Tax Partners Cheryl C. Ong (CCO), Czarina R. Miranda (CRM) and Josenilo G. Mendoza (JGM), and Tax Principal Victor C. de Dios (VCD) were among the speakers at the Taxation and Governance for Exporters Review (TIGER) Course held on 26 November to 9 December. Hosted by the Philippine Economic Zone Authority (PEZA), the course discussed the various tax compliance requirements for PEZA locator companies and ecozone developers.
CCO delivered the opening remarks and highlighted the importance of tax compliance and awareness in nation building. In her keynote speech, PEZA Director General Charito Plaza encouraged participants to learn how relevant tax incentives and corporate taxation can strengthen their respective organizations. “Amidst the COVID-19 pandemic, PEZA continues to take initiatives to assist existing and even future enterprises in ecozones nationwide. As we approach year-end of 2020, we believe that it is crucial to conduct training on webinar platforms so that education and learning about PEZA’s tax incentives and corporate taxation continues to help businesses,” said PEZA Director General Plaza.
VCD began the session on 3 December with a discussion on the customs-related issuances and rules on importations. He then spoke on free zones and customs territories and the tax implications of imports and exports. He also provided updates on Bureau of Customs (BOC) issuances and the Bayanihan 2 Law.
CCO provided an overview of fiscal incentives for exporters and explained the existing incentives for enterprises registered with the Investment Promotion Agencies (IPAs) in the Philippines, including PEZA. She then discussed the CREATE bill, highlighting its salient features and the impact of the recent Senate deliberations held last November.
CRM led a session on the taxation of foreign nationals and regulatory compliance requirements. She explained the income tax or withholding tax implications on compensation and benefits provided to foreign expatriates, including related updates as well as reporting requirements of various government agencies for companies with foreign employees.
JGM provided a comprehensive discussion on year-end tax requirements and procedures. He spoke on potential issues in the preparation of different year-end tax filing and administrative requirements covering majority of the tax types, as well as the evaluation of year-end adjustments and reconciling items in computing current income tax expenses.
CCO led the session’s organizing committee assisted by her team of managers and senior associates. To watch the sessions, please visit https://tinyurl.com/PEZATIGERCourse.
