Membership Meeting (GMM) at the Legaspi 2 Ballroom of the Makati Diamond Residences in Legaspi Village, Makati City last March 31, 2016 (Thursday).

The luncheon meeting’s highlight was the presentation prepared by Professor Solita “Mareng Winnie” C. Monsod (Professor Emeritus, University of the Philippines’ School of Economics) about corruption and its effect in the Philippine economy which was delivered by Dr. Milwida M. Guevara (Synergeia Foundation, Inc.’s Chief Executive Officer).

During the GMM, a Memorandum of Agreement with the Institute of Accounts, Business and Finance of the Far Eastern University (FEU-IABF) was also signed in connection with the establishment and manning of Lingkod TMAP and Lingkod Tamaraw, a taxpayers’ assistance center/help desk, this coming April 13, 14 and 15, 2016 to be located in Revenue Region No. 8 (Makati). FEU-IABF was represented by Dr. Alma Emerita V. Dela Cruz, Mr. Ramil N. Baldres and Mr. Vicente C. Gudani, its Dean, Program Head and Assistant Program Head, respectively.

Lastly, the Legislative Committee reported on the various tax reform proposals gathered from TMAP members who participated during the Tax Reform Kapihan last March 8, 2016. The presentations were delivered by Atty. Maria Lourdes P. Lim (Partner, Isla Lipana & Co.), Atty. Priscilla B. Valer (Partner, Romulo Mabanta Buenaventura Sayoc & De Los Angeles), and Atty. Romeo H. Duran (Partner, Sapalo Velez Bundang & Bulilan Law Offices).

TMAP Releases Tax Policy Survey for Presidentiables & Other Candidates

TMAP RELEASES TAX POLICY SURVEY FOR PRESIDENTIABLES & OTHER CANDIDATES

The Tax Management Association of the Philippines (TMAP) has issued a tax policy survey for the candidates for President, Vice-president, Senate and Lower House seats. The objectives of the questionnaire are twofold: a) to inform the candidates about the tax issues contained in various bills filed at both Houses of Congress and those discussed in various fora or dialogues among taxpayers, tax practitioners and stakeholders; and b) to know the tax policy direction of the next administration.

Candidates in the 2016 elections are urged to answer the survey to allow the voters to know and understand their stand on the various tax reform issues. TMAP believes that tax reform is an important election issue that the candidates should be prepared to tackle upon their assumption to office once elected. The voters are urged to vote wisely and consider the tax policies of the candidates in determining who to vote for. Tax policy directions will have a direct effect on the taxes that individuals will pay and on the growth of the Philippine economy.

TMAP will be sending copies of the short 24-question tax policy survey to all national candidates. Other candidates are urged to answer the survey. A copy of the blank survey will be made available for downloading at the TMAP website. The returned filled-up survey forms will then be posted at the TMAP website and made available to media.

DOWNLOAD Election 2016 Tax Policy Questionnaire

Invitation to Answer Survey

CANDIDATES' RESPONSE TO TMAP SURVEY

2016 PRESIDENTIAL CANDIDATES
Click the image to view candidate's response

JEJOMAR
BINAY

MIRIAM DEFENSOR
SANTIAGO

RODRIGO
DUTERTE

GRACE
POE

MAR
ROXAS

2016 VICE PRESIDENTIAL CANDIDATES

Click the image to view candidate's response

ALAN PETER
CAYETANO

FRANCIS
ESCUDERO

GRINGO
HONASAN

BONGBONG
MARCOS

LENI
ROBREDO

ANTONIO
TRILLANES

CLICK HERE TO VIEW RESPONSES FROM OTHER CANDIDATES

TAX POLICY SURVEY RESPONSES FROM OTHER CANDIDATES

SENATORIAL CANDIDATES

LEILA DE LIMA

ROMAN ROMULO

TITO SOTTO III

RALPH G. RECTO

RICHARD GORDON

CONGRESSIONAL CANDIDATES

MIRO QUIMBO

Change is coming at the Tax Front: Duterte's Answers to the TMAP Tax Survey

CHANGE IS COMING AT THE TAX FRONT:

DUTERTE'S ANSWERS TO THE TMAP TAX SURVEY

The Tax Management Association of the Philippines (TMAP) would like to congratulate presumptive president-elect, Mayor Rodrigo Duterte on his expected election as President of the Philippines, and also to all winning candidates in the last national and local elections.

With his answers to the TMAP 2016 Elections Tax Policy Survey, TMAP is optimistic that there would be changes coming at the tax front as Mayor Duterte confirmed that he would institute moves for a genuine comprehensive tax reform, which would be a priority of his administration.

The presumptive president-elect expressed his support to the immediate adjustment of the outdated personal income tax brackets, which remained unadjusted since 1987 and even stated that the adjustment will take place during the first 180 days of his administration.

If congress and the senate will take its cue from the future president, there would be no increase in the VAT rate from our current rate of 12%, no additional transactions to be covered by VAT, and no increase on the excise tax on petroleum products, during his term. However, Mayor Duterte is amenable to increasing excise tax on alcohol products, luxury or high-end automobiles, and other non-essential goods to increase tax collection.

Aside from affirming his support to comprehensive tax reform, Mayor Duterte confirmed that he would push for the elimination of corruption at the Bureau of Internal Revenue and the Bureau of Customs. He likewise agreed to the observation that there is a need to adopt institutional reforms, drastic reforms to improve performance (reorganization of tax administrations and human resources, increase pay with greater accountability), at the BIR and BoC. He also supports the lifting of the bank secrecy law consistent with international standards to enable revenue authorities to combat tax evasion.

TMAP will support the new administration in pushing for a comprehensive tax reform program. We call on the members of the Senate and the House of Representatives to consider the views of our incoming President, expressed in the TMAP 2016 Elections Tax Policy Survey, in determining the tax legislative agenda of the next congress.

A summary of the answers of Mayor Duterte and a copy of his answers to the tax policy survey can be viewed by clicking on the button below.

Duterte’s answers to TMAP 2016 Elections tax Policy Survey

New TMAP Members Inducted during the April 2016 GMM

NEW TMAP MEMBERS INDUCTED DURING THE APRIL 2016 GMM

The Tax Management Association of the Philippines (TMAP) welcomed three new members of the organization who took their oath during the General Membership Meeting for the month of April 2016 held at the Legaspi I Ballroom of the Makati Diamond Residences in Legaspi Village, Makati City last April 29, 2016 (Friday).

Mr. Senen Quizon is the Tax Director of Navarro Amper & Co (Deloitte Philippines). He joined Navarro in 2015. Navarro Amper & Co. is professional service firm providing audit, tax, risk, financial advisory and finance and accounting outsourcing services. Senen graduated from the Polytechnic University of the Philippines with a degree in Applied Economics. He also has a degree in Master in Business Administration from Letran College. Prior to joining Navarro, Senen was the Chief of the Direct Taxes Branch of the National Research Center from 1988 to 2005. Thereafter, he joined Punongbayan & Araullo’s Tax Department.

Atty. Alvin Noel Saldaña is a Director at the Tax & Corporate Services of Navarro Amper & Co (Deloitte Philippines). He joined Navarro in 2004. Noel graduated in 1994 from the University of Sto. Tomas with a degree in Bachelor of Science in Business Administration and his Bachelor of Laws from San Sebastian College – Recoletos. He also finished a Management Development Program from the Asian Institute of Management. Prior to joining Navarro, he was with Rufus Rodriguez & Associates, and was a Court Attorney at the Court of Tax Appeals.

Atty. Ma. Lourdes Gatmaytan is the Vice President of Bank of the Philippine Islands (BPI). She joined BPI last May 16, 2015. Mia finished law from the Ateneo de Manila University. Prior to joining BPI, she was an associate attorney at ACCRALAW from 1993 to 1997. She then joined SM Investments Corporation as Corporate Legal Counsel from February 1997 to August 1997. Later, she joined San Miguel Corporation (SMC) as Legal Counsel from September 1997 to March 2004. Thereafter, she joined Bahay Financial Services, Inc. as Head of Legal from February 2006 to August 2010. In September 2010 to June 2012, she was the Vice President/ Chief Legal Counsel of Splash Corporation. She was also a Certified Mediator from the National Center for Mediation.

TMAP Welcomes New Officers and Directors

TMAP Welcomes New Officers and Directors

TMAP’s 2017 Officers and Board of Directors were formally initiated into office by Justice Catherine T. Manahan, Associate Justice of the Court of Tax Appeals, who also delivered the Keynote Address centered on TMAP’s theme, “Advocating Reforms for a Fair and Efficient Tax System”.

Atty. Maria Lourdes “Malou” P. Lim, a Partner from Isla Lipana & Co., accepted the duties and responsibilities of the Association’s highest post from outgoing President, Atty. Benedict R. Tugonon of Quiason Makalintal Barot Torres Ibarra Sison & Damaso.

Atty. Lim, during her inaugural speech, said that for this year, TMAP lined up various projects and initiatives to bring this year’s theme into fruition. These projects include, among others, active participation in tax reform discussions particularly in Congress, Bureau of Internal Revenue and other public for a, TMAP tax updates and tax seminars for the professional development of our members and other tax practitioners, annual outreach program where we share our blessings and resources with our less fortunate members of our society, Lingkod TMAP 2017 where TMAP sets up taxpayers assistance help desks in key regional offices of the Bureau of Internal Revenue in Metro Manila during the income tax-filing season and the hosting of the 2017 Asia-Oceana Tax Consultants’ Association (AOTCA) international tax conference.

TMAP's Reaction to the SC Decision Directing the DOF and the BIR to Refund the Overpaid Income Tax by Minimum Wage Earners and Individual Taxpayers

TMAP’S REACTION TO THE SC DECISION DIRECTING THE DOF AND THE BIR TO REFUND THE OVERPAID INCOME TAX BY MINIMUM WAGE EARNERS (MWEs) AND INDIVIDUAL TAXPAYERS ARISING FROM THE ERRONEOUS IMPLEMENTATION OF REPUBLIC ACT NO. 9504.

The Tax Management Association of the Philippines (TMAP) is pleased with the landmark

Decision of the Supreme Court En Banc promulgated on 24 January 2017 declaring as NULL AND VOID Revenue Regulation (RR) No. 10-2008 insofar as it:

(a) disqualifies MWEs who earn purely compensation income from the privilege of the MWE exemption in case they receive bonuses and other compensation related benefits exceeding Php30,000; and

(b) provides for (i) the prorated application of the personal and additional exemptions under Rep. Act 9504 for the taxable year 2008, and (ii) the period of applicability of the MWE exemption to begin only on 6 July 2008 (the “Decision”).

The Decision is a clear signal that the Supreme Court will always uphold legislative intent and strike down a regulation that goes beyond enforcement of the law. At the same time, the Decision also serves as a reminder to those tasked to implement tax laws that tax laws should be implemented in a manner that is fair and consistent with the letter and spirit of the law.

Revenue issuances that are contrary to law aimed solely at increasing tax collections have no place in a democracy. Our Supreme Court can be relied upon to protect the taxpayers from administrative legislation.

The Decision affects practically all individual taxpayers in taxable year 2008. As such, the

execution of the Decision can pose a challenge.

Thus, TMAP appeals to the DOF and the BIR to accept and implement the Decision in earnest and, to this end, promulgate the necessary reasonable revenue issuance.

Notably, the Decision directs that the Secretary of Finance and the Commissioner of Internal

Revenue to “allow the application of the refund by way of withholding tax adjustments”.

Accordingly, TMAP believes that under the Decision, the DOF and the BIR are enjoined:

(1) to allow the withholding agents to (i) refund the overpaid tax to the affected employees or their heirs and (ii) automatically deduct any amount refunded from the current withholding tax due; and

(2) to act with dispatch in processing claims for refund of self-employed individuals.

We are in this predicament because the Government failed to implement the tax relief

accorded by Rep. Act 9504 to MWEs and individuals. TMAP hopes that the present

Government will not raise technicalities to thwart anew the benefits granted to taxpayers by law in 2008.

TMAP willingly offers to assist the BIR in whatever way it can to ensure the immediate and

smooth implementation of the Decision.

TMAP also wants to highlight the fact that the Supreme Court recognizes the urgency of

adjusting the personal income tax brackets when it said:

“…We stress that the progressivity of the rate structure under the present Tax Code has lost its strength. In the main, it has not been updated since its revision in 1997, or for a period of almost 20 years. The phenomenon of ‘bracket creep’ could be prevented through the inclusion of an indexation provision, in which the graduated tax rates are adjusted periodically without need of amending the tax law. … It should be emphasized that indexation to inflation is now a standard feature of a modern tax code.”

The Decision acts as strong endorsement of tax reform. With this, TMAP once again expresses its support to the DOF as it pushes for tax reform measures that will alleviate the plight of individual taxpayers while making the tax system fairer, simpler and more equitable.

The Road to Tax reform 2017

The Road to Tax Reform: 2017

July 26, 2017: TMAP attended the 11th public hearing conducted by Senate Ways and Means Committee on the TRAIN bill. The hearing tackled administrative provisions and touched on the VAT refund process and delinquency interest.

July 6, 2017: TMAP attended the Senate Ways and Means Committee hearing on estate Tax, donor's tax and 8% final income tax on self-employed & professionals.

June 9, 2017: TMAP conducted a Kapihan to solicit inputs from its members on the salient provisions of the revised tax reform bill (House Bill 5636)

May 17, 2017: TMAP participated in the dialogue on the proposed comprehensive tax reform organized by the Ateneo Graduate School of Business.

May 9, 2017: TMAP provided insights as resource persons during the Senate Committee on Ways and Means hearing on donor's tax amendments and reforms in real property valuation and assessment.

April 7 and 20, 2017: TMAP provided inputs on the review of the local government code and local government tax issues during the Technical Working Group meeting organized by Senate Committee on Ways & Means.

February 28, 2017: TMAP participated in the Senate Committee on Ways & Means hearing on tax reform and creation of taxpayer advocate office.

February 27, 2017: TMAP attended Senate Technical Working Group meeting (Feb 27) on Estate Tax Amnesty and Estate Tax Reduction bills.

February 24, 2017: TMAP participated in the tax reform roadshow conducted in Puerto Princesa, Palawan

February 22, 2017: TMAP attended hearing of the House Committee on Ways & Means on HB 4774 particularly on the personal income tax provisions.

February 17, 2017: TMAP participated in the Tax Reform Roadshow - Deepening Understanding of House bills nos. 4774 (TRAIN) and 4888 (TARA) in Davao City, organized by TMAP's Advocacy Partners, Philippine Chamber of Commerce & Industry and Development Alternatives, Inc. in cooperation with the Department of Finance.

February 15, 2017: TMAP attended the hearing of the House Committee on Ways & Means re HB 4774 particularly on its administrative provisions.

February 13, 2017: TMAP attended the House of Representatives Committee on Ways and Means hearing on excise tax on automobiles.

February 1, 2017: TMAP attended House of Representatives Committee on Ways and Means hearing on removal of VAT exemptions and other VAT Reforms.

AOTCA Website Now Open for Registration

AOTCA Website Now Open for Registration

The AOTCA 2017 conference website is now open for registration!!! The theme for this year is “Towards a Fair and Efficient Tax System.” The conference will focus on how taxpayers and tax administrators around the Asia-Oceania jurisdictions are coping with the challenges posed by the implementation of the BEPS action plans and various tax reforms both at the legislative and administrative levels.

Participants of the conference will have an opportunity to learn about the latest local and international tax developments and share insights with tax professionals from other jurisdictions.

Please click on the link below to register:

www.aotca2017manila.com

TMAP Elects 2017 Officers & Board of Directors

TMAP Elects 2017 Officers & Board of Directors

On December 7, 2016, TMAP elected its 15-member board of directors for 2017 during its monthly general membership meeting. The newly elected board of directors are as follows:

· Leilah Yasmin E. Alpad - Calenergy International Services, Inc. - ROHQ

· Jewel M. Baga - Development Bank Of The Philippines

· Cynthia L. De La Paz - Picazo Buyco Tan Fider & Santos

· Edward M. De Leon - Manila Oslo Renewable Enterprise

· Romeo H. Duran - Sapalo Velez Bundang & Bulilan

· Raymund S. Gallardo - Gallardo Songco & Associates

· Richard R. Lapres – Navarro Amper & Co.

· Maria Lourdes P. Lim - Isla Lipana & Company

· Maria Nora N. Manalo – Procter &Gamble Philippines Inc.

· Pepito G. Po - Bernaldo Directo & Po

· Eleanor L. Roque - Punongbayan & Araullo

· Ester R. Punongbayan - E. Punongbayan Global Outsourcing, Inc.

· Ma. Victoria D. Sarmiento - Castillo Laman Pantaleon Tan & San Jose

· Suzette A. Celicious-Sy- Baniqued & Baniqued

· Priscilla B. Valer - Romulo Mabanta Buenaventura Sayoc & Delos Angeles

The Board convened on January 6, 2017 to elect the officers for 2017, as follows:

· Maria Lourdes P. Lim - President

· Raymund S. Gallardo - Vice President – Internal Affairs

· Eleanor L. Roque - Vice President – External Affairs

· Ma. Victoria D. Sarmiento - Secretary

· Mr. Pepito G.Po - Treasurer

· Ms. Ester R. Punongbayan – Auditor

The induction of the 2017 officers and board of directors will be held on January 26, 2017, 11:00 am at the Legaspi 1 Ballroom of the Makati Diamond Residences, Legaspi Village, Makati City. Justice Catherine T. Manahan (Associate Justice of the Court of Tax Appeals) will serve as inducting officer and keynote speaker.

TMAP Hosts 2017 AOTCA Conference

Save the Date: July 20, 2018 – TMAP’s 11th Golf Cup

TMAP Inducts New Officers and Directors

TMAP January 2018 Activities

TMAP Elects 2018 Officers & Board of Directors

TMAP Hosts 2017 AOTCA Conference

On October 19-20, TMAP hosted the 2017 International Tax Conference of the Asia-Oceania Tax Consultants’ Association (AOTCA) at the Makati Shangri-La. AOTCA President Toshihiro Ikeda and TMAP President Maria Lourdes Lim welcomed over 200 international delegates from China, Japan, South Korea, Mongolia, Indonesia, Hong Kong, Taiwan, Vietnam and other neighboring countries, together with almost 200 Philippine delegates. The theme for 2017 was “Towards a Fair and Efficient Tax System” with the discussions focused on how taxpayers and tax administrators around Asia-Oceania jurisdictions are coping with challenges posed by the implementation of BEPS action plans, and tax reforms at the legislative and administrative levels. On October 19, topics presented included special presentation of Base Erosion and Profit Shifting (BEPS), transfer pricing and post-BEPS implementation, US tax development and reforms and impact to the ASEAN. On October 20, BIR Commissioner Caesar Dulay shared his insights on the Philippine tax administration system. Afterwards, country panels presented tax dispute resolution and refund process, tax reform updates, tax and technology, and best practices on tax administration. The conference not only provided a forum for the sharing of tax insights and best practices, but also showcased the talents of country-representatives during the gala night. For more details on the conference and to access the gallery of pictures, please visit www.aotca2017manila.com

Save the Date: July 20, 2018 - TMAP's 11th Golf Cup

The Tax Management Association of the Philippines (TMAP) will hold its 11th TMAP Golf Cup on July 20, 2018, at Mt. Malarayat Golf and Country Club in Lipa City, Batangas. The tournament is open to the public and will help fund the association’s projects and activities for the year, which will revolve around the theme, “Towards a Meaningful Advocacy for Progress.” Now on its 36th year, TMAP is a non-stock, non-profit organization that promotes professionalism and responsibility in the practice of taxation, and actively monitors tax developments in the country. Interested participants or sponsors may contact Atty. Raymund S. Gallardo (817-6493; 771-1229 or rsg@rsgallardolaw.com), Mr. Richard R. Lapres (581-9044 or rlapres@deloitte.com) or Ms. Cora L. Sta. Ana (346-8104; 840-2325 or tax_map@yahoo.com)

TMAP Inducts New Officers and Dirctors

TMAP’s 2018 Officers and Board of Directors were formally initiated into office by Commissioner of Internal Revenue Caesar R. Dulay, who also delivered the Keynote Address centered on the BIR’s 2018 Programs.

Atty. Raymund Gallardo, Managing Partner of RSGallardo Law Office, accepted the duties and responsibilities of the Association’s highest post from outgoing President, Atty. Malou Lim of Isla Lipana & Co.

Atty. Gallardo presented the 2018 theme of the organization: “Towards a Meaningful Advocacy for Progress”. The theme is aligned with the Association’s objectives of monitoring proposed and pending legislation, evaluation and review implementation of tax laws, issuances and jurisprudence to initiate necessary tax reform, assisting government planners in determining tax policy direction and recommending institutional reforms, recommending tax reforms in general for nation building and fostering affiliation with other organizations to achieve objectives.

For 2018, TMAP shall continue to be actively involved in tax reform efforts through participation in legislative and administrative activities. The organization shall hold its regular Kapihan sessions and utilize the social media platform to solicit ideas and comments from members, co-practitioners on current tax issues. TMAP shall closely coordinate with other professional organizations to ensure stronger representation in promoting tax advocacies.

TMAP January 2018 Activities

Courtesy Call to BIR Commissioner Caesar Dulay at the BIR National Office

On January 9, 2018, the newly elected TMAP Officers and Board of Directors paid a courtesy call to CIR Caesar Dulay to formally invite him as the inducting officer for the ceremony to be held on January 25, 2018.

Courtesy call to Deputy Commissioner for Info System Lanee David, Deputy Commissioner for the Operations Group Atty. Arnel Guballa, Atty. Mape Cantilep and Atty. Elenita Quimosing at BIR National Office

On January 17, 2018, TMAP Officers and Board of Directors discussed with the Deputy Commissioners the impact of the TRAIN Law on the forms and the programs of the BIR for 2018. TMAP also shared its inputs on the drafting of the implementing rules and regulations for income tax and VAT under the TRAIN law.

TV/radio appearance on Serbisyong Kasambahay at UNTV

On January 17, 2018, Atty. Raymund Gallardo and Atty. Lea Roque joined Ms. Jacqui Aquino in her radio/TV program, Serbisyong Kasambahay to share with her listeners and viewers the salient features of the TRAIN LAW and views on the growing anecdotal experiences of the public on the inflationary impact of the TRAIN law on the prices of consumer commodities.

TMAP Elects 2018 Officers & Board of Directors

On December 4, 2017, TMAP elected its 15-member board of directors for 2017 during its monthly general membership meeting. The newly elected board of directors are as follows:

· Leilah Yasmin E. Alpad - Calenergy International Services, Inc. - ROHQ

· Jewel M. Baga - Development Bank Of The Philippines

· Sherry Obiles-Baura – De Lumen Valdez Zamora and Associates

· Cynthia L. De La Paz - Picazo Buyco Tan Fider & Santos

· Edward M. De Leon - Manila Oslo Renewable Enterprise

· Romeo H. Duran - Sapalo Velez Bundang & Bulilan

· Raymund S. Gallardo - Gallardo Songco & Associates

· Richard R. Lapres – Navarro Amper & Co.

· Gay Christine Lopez – Buñag and Associates Law Office

· Maria Nora N. Manalo – Procter &Gamble Philippines Inc.

· Eleanor L. Roque - Punongbayan & Araullo

· Ester R. Punongbayan - E. Punongbayan Global Outsourcing, Inc.

· Ma. Victoria D. Sarmiento - Castillo Laman Pantaleon Tan & San Jose

· Suzette A. Celicious-Sy- Baniqued & Baniqued

· Priscilla B. Valer - Romulo Mabanta Buenaventura Sayoc & Delos Angeles

The Board convened on January 5, 2018 to elect the officers for 2018, as follows:

· Raymund S. Gallardo - President

· Eleanor L. Roque - Vice President – Internal Affairs

· Romeo H. Duran - Vice President – External Affairs

· Ma. Victoria D. Sarmiento - Secretary

· Richard R. Lapres - Treasurer

· Ms. Ester R. Punongbayan – Auditor

The induction of the 2018 officers and board of directors will be held on January 25, 2018, 11:00 am at the Legaspi 1 Ballroom of the Makati Diamond Residences, Legaspi Village, Makati City. BIR Commissioner Caesar R. Dulay will serve as inducting officer and keynote speaker.

New TMAP Members Inducted during the January GMM

Induction of New TMAP Members Held During Monthly General Membership Meetings

NEW TMAP MEMBERS INDUCTED DURING THE JANUARY GMM

The Tax Management Association of the Philippines (TMAP) welcomed three new members of the organization who also took their oath during the induction ceremonies of new officers and directors and first General Membership Meeting held at the Makati Diamond Residences in Legaspi Village, Makati City last January 26, 2017.

Global Management and Consultancy Asia ROHQ is a new member. It is licensed as a regional operations headquarters primarily engaged in general administration, planning and consultancy services to its affiliates, namely La Filipina Uy Gongco Corp., Philippine Foremost Milling Corp., Capiz Sugar Central, Inc., Excel Farm Corp., and Amigo Agro-Industrial Dev. Corp. This new member company is represented by Ms. Iris Uygongco Pama, the Group Head for Tax Affairs of the company who hails from Molo, Iloilo. Iris is a Certified Public Accountant. She finished her BS Business Administration and Accountancy degree from the University of the Philippines – Diliman as Magna Cum Laude and placed 13th in the 1999 CPA Board Examinations. Prior to joining the company, Iris was the Vice President for Finance of La Filipina Uy Gongco Group of Companies from 2008 to 2014 and Chief Accountant from 2000 to 2007.

We have two new members from Pepsi Cola Products Phil. Inc. (PCCPI). First is Atty. Rey T. Llesol, who is presently the Senior Manager for Tax of PCPPI. Rey graduated from the University of Saint Anthony in Iriga, Camarines Sur with a degree in Bachelor of Arts major in Political Science. He finished his Bachelor of Law degree from the Philippine Law School. Before joining PCPPI he worked for KPMG.

Second is Mr. Agustin Salva Sarmiento. Bobot is a Certified Public Accountant and is presently the Assistant Vice President for Tax and Reporting of PCCPI since 2011. Before joining PCPPI, he worked for SGV & Company.

INDUCTION OF NEW TMAP MEMBERS HELD DURING MONTHLY GENERAL MEMBERSHIP MEETINGS

The Tax Management Association of the Philippines (TMAP) welcomed new members of the organization who took their oath during the monthly General Membership Meeting which were all held at the Makati Diamond Residences in Legaspi Village in Makati City.

JUNE

Glenn Ian D. Villanueva, is an additional member of Reyes Tacandong & Co. Glenn is a CPA and is a Partner of the firm’s Tax Services division. He finished his Bachelor of Science in Accountancy degree from Siliman University in 2000. Before joining Reyes Tacandong, he worked as Tax Manager in SGV & Co. from 2000 to 2008 and as a Tax Consultant and Assistant Manager at KPMG Tax Services Pte. Ltd. in Singapore from 2008 to 2009. He joined Reyes Tacandong in 2010.

Atty. William Benson S. Gan is also an additional member of Reyes Tacandong & Co. Will is both a CPA and a lawyer and is also a Partner of the Tax Services division of the firm. He finished his Bachelor of Science in Accountancy degree in 2006 from De La Salle University and his Juris Doctor degree in 2010 from the Ateneo De Manila School of Law. He also completed his Masters in International Business Law from the National University in Singapore in 2012. Before Reyes Tacandong, he worked for SGV & Co. from 2006 to 2010 under its Tax Reporting and Operations Group. He joined Reyes Tacandong in 2010. He is presently a lecturer in Taxation at the Ramon V. Del Rosario College of Business.

Ms. Ma Ellen H. Gonzaga, is the Finance Operations Director of Hemisphere-Leo Burnett, Inc., a new TMAP member. Leo Burnett is one of the Top 10 Global Agency and owned by the Publicis Groupe, the largest communications holding company in the world. It is engaged in general advertising agency and sales promotion business. Ellen has been with Hemisphere-Leo Burnett for eleven years starting as Finance Controller and now as Finance Operations Director. She is a CPA. She graduated from the Polytechnic University of the Philippines, Cum Laude, with a degree in Bachelor of Accountancy. Her work experience included working for seven years at Isla Lipana & Co., working as Systems Manager at Metrolab Industries Inc. and as Accounting Manager at Ormat Inc., a US company engaged in operations and maintenance of geothermal power plant.

Mr. Jerome G. Gananan will represent Bank of Tokyo, a new TMAP member. Jerome is currently the bank’s Tax Officer and is a CPA. He finished his Bachelor of Science in Accountancy degree from the University of the Philippines in the Visayas. He then worked as Senior Associate of the Tax Compliance Group of SGV & Co. He also worked for Deutche Knowledge Services, Inc., Manila-Oslo Renewable Enterprise, Inc. and Accenture Inc.

Atty. Irwin C. Nieda Jr. is a partner of Du-Baladad & Associates. Irwin graduated from Ateneo de Manila University with degrees in Bachelor of Arts Major in Economics and Juris Doctor. Before Joining BDB Law, he was an Associate at Roco Kapunan Migallos Perez & Luna and a Tax Manager at Punongbayan & Araullo.

Another new member is Republic Cement Services, Inc. who will be represented by Atty. Jean P. Del Rosario who is both a CPA and a lawyer and holds the position of Tax Director. She finished her Bachelor of Science in Accountancy and Law degrees from the University of Sto. Tomas. Before joining Republic Cement, she worked for various firms such as SGV & Co., BDO Alba Romeo & Co., KPMG Manabat Sanagustin & Co., Accenture, Inc. and SM Investments Inc.

APRIL

Atty. Daniel Angelo V. Mendoza, an Associate of Romulo Mabanta Buenaventura Sayoc & de los Angeles will be an additional member of the firm. This will bring to five the total members of Romulo in TMAP. Dave has been with Romulo for four years. Dave graduated from the Ateneo de Manila University with degrees in Bachelor of Science in Management Engineering and Juris Doctor, the latter degree with Second Honors.

Pamela Mae E. Domingo-Segismundo, the Tax Manager of Century Properties Group Inc., will replace Jeffrey Balmores who resigned from the company last year to attend a family business. Pam is a CPA. She finished her Bachelor of Science in Accountancy degree from University of the Philippines – Tacloban. Before joining Century Properties, she was a Senior Associate at SGV & Co. for three years, a Tax Specialist at Smart Communications, Inc, and a Tax manager at IBM Philippines, Inc.

Araneta and Faustino Law Offices (formerly Aranas Law Office), a seven-man law firm to be represented by its Partner, Atty. Oliver S. Faustino. Oliver finished his AB Social Science degree, cum laude, from University of the Philippines – Manila and Juris Doctor (Second Honors Silver Medal) from Ateneo De Manila Law School. Before Joining Aranas Law Office in 2006, he worked as an Associate for five months at the Laguesma Magsalin Consulta and Gastardo Law Offices. During his college days, he was a staff member/photographer of the Manila Collegian, the official student publication of University of the Philippines – Manila and was Associate Editor of the Palladium, the official student publication of the Ateneo de Manila Law School.

Shernan V. Balilo, is a CPA and the Finance Head of Avon Products Manufacturing Inc. He’s an additional member, the present member being Liza D. Pabale. He graduated from the Polytechnic University of the Philippines in 1998 with a degree in Bachelor of Science in Commerce, Major in Accounting. For his Master in Business Administration, he graduated Magna Cum Laude from Colegio de San Juan Letran – Calamba. He’s the Finance Head of the company starting 2013 up to the present. He worked at Gracepark International Inc. as Plant Accountant, Transnational Diversified Group as Chief Accountant and Cityland Development Corporation as Staff Accountant.

MARCH

Atty. Cresencio T. Meneses I is a replacement member of SM Investments Corporation. This will bring to a total of two the representatives of SM Investments in TMAP, the other being Cecilia Patricio the former TMAP President. Jun is presently a Vice President of SM Investments. Jun graduated from University of the Philippines – Diliman with degrees in Business Administration and Accountancy and Law. He also attended the New York University School of Law where he finished his Master of Laws in International Taxation. Prior to SM Investments, he worked as Junior Associate of Sycip Salazar Hernandez & Gatmaitan, held various positions for nine years in Isla Lipana & Co., worked as Legal Counsel of SIA Engineering Company in Singapore, and as Tax and Legal Editor of CCH Asia Pte. Ltd. in Singapore and as a Director for International Tax for two years in Al-Khobar, Saudi Arabia.

Sarah Janine P. Davalos, Associate Manager for Tax of Metro Pacific Investments Corporation is a CPA. She will replace Rizza Blanco Latorre who transferred to a subsidiary, the Tollways Management Corp. Sarah has been with Metro Pacific for a year. Prior to Metro Pacific, she worked as Tax Associate Manager at Isla Lipana & Co. for six years. She graduated for De La Salle University – Lipa with a degree in Bachelor of Science in Accountancy where she was a dean’s lister.

Mary Grace C. Gurtiza , the Vice president for Treasury & Controllership of SPi CRM Inc., is a CPA. Her company, SPi CRM Inc. is a new member that provides contact center and business process or sourcing to more than five hundred clients worldwide. The company used to be known as ePLDT. In 2008 there was a spin-off created the SPI Global Services which then he became SPi CRM. Grace graduated from Philippine School in Business Administration – Manila with a degree in Bachelor of Science in Business Administration, Major in Accountancy.

FEBRUARY

Karl Louie L. Larrios, Assistant Manager of Alaska Milk Corporation will replace as TMAP member Mr. Arnold L. Abad who has retired from the company. Karl is a CPA. He graduated from University of the Philippines – Los Baños with a degree in Bachelor of Science in Accountancy. Prior to joining Alaska Milk last year, he worked for Punongbayan & Araullo for three years and LBC Express, also for three years. He is currently the President of PICPA San Pablo City Chapter.

Joseph S. Moreno, Finance Manager of Servier Phil. Inc. will replace as TMAP member the Company’s Controller, Mr. Virgilio Morales Jr. who is about to retire from the company. Joseph has been with Servier for twenty two years. Joseph is a CPA. He graduated from the University of Sto. Tomas with a degree in Bachelor of Science in Commerce, Major in Accounting. He has an Master in Business Administration degree from the Pamantasan ng Lungsod ng Maynila. Prior to joining Servier, Joseph worked as Internal Auditor at Philacor Credit Corporation and Lepanto Consolidated Mining Corp, and as Senior Accountant and Chief Accountant, respectively, at General Arabian Medical & Allied Accountant and Services Inc. and Deval Insurance Agency, Inc.

Atty. Mildo Flor C. Sison is the Director for Tax, Human Resources, Finance and General Administration of AG Counselors Corp, a subsidiary of Ayala Corporation where he has been working for the past nine years. Mildo is both a CPA and a lawyer. He finished his Bachelor of Accountancy degree from Saint Louis University in Baguio City, Magna Cum Laude. He also finished his Bachelor of Laws from the University of the Philippines College of Law and has a Masters of Law degree in Taxation from University of Florida – Gainesville. He has been attending TMAP for Ayala Land, Inc. for ten years. Prior to AG Counselors Corp, he worked as Revenue Enforcement Officer at the Bureau of Internal Revenue for five years, as Director in SGV for seven years and as Head of Tax and Compliance in Ayala Land, Inc. for eight years.

Atty. Rene A. Gaerlan graduated from the University of Sto. Tomas in 1988 and passed the bar exams given in the same year. Prior to his stint in the government, he worked in a law firm specializing in labor and tax cases. He joined the Development Bank of the Philippines in 1993 as a litigation lawyer at the Office of the Legal Counsel. He is now the acting head of the bank’s Legal Services Group.

Mr. Michael Jude R. Dolot, presently the Tax and Compliance Manager of Optum Global Solutions Phil. Inc. will represent said firm in TMAP. Mike is a CPA. He finished his Bachelor of Science in Accountancy degree for the University of Sto. Tomas. Prior to joining Optum Global Solutions, Mike was a Technical Assistant and Tax Consultant at Isla Lipana & Co. for four years. Then he became Tax Supervisor for Sykes Marketing Services. He has been with Optum for four years.

November

Atty. Eva R. Segui will be replacing Atty. Leilani Capule as an additional representative from the Development Bank of the Philippines (DBP). She is the Assistant Vice President of the Opinion and Research Unit of DBP. Eva finished both her AB Economics, Cum Laude, and Bachelor of Laws degrees from the Aquinas University of Legazpi City. Before joining DBP, she worked as Attorney II at the Litigation and Prosecution Division of the Bureau of Internal Revenue from 1991 to 1994. Prior to that, she was an Attorney also at the Litigation Division of the Department of Agrarian Reform.

October

Villaraza & Anangco or The Firm, a fifty man law firm will be represented by its Senior Associate Atty. Kristin Charisse C. Siao. KC graduated from Silliman University, cum laude, with a degree in BS Accountancy and then finished her law degree from the University of the Philippines. She’s both a Certified Public Accountant and a lawyer.

Torre Lorenzo Development Corp. will be represented by its Financial Planning and Control Manager, Mr. Eduardo P. Uy. Torre Lorenzo is a real estate developer which owns condominiums beside De La Salle University, UST and along Alabang-Zapote Road. Ed is a Certified Public Accountant. He finished Bachelor of Science major in Accounting from Colegio de San Juan de Letran. Before joining Torre Lorenzo, he held various positions in several companies like San Miguel Corp., IBM Phil., PNCC, Filinvest Alabang, Inc. and Lapanday Properties Phil. Inc.

Feria Law Office will have two additional members, one of them being Atty. Jay G. Masangcay, who is a Senior Associate of the said firm. JM graduated from University of the Philippines in Diliman with a degree in AB Political Science and then went to San Beda College for his law degree. Before joining Feria Law Office, he worked as a Senior Associate at SGV & Company for a year. He is presently an Assistant Lecturer at South Ville Foreign University in Las Piñas City.

Another representative of Feria Law is Atty. Jan Mari D. Adan. Jori went to the Ateneo de Manila University in 2008 and 2012 where she finished degrees in BA Philosophy and Juris Doctor. Prior to Feria Law Office, she was an Intern at the Free Rehabilitation, Economic Education and Legal Assistance Volunteers’ Association Inc. in Cebu City, an Intern at Britanico Sarmiento and Franco Law Offices and Associate at Esguerra & Blanco Law Offices.

Atty. Ma. Clarissa Fideliesl C. Arguelles will represent Petron Corporation. She is a lawyer and finished her law degree from the Ateneo Law School. Prior to Petron, she was the Senior Legal Counsel of Coca Cola Bottlers, Tax Manager of San Miguel Corporation and Head of Tax of San Miguel Properties.

September

San Miguel Foods, Inc., will be represented by its Tax Compliance Manager, Atty. Rachel D. Sison. San Miguel Foods is engaged in poultry operations, livestock farming, processing and selling of meat products, manufacturing and marketing of feeds products. Rachel is a both a Certified Public Accountant and a lawyer. She finished her Bachelor of Science in Accountancy from St. Louis University in Baguio City and her law degree from San Beda College of Law. Prior to San Miguel Foods, she held various positions in Isla Lipana & Co. from 2008 to 2015, her last position being a Tax Manager. She was also a Part Time Professor of Tax and Accounting at San Beda’s College of Arts and Sciences.

Sykes Asia, Inc., will be represented by its Senior Tax Manager, Hermes G. Diolola. Joboy is a Certified Public Accountant. Before joining Sykes Asia, he worked as Senior Audit Staff and Tax Manager at Isla Lipana & Co. He finished his Bachelor of Science in Business Aadministration degree from the University of the East.

ADP Phil II SPV-AMC Inc., will be represented by its Finance Director, Marivic S. Victoria. ADF Phil. is an alternative investment firm established in 2007 as a full-service asset management agency. It invests in portfolios of contract-to-sell receivables from various projects in the Philippines like Avida, Burgundy, Philtown, Cathay Land and Century Properties. Marivic finished her Bachelor’s degree in Accountancy from the Far Eastern University, finished the Ateneo-Regis Master in Business Administration Executive Program and attended the Executive Development Program at University of Pennsylvania, the Wharton School in November 2015. Prior to joining ADF Phil., Marivic was an Associate Auditor in SGV from 1992-1994, was an Accounting Manager at First Women’s Credit Corporation from 1995-2000, then Finance and Administration Manager in Mosman Communications, publisher of health-related magazines, AVP for Finance and Accounting for Capmark Financial Group from 2006 to 2009. She also passed the Real Estate Brokerage Licensure Exam.

DynamicMinds Business Solutions Inc., will be represented by its Chief Operating Officer, Jonalyn C. Ang. DynamicMinds Business Solutions Inc. provides IT consultancy services on software/systems development, network infrastructure, systems administration, database solutions, and support and maintenance of equipment and software of client’s network infrastructure. Lyn is a Certified Public Accountant. She finished her Bachelor of Science in Accountancy degree from the University of Cebu. Before joining her present employer, Lyn worked as Finance Manager at Infotech Exchange from 2007 to 2010 and as Finance Manager at Pacific Group Ltd. from 2011 to 2012.

Benby Enterprises, Inc., will be represented by its Finance Controller, Jane Lao Lim. Benby Enterprises is into importation and distribution. Jane graduated from the Ateneo de Manila University with a bachelor’s degree in Management. She also went to Boston College under an International Exchange Program. Before joining Benby Enterprises, she worked as an Analyst at AB Capital and Investments Corp and as Treasurer of Jgroup Corporation.

Another new member is Robert Henry M. Ramirez II of Panalpina World Transport Phil. Inc. Robert is the Country Head of Finance (CFO) of Panalpina. He is a Certified Public Accountant and finished Bachelor of Science in Accountancy from the University of Sto. Tomas in 2003. Panalpina is into international cargo, warehousing and transport of services. Before joining Panalpina, Robert was with Maersk, including Maersk Guatemala as Country Finance Manager, as Chief Accountant & Controller and Chief Finance Operations Manager.

Megawide Construction Corporation will be represented by its Tax Manager, Jonina Carla V. Casidsid. Jo is a Certified Public Accountant. She finished her BS in Accountancy degree from the Pamantasan ng Lungsod ng Maynila. Before joining Megawide, Jo worked as Associate Director at SGV from 2010 to 2015.

August

Ms. Roselle Y. Caraig joined Isla Lipana & Co. in 2000 and became a tax partner in 2015. She finished her Bachelor of Science in Accountancy from De La Salle University and also completed the Management Development Program at the Asian Institute of Management.

July

Atty. Carlos T. Carado II, is both a Certified Public Accountant and a lawyer. He graduated from the Technological Institute of the Philippines for his BSC-Accounting degree and the Ateneo de Manila University for his Juris Doctor degree in 1998. Before joining Isla Lipana & Co., he worked for Punongbayan & Araullo for more than a year. He was also a faculty member of Assumption College in Makati where he was a lecturer in business and tax law. He also completed the Management Development Program of the Asian Institute of Management in 2009.

Atty. Patricia Blaise T. Relova, is the Tax Manager of Ayala Land Inc. She finished her Bachelor of Laws degree from the Ateneo de Manila University in 2005 and Bachelor of Science major in Management from the Assumption College. Prior to Ayala Land, she worked for SGV & Co. where she held the position of Director, was an Associate at Britanico Sarmiento & Franco Law Office and was a Labor Correspondent at the Dela Rosa and Nograles Law Offices.

Atty. Carmencita P. Victorino, is the Managing Partner of Mamalateo Victorino Guevara & Mamalateo. She’s both a CPA and a lawyer. She graduated from the University of the Philippines with LLB in 1992 and BSBA and Accounting degrees. For her previous work experience, she was a Court Attorney V at the Court of Appeals, a Tax Manager of the Tax Division of Punongbayan & Araullo, Tax Counsel of Caltex Philippines, Consultant and Legal Researcher of Access Law Inc. and then Partner of V.C. Mamalateo & Associates.

The second representative of Mamalateo Victorino Guevara & Mamalateo is Atty. Lino Ernie M. Guevara. He graduated from the University of the Philippines College of Law in 1992 and finished BS Psychology also from UP. He also worked for Joaquin Cunanan & Co. - Price Waterhouse as Tax Consultant, was Acting Division Chief of the One-Stop Shop Tax Credit and Duty Drawback Center, DOF, was Manager of the Ratings Department of the Credit Information Bureau, was a Manager of the Tax Division of Punongbayan & Araullo – Ernst & Young, Tax Manager for Ernst & Young New York for 1 ½ years, and was Senior Manager of Punongbayan & Araullo – Grant Thornton International.

June

Atty Lawrence Biscocho is both a Certified Public Accountant and a lawyer. Law obtained his accounting and law degrees from San Beda College. He likewise completed the Management Development Program from AIM. He has been with Isla Lipana for 18 years. He also worked briefly for Tolentino De Veyra Law Offices.

Atty. Excelsis V. Antolin is a Partner in Baniqued & Baniqued since 2006. She finished her law degree from Ateneo Law School and her BS Business Economics from UP Diliman where she graduated Cum Laude. Before joining Baniqued she was a paralegal at Alampay Gatchalin Mawis and Alampay Law Offices for 3 years then became an Associate for 4 years. She was also a part-time instructor of Taxation at the University of Sto. Tomas College of Commerce from 2008 to 2012.

Atty. Emma Malou L. Gan, also a Certified Public Accountant and lawyer who is a Senior Associate at Baniqued & Baniqued. She graduated from Dela Salle University with a degree in Bachelor of Science in Accountancy. After graduation, she joined Joaquin Cunanan & Co. now Isla Lipana frm 2003 to 2005. Then she enrolled in the MBA and Juris Doctor Dual Degree Program offered by De La Salle-FEU and finished both her MBA with distinction and her law as First Honor and Gold Medalist.

Ms. Amie Jane Sadia is the Tax Unit Head and will represent China Banking Corporation as an additional member. She’s a Certified Public Accountant. She finished her BS in Accountancy from Bicol University. She joined China Bank in 2012. Prior to that, she was with SGV for 4 years from 2007 to 2011.

Ms. Laura Baui is the Senior Director of Finance of ADP (Philippines) Inc. She joined the company in September 2010. ADP or Automatic Data Processing, Inc is one of the largest providers of business outsourcing solutions to employers and vehicle dealership around the world. Laura is a Certified Public Accountant. She took her Bachelor of Science in Commerce Major in Accounting at the University of St. Lasalle in Bacolod City. She also obtained her Master in Management at the Asian Institute of Management. Prior to joining ADP, she was a Senior Audit Manager at SGV in 1998. Thereafter she joined Mirant (Philippines) Inc. as VP-Controllership and Taxation from 1998 to 2007. Later, she was employed as Financial Controller/Consultant at AES (Philippines) Inc. from 2007 to 2009.

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