6th TMAP General Membership Meeting (GMM) and 2nd Tax Seminar

On 26 June 2025, TMAP held its 6th General Membership Meeting (GMM) and 2nd Tax Seminar at Makati Diamond Residences.

Our GMM guest speaker, Atty. Larry M. Barcelo (Deputy Commissioner (OIC), Legal Group Bureau of Internal Revenue) discussed the Capital Market Efficiency Promotion Act (CMEPA).

Investment incentives were covered during the Tax Seminar by the following resource persons:

Strategic Investment Priority Plan and Investment Promotion Agencies

Speaker:

Atty. Jocet Consisa P. Dita

Deputy Executive Director Foreign Investment Review Board, National Tax Research Center

Philippine Economic Zone Authority Incentives

Speaker:

Atty. Ross Vincent S. Sy

Group Manager, PEZA Enterprise Regulation and Support Services

Current and Future Bases Conversion and Development Authority Projects

Speaker:

Mr. Erwin Kenneth R. Peralta

Vice President – BCDA Investment Promotions and Marketing Department

TMAP Holds its November 2024 GMM and webinar

On November 28, 2024, TMAP held its General Membership Meeting (GMM) and Tax Webinar via zoom. Our guest speakers provided an overview as well as updates on the following topics:

Topic: VAT Taxation of Digital Transactions

Atty. Larry M. Barcelo

Deputy Commissioner (OIC), Legal Group

Bureau of Internal Revenue

Topic: Salient Features of CREATE MORE Act

Atty. Ma. Lourdes P. Lim

2017 TMAP President

Managing Partner, Tax Department

Isla Lipana & Co. (PwC Philippines)

Topic: Real Property Valuation and Assessment Reform Act

Atty. Cresencio T. Meneses I

TMAP Director

Vice President – Tax Advisory, Planning and Training Group, Corporate Tax

SM Investments Corporation

TMAP Holds its October 2024 GMM

TMAP held its October 2024 General Membership Meeting (GMM) at Makati Diamond Residences. Discussions on Bureau of Customs updates were led by our guest speaker, Atty. Vincent Philip C. Maronilla, Assistant Commissioner of the Post Clearance Audit Group (PCAG) of the Bureau of Customs.

1st TMAP International Tax Summit

On August 29, 2024, TMAP hosted its first ever International Tax Summit at Makati Shangri-La, Ayala Avenue, Makati, Metro Manila. The summit featured in-depth discussions of various developments in international taxation and its impact on the Philippine taxation, including the following topics,

- Philippine Legislative Agenda;

- BEPS 2.0 in Action;

- Ease of Doing Business in the ASEAN/Taxation of Mergers and Acquisitions;

- ASEAN Tax Enforcement Practices;

- Impact of Carbon Border Adjustment Mechanism on Philippine Industries; and

- Ethics in the Tax Profession.

Among the distinguished guest speakers who graced the event were Senator Sherwin “Win” T. Gatchalian, Supreme Court Senior Associate Justice Marvic M.V.F. Leonen, and Commissioner Romeo “Jun” D. Lumagui Jr. of the Bureau of Internal Revenue.

July 2024 GMM – Updates on the Ease of Doing Business Act

On 25 July 2024, TMAP held its July 2024 General Membership Meeting (GMM) via zoom. Our guest speaker, Ms. Marbida L. Marbida (Director IV, Better Regulations Office under the Office of the Deputy Director General for Operations of the Anti-Red Tape Authority (ARTA)), discussed various updates related to the implementation of the Ease of Doing Business Act as well as other ARTA initiatives.

TMAP Tree Growing Activity at La Mesa Watershed

On 20 July 2024, TMAP together with the Million Trees Foundations, Inc., held a Tree Growing Activity at the La Mesa Watershed, Million Trees Nursery and Eco-Learning Center (La Mesa Road, Novaliches, Quezon City).

TMAP Holds Its June 2024 GMM and Tax Seminar

On June 27, 2024, TMAP held its June 2024 General Membership Meeting (GMM) at Makati Diamond Residences where the following guest speakers gave an overview on the role of taxation in achieving Sustainable Development Goals (SDGs):

Sudarshan Kasturirangan

Asia Pacific Region Tax Specialist

UNDP Bangkok Regional Hub

Aljo Quintans

SDG Specialist, UNDP Philippines

After the GMM, TMAP held a Tax Seminar where the following resource speakers discussed updates, issues, and challenges relating to implementation of BEPS 2.0:

Atty. Carlo Navarro

Southeast Asia Transfer Pricing Leader

Deloitte/Navarro Amper & Co.

Atty. Maria Margarita Mallari-Acaban

SGV & Co.

TMAP Holds Its May 2024 GMM

On May 30, 2024, TMAP held its May 2024 General Membership Meeting (GMM) via Zoom. Our guest speaker was Irma A. Thiam-Marquez, Bank Officer V (Compliance and Supervision Group, Detection and Prevention Department) of the Anti-Money Laundering Council Secretariat, who provided updates from the Anti-Money Laundering Council. TMAP President Atty. Jaqueline Yu-Villar also presented her April 2024 report.

TMAP Holds its 14th Annual Golf Tournament and Bingo Socials

On May 23, 2024, TMAP held its 14th Annual Golf Tournament and Bingo Socials at the Valley Golf and Country Club in Antipolo, Rizal. The proceeds of this event will be used for TMAP’s outreach and advocacy projects.

Below are the winners of the Golf Tournament:

MEN’S DIVISION:

Overall (lowest gross) - Mark Gorriceta

Champion - Class A - Jay Razon

1st Runner up - Class A - Emer Aceron

2nd Runner up - Class A - Jose Gorriceta

Champion - Class B - Jun Caramat

1st Runner up - Class B - Mark Aloysius Vergara

2nd Runner up - Class B - Jonald Vergara

Champion - Class C - Michael Guari

1st Runner up - Class C - Romel Curiba

2nd Runner up - Class C - Joel Roy Navarro

WOMEN’S DIVISION:

Champion - Judy Lardizabal

1st Runner up - Ria Dam

2nd Runner up - Maria Carmelita Torres

Most accurate drive - Mark Gorriceta

Longest drive - Jose Luis Yupangco / Roselle Caraig

Nearest to the pin - Joel Navarro

Longest putt - Melvin Vergara

First GMM and Induction of 2024 TMAP Officers

On 25 January 2024, TMAP held its First General Membership Meeting at the Makati Diamond Residences.

In her inaugural address, incoming TMAP President Atty. Jacqueline M. Yu-Villar talked about this year’s theme – “Shaping a Sustainable Tax Leadership” – and laid down her plans and programs.

As part of the keynote address, Atty. Alta Garcia (Director in the Office of Senator Sherwin “Win”  T. Gatchalian for the Committee on Ways and Means) went through the different tax reform proposals that are presently subject to Senate deliberations.

The 2024 TMAP Officers and Directors were inducted by TMAP Past President Serafin U. Salvador Jr. (1985-1986) and Past Presidents were also admitted and recognized as Lifetime Members of TMAP.

The following day, the 2024 TMAP Officers and Directors met with Senator Win Gatchalian who formally administered the Oath of Office and discussed in further detail the Senate’s tax agenda for 2024.

TMAP Collaborates with the UP Law Tax Cluster for a Webinar on Taxation in the Digital Age

On March 17, 2023, the UP College of Law Tax Cluster, in collaboration with TMAP, held a webinar entitled “Taxation in the Digital Age: The BEPS Two-Pillar Solution.”  Mr. Bruno da Silva, an international tax consultant and BEPS Specialist of the Asian Development Bank, known for his work on the taxation of the digital economy, was the guest speaker.

The opening remarks were given by the UP College of Law Dean Carlo L. Vistan II and by TMAP President, Atty. Suzette A. Celicious-Sy.  TMAP Corporate Secretary and Director Atty. Marivic D. Sarmiento and TMAP Director Atty. Caren C. Laforteza provided their comments and insights to the lecture of Mr. da Silva

TMAP Holds Its April 2023 GMM

On April 27, 2023, TMAP held its April 2023 General Membership Meeting (GMM) virtually via Zoom.  The guest speaker for the GMM was Director Johanna Hortinela of the Department of Finance who gave an overview and updates on the national economic policy.  After the GMM, TMAP President Atty. Suzette A. Celicious-Sy Atty. Suzette A. Celicious-Sy administered the oath of membership to new members.

TMAP 2023 Officers and Members of the Board of Directors Visit Tulay ng Kabataan

On May 30, 2023, the Officers and Directors of TMAP visited ANAK-Tulay ng Kabataan (ANAK-Tnk) Foundation in Quezon City and turned over TMAP’s donation to the foundation.  ANAK-Tnk is a non-governmental organization founded in 1998 to support Metro Manila’s street children.  The mission of the ANAK-Tnk is to bring back the smiles and dignity of Metro Manila’s most unfortunate children.  TMAP Officers and Directors met ANAK-Tnk’s Executive Director, Father Matthieu Dauchez, its administrators, and the children under their care.

TMAP Holds Its May GMM with Talk on Cryptocurrency Basics

On May 25, 2023, TMAP held its May 2023 General Membership Meeting (GMM) at the Makati Diamond Residences.  The guest speaker for the GMM was Atty. Nadaine Tongco-Edades, Associate General Counsel and Head of Tax and Finance of Enjin Pte. Ltd, who gave a talk on the fundamentals of cryptocurrencies.  Atty. Tongco-Edades discussed the history, basic concepts, pros and cons, and regulatory landscape of cryptocurrencies.

TMAP Holds Its June GMM with a Talk on REITs

On June 29, 2023, TMAP held its June 2023 General Membership Meeting (GMM) via Zoom.  The guest speaker for the GMM was Atty. Roel A. Refran, Executive Vice President and Chief Operating Officer of the Philippine Stock Exchange, Inc.  Atty. Refran gave a talk on the basic regulatory framework of Real Estate Investment Trusts (REITs) in the Philippines.  He also provides updates and developments on REITs.

TMAP Holds Its 13th Annual Golf Tournament and Bingo Socials

On July 21, 2023, TMAP held its 13th Annual Golf Tournament at the Ayala Greenfields Golf and Leisure Club in Calamba, Laguna.  More than 50 golfers participated in the annual tournament with the top prize going to Mr. Louie Yupangco from PwC Philippines/Isla Lipana & Co.   There was also a Bingo social and raffle event that took place for non-golfers.  The proceeds of the tournament will be used for TMAP’s outreach and advocacy projects for the year.

TMAP Holds July GMM with Updates from the BLGF

On July 27, 2023, TMAP held its July 2023 General Membership Meeting (GMM) at the Makati Diamond Residence.  The guest speakers from the GMM were Mr. Niño Raymond B. Alvina, the Executive Director of the Bureau of Local Government Finance (BLGF) and Ms. Brenda L. Miranda, OIC Director of Local Fiscal Policy Service of the BLGF.  Mr. Alvina and Ms. Miranda provided updates on the relevant rulings and issuances of the BLGF and the Department of Finance.

TMAP Holds August GMM with Updates from the PCC

On August 31, 2023, TMAP held its August 2023 General Membership Meeting (GMM) via Zoom.  The guest speaker for the GMM was Atty.  Lolibeth Ramit-Medrano, Commissioner of the Philippine Competition Commission.  Commissioner Ramit-Medrano discussed the basic regulatory framework on competition in the Philippines and the significant provisions of the Philippine Competition Act and its implementing rules and regulations.

Lingkod TMAP 2023

Volunteers from TMAP member firms provided assistance to taxpayers on April 13, 14, and 17, 2023 at Revenue Region (RR) Nos. 7A, 7B, 8A, and 8B.  TMAP volunteers answered queries from various individual taxpayers on income tax return filing requirements and assisted some taxpayers in computing their income tax payable for the taxable year 2022.

TMAP President Atty. Suzette A. Celicious-Sy spearheaded Lingkod TMAP 2023 together with the help of Project Chairpersons for each Revenue Region, namely, Director Roselle Caraig (RR No. 7A), Director Mike Garcia (RR No. 7B), Director Kenny Mijares (RR No. 8A), and Vice-President for Internal Affairs Jacquie Yu-Villar (RR No. 8B)

TMAP wishes to thank the volunteers from the following member firms for their participation in Lingkod TMAP 2023: Layug, Celicious-Sy & Villapando Law Office; Isla Lipana & Co. – PWC; Salvador Llanillo & Bernardo (SLB); Romulo Mabanta Buenaventura Sayoc & de Los Angeles; Mazars Philippines – Yu Villar Tadeja & Co; SyCip Salazar Hernandez & Gatmaitan; Morfe, Ceneta & Co., CPAs; SM Investments Corporation, Suy Sing Commercial Corporation, and other member firms who supported the activity.

September 2023 TMAP Events

 TMAP will hold its September 2023 General Membership Meeting (GMM) onsite at the Makati Diamond Residences on September 28, 2023.  Guest speaker for the GMM will be ACIR Jethro Sabarriage who will lead a fireside chat on Large Taxpayer Service (LTS) updates.  On the same day, TMAP will also hold its second tax seminar for the year with the following honored resource speakers:

    ​Hon. Catherine T. Manahan

    Associate Justice

    Court of Tax Appeals

    Topic: Recent Tax Jurisprudence

    Hon. Rufino C. Cantaros, Jr.

    Chief of Staff, Office of the Commissioner

    Bureau of Internal Revenue

    Topic: Updates on Run After Fake Transactions (RAFT) Task Force

    Hon. James H. Roldan

    Assistant Commissioner, Enforcement & Advocacy Service

    Bureau of Internal Revenue

    Topic: Updates on Run After Tax Evaders (RATE) Program

    Atty. Carlo L. Navarro

    Deloitte Southeast Asia Transfer Pricing Leader

    Topic: Updates on Transfer Pricing

Please wait for the registration links which will be sent by the TMAP Secretariat through Glue Up.  Hope to see you there!

TMAP Holds its Second Tax Seminar in 2023

On September 28, 2023, TMAP held its second tax seminar for the year with the following honored resource speakers:

Hon. Catherine T. Manahan

Associate Justice

Court of Tax Appeals

Topic: Recent Tax Jurisprudence

Hon. Rufino C. Cantaros, Jr.

Chief of Staff, Office of the Commissioner

Bureau of Internal Revenue

Topic: Updates on Run After Fake Transactions (RAFT) Task Force

Hon. James H. Roldan

Assistant Commissioner, Enforcement & Advocacy Service

Bureau of Internal Revenue

Topic: Updates on Run After Tax Evaders (RATE) Program

Atty. Carlo L. Navarro

Deloitte Southeast Asia Transfer Pricing Leader

Topic: Updates on Transfer Pricing

TMAP Holds its September GMM with a Fireside Chat with ACIR Sabariaga of the LTS

On September 28, 2023, TMAP held its September 2023 General Membership Meeting (GMM) at the Makati Diamond Residences.  The guest speaker for the GMM was Assistant Commissioner (ACIR) Jethro Sabariaga, ACIR for the Large Taxpayers Service (LTS) of the Bureau of Internal Revenue.  ACIR Sabariaga led a fireside chat on the updates on the policies of the LTS as well as issues and challenges faced by the large taxpayers under the jurisdiction of the LTS.

TMAP Holds its October GMM with a Discussion on Eat Bulaga IP Dispute

On October  26, 2023, TMAP held its October 2023 General Membership Meeting (GMM) via Zoom.  The guest speaker for the GMM was Atty. Ray Anthony O. Pinoy, Senior Partner and Head of the Intellectual Property (IP) Practice at Castillo Laman Tan Pantaleon & San Jose Law Office.  Atty. Pinoy discussed the issues that are involved in the ongoing Eat Bulaga IP dispute and provided his personal views and different perspectives on how this may be resolved.

TMAP Holds its November GMM with a Discussion on ESG Matters

On November 29, 2023, TMAP held its November 2023 General Membership Meeting (GMM) via Zoom.  The guest speaker for the GMM was Ms. Catherine H. Lipana-Gomez, the ESG and Sustainability Partner of the Deals and Corporate Finance Practice of Isla Lipana & Co. PwC Philippines.  Ms. Lipana-Gomez discussed matters relating to Environment, Social, and Governance (ESG).  She also discussed what sustainability is and what it means to businesses.

TMAP Holds its Annual Christmas Party at Makati Diamond Residences

On December 7, 2023, TMAP held its Annual Christmas Party at the Makati Diamond Residences.  The theme for this year-end party was Barbie and Ken Christmas.  TMAP’s Special Events Committee organized various games and activities for the event.

The incoming members of the 2024 Board of Directors of TMAP were also presented to the members during the event.  The members of the 2024 TMAP Board of Directors are the following:

Jacqueline Villar – Yu-Villar Tadeja & Co./Mazars Philippines

Carina C. Laforteza – SyCip Salazar Hernandez & Gatmaitan

Martin Ignacio D. Mijares – Salvador Llanillo & Bernardo, Attorneys-at-Law

Irwin C. Nidea, Jr. – Du-Baladad & Associates/BDB Law

Rhea M. Mangubat – Gerodias Suchianco Estrella Law Firm

Maria Gracia L. Morfe – Morfe Ceneta & Co., CPAs

Roselle Y. Caraig – Isla Lipana & Co./ PwC Philippines

Cresencio T. Meneses I – SM Investments Corporation

Michael Jude R. Dolot – Optum Global Solutions (Philippines) Inc.

Rachelle Ann C. Baod-Montalvo – Individual Member

Madeline Z. Villapando – Layug Celicious-Sy and Villapando

Sarah Janine P. Davalos – Metro Pacific Investments Corporation

Mary Elizabeth M. Belmonte – Martinez Vergara & Gonzalez Sociedad

Alvin Noel R. Saldaña – Navarro Amper & Co./Deloitte Philippines

Michael P. Garcia – Romulo Mabanta Buenaventura Sayoc & de los Angeles

Suzette A. Celicious-Sy – Layug Celicious-Sy and Villapando

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.

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 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 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

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.

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 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.

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

2016 VICE PRESIDENTIAL CANDIDATES

Click the image to view candidate's response

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

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 26, 2017.

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”.

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. 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.