News

PAS holds Tax webinar   The People Advisory Services (PAS) Team conducted a webinar on individual income tax annualization and recent tax and immigration developments last 1 December. Tax Leader Fame delos Santos welcomed over 470 participants to the webinar, including finance, HR and payroll executives.   Speakers at the PAS webinar  Speakers at the webinar were PAS Partner Czarina Miranda; Executive Director Josephine Adalem; Senior Directors Elena Manuel, Jocelyn Magaway and Marlynda Masangcay; and Director Maria Kathrynna Chavez. They discussed recent developments in individual taxation and immigration based on recent laws, BIR regulations and court decisions. They also provided an overview on performing year-end income tax adjustments, and shared insights on individual compliance for disclosure of related-party transactions, taxation of individuals during the COVID-19 pandemic, tax treaty relief application, and tax incentives for individuals under the Bayanihan to Recover as One Act.

The People Advisory Services (PAS) Team conducted a webinar on individual income tax annualization and recent tax and immigration developments last 1 December. Tax Leader Fame delos Santos welcomed over 470 participants to the webinar, including finance, HR and payroll executives. Speakers at the webinar were PAS Partner Czarina Miranda; Executive Director Josephine Adalem; Senior Directors Elena Manuel, Jocelyn Magaway and Marlynda Masangcay; and Director Maria Kathrynna Chavez. They discussed recent developments in individual taxation and immigration based on recent laws, BIR regulations and court decisions. They also provided an overview on performing year-end income tax adjustments, and shared insights on individual compliance for disclosure of related-party transactions, taxation of individuals during the COVID-19 pandemic, tax treaty relief application, and tax incentives for individuals under the Bayanihan to Recover as One Act.

PEZA TIGER Course features Tax Partners  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.  CCO and VCD presenting at the webinar  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 and JGM presenting at the webinar  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.  

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.

RSD speaks at APFEI webinar  Tax Partner and International Tax and Transaction Services Country Leader Romulo S. Danao, Jr. (RSD) led a session titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions for the Association of Pharma Financial Executives Inc. (APFEI) on 26 November.   RSD presenting at the APFEI webinar  RSD began the session with an overview of transfer pricing and briefly reviewed the transfer pricing regulations issued in 2013 and transfer pricing audit guidelines issued in 2019. He then discussed the salient features of the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020, which require the submission of BIR Form No. 1709. He concluded the session with insights on how concerned taxpayers, particularly companies engaged in the pharmaceutical industry, can comply with the new requirements. 

Tax Partner and International Tax and Transaction Services Country Leader Romulo S. Danao, Jr. (RSD) led a session titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions for the Association of Pharma Financial Executives Inc. (APFEI) on 26 November. RSD began the session with an overview of transfer pricing and briefly reviewed the transfer pricing regulations issued in 2013 and transfer pricing audit guidelines issued in 2019. He then discussed the salient features of the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020, which require the submission of BIR Form No. 1709. He concluded the session with insights on how concerned taxpayers, particularly companies engaged in the pharmaceutical industry, can comply with the new requirements.

SGV Partners raise a toast to Itos SGV Partners honored retiring former Chairman and Country Managing Partner (CMP) J. Carlitos G. Cruz (JGC) on 11 December with a program that was webcast from the SGV Development Center. Some of SGV’s leadership and partners who were part of the organizing committee were physically present at the venue and observed proper social distancing and required health and safety protocols. Other partners virtually participated in the celebration from their own offices or homes.  Chairman and CMP Wilson P. Tan (WPT) delivered the opening remarks and commended JGC’s valuable contributions to the Firm that have enhanced our services, empowered our professionals, and developed the accounting profession The first part of the program featured video messages from JGC’s clients, colleagues, former staff and teammates, and family, including several SGV Alumni Partners. They shared how he embodied the different Partner Personas – one who demonstrates integrity and the enthusiasm and courage to lead; delivers exceptional client service; exhibits team leadership; and possesses an entrepreneurial mindset.   JGC then expressed his gratitude to all those who became a significant part of his SGV journey. He also shared his thoughts on the mindset needed for SGV’s continued success, emphasizing the value of long-term growth, continuous training, agility and teaming, and staying connected with the Firm’s stakeholders.  The program also featured video presentations from the SGV Glee Club and the SGV Dance Company. Volunteer dancers from Market Group 4 and our Cebu, Davao and Clark branches also prepared a special video dance performance featuring facility improvements in SGV offices nationwide – which formed part of JGC’s legacy.   This was followed by a virtual after-party hosted by Assurance Partner Raoul Balisalisa. Participants played online trivia games about JGC and listened to more messages from active partners, EY colleagues, his former staff turned clients and friends, and Association of Certified Public Accountants in Public Practice (ACPAPP) members.   In honor of his 39 years of service to the Firm, JGC was presented with a token of appreciation, a sculpture titled Gratitude. It depicts a man amid three deeply-rooted trees whose crowns are fused as one. The trees symbolize SGV and represent the growth of our people, our clients and our country.   We wish you all the best, JGC. 

SGV Partners honored retiring former Chairman and Country Managing Partner (CMP) J. Carlitos G. Cruz (JGC) on 11 December with a program that was webcast from the SGV Development Center. Some of SGV’s leadership and partners who were part of the organizing committee were physically present at the venue and observed proper social distancing and required health and safety protocols. Other partners virtually participated in the celebration from their own offices or homes. Chairman and CMP Wilson P. Tan (WPT) delivered the opening remarks and commended JGC’s valuable contributions to the Firm that have enhanced our services, empowered our professionals, and developed the accounting profession. The first part of the program featured video messages from JGC’s clients, colleagues, former staff and teammates, and family, including several SGV Alumni Partners. They shared how he embodied the different Partner Personas – one who demonstrates integrity and the enthusiasm and courage to lead; delivers exceptional client service; exhibits team leadership; and possesses an entrepreneurial mindset. JGC then expressed his gratitude to all those who became a significant part of his SGV journey. He also shared his thoughts on the mindset needed for SGV’s continued success, emphasizing the value of long-term growth, continuous training, agility and teaming, and staying connected with the Firm’s stakeholders. The program also featured video presentations from the SGV Glee Club and the SGV Dance Company. Volunteer dancers from Market Group 4 and our Cebu, Davao and Clark branches also prepared a special video dance performance featuring facility improvements in SGV offices nationwide – which formed part of JGC’s legacy. This was followed by a virtual after-party hosted by Assurance Partner Raoul Balisalisa. Participants played online trivia games about JGC and listened to more messages from active partners, EY colleagues, his former staff turned clients and friends, and Association of Certified Public Accountants in Public Practice (ACPAPP) members. In honor of his 39 years of service to the Firm, JGC was presented with a token of appreciation, a sculpture titled Gratitude. It depicts a man amid three deeply-rooted trees whose crowns are fused as one. The trees symbolize SGV and represent the growth of our people, our clients and our country. We wish you all the best, JGC.

SGV tabulates Miss Earth 2020   SGV was the official tabulator of the Miss Earth 2020 pageant aired last 29 November. Market Group 2 Partners Ramon D. Dizon (RDD) and Mariecris N. Barbaso (MNB) led the tabulation team and conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Manager Julius Ceasar Mercado; Senior Associates Angelu Daphne Villanueva and Jenylyn Rizardo; and Associates Arkangela Jerusha Tobes, Bryan Christopher Torres and Reynaldo Angelo Fecundo.  RDD during the Miss Earth pageant  Miss Earth is an environmental advocacy-driven beauty pageant where candidates promote the preservation and protection of Mother Earth. Celebrating its 20th year, Miss Earth 2020 is the first international environmental pageant to hold a virtual coronation ceremony during the COVID-19 pandemic.  

SGV was the official tabulator of the Miss Earth 2020 pageant aired last 29 November. Market Group 2 Partners Ramon D. Dizon (RDD) and Mariecris N. Barbaso (MNB) led the tabulation team and conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Manager Julius Ceasar Mercado; Senior Associates Angelu Daphne Villanueva and Jenylyn Rizardo; and Associates Arkangela Jerusha Tobes, Bryan Christopher Torres and Reynaldo Angelo Fecundo. Miss Earth is an environmental advocacy-driven beauty pageant where candidates promote the preservation and protection of Mother Earth. Celebrating its 20th year, Miss Earth 2020 is the first international environmental pageant to hold a virtual coronation ceremony during the COVID-19 pandemic.