BPC Law Office

12/08/2021

The Bureau of Internal Revenue (BIR) has now clarified the computation of donor’s tax due on the waiver of inheritance of heirs. While the subject of this issuance is donor’s tax, it is also useful to those who are settling the estate of their loved ones.

https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2021%20RMCs/RMC%20No.%2094-2021.pdf?fbclid=IwAR2qUGJQaOvwy47ZP15FlGbg1xQMaidl73VWH0lzV2Q52yQcPs3gXJbUsJA

05/08/2021

The IATF has released a comprehensive list of persons allowed to travel within areas under ECQ

26/07/2021

The Securities and Exchange Commission (SEC) again extended the deadline for submission of Memorandum Circular No. 28, Series of 2020 (M.C 28, S. 2020) Forms/Notices. Covered entities have until August 31, 2021 to submit the required Forms/Notices. Those that fail to comply with the Circular within the due date will be exposed to a penalty of P10,000.00.

30/06/2021

The availment of the estate tax amnesty is extended until June 14, 2023.

23/06/2021

The deadline for submission of designated email addresses and contact details under Securities and Exchange Commission Memorandum Circular No. 28, Series of 2020 (SEC MC 28, S. 2020), is fast approaching.

Covered persons and entities that fail to submit the required forms/notices on or before June 30, 2021 will incur a penalty of P10,000.00.

28/05/2021

The Securities and Exchange Commission (SEC) has extended the deadline for filing all mandatory declarations under Sections 6 and 7 of M.C. 01-21 or “The Beneficial Ownership Transparency Guidelines” to July 31, 2021.

20/05/2021

The Senate Ways and Means Committee has raised Senate Bill 2208 to plenary, which is set to amend the Tax Amnesty Act by extending the availment period for another 2 years, or until June 14, 2023.

THE SENATE Ways and Means Committee has approved a measure extending the deadline to avail of estate tax amnesty by two years.

17/05/2021

On May 12, 2021, the Securities and Exchange Commission (SEC) has issued the Revised Guidelines on the Submission of Documents, Issuance of Payment Assessment Form, Other Requests and Compliance. The issuance was made in light of SEC Memorandum Circular No. 3, Series of 2021 (SEC M.C. No. 3, S. 2021), providing the schedule and procedure for the 2021 filing of the Annual Financial Statements (AFS), General Information Sheet (GIS), and other covered reports relativd to the use of the Online Submission Tool (OST).

A copy of the official notice of the SEC may be found at its website.

14/05/2021

The NPC released a draft Circular on guidelines for the imposition of administrative fines on personal information controllers (PICs) and personal information processors (PIPs) that violate specific provisions of the Data Privacy Act. The Circular only covers PICs and PIPs from the private sector.

I hope this issuance will encourage the above entities to be more prudent in processing our personal data and respectful of our rights as data subjects.

A copy of the draft Circular may be found in the NPC website.

13/05/2021

Psychological incapacity as a ground for declaration of nullity of marriage “refers to a personal condition that prevents a spouse to comply with fundamental marital obligations only in relation to a specific partner that may exist at the time of the marriage but may have revealed through behavior subsequent to the ceremonies.” Psychological incapacity “need not be a mental or personality disorder”.

The SC’s pronouncement modifies existing jurisprudence on the subject. It will definitely affect how cases for declaration of nullity are litigated.

07/05/2021

Under existing BIR regulations, the estate tax amnesty will expire on June 15. If approved, the extension would be a welcome development for stakeholders considering the difficulties in securing required documents during the pandemic.

THE DEPARTMENT of Finance (DoF) and the Bureau of Internal Revenue (BIR) expressed support for the two-year extension of the estate tax amnesty, citing difficulties in implementation and below-target revenues amid the pandemic.

05/05/2021

BPC Law Naga is officially open!