Business Impact Updates
Time & Location
About the Event
We invite you to this 3-part business impact webinar with NordCham Philippines Gold Business Partners, SGV & Co. on 16 March 2021, from 3:00 PM to 5:10 PM. The updates our speakers will be sharing are very important and greatly affects how you do business.
Part I: Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)
3:00 PM - 4:00 PM
Recently, the House of Representatives and the Senate have ratified the Bicameral Committee's version of the proposed CREATE, reconciling the disagreeing provisions of Senate Bill No. 1357 and House Bill No. 4157.
In this first part of the webinar, our speakers will discuss the different tax reforms and how these shall affect businesses. Key takeaways will include the salient changes in corporate income tax, the different incentives under the CREATE bill, and how the CREATE bill may affect business opportunities.
Atty. Fabian K. Delos Santos
Partner, Head of Tax Services
Atty. Cheryl Edeline C. Ong
Partner, Business Tax Services
Q & A
4:00 PM - 4:20 PM
Part II: Transfer Pricing - Revised BIR Requirement for Taxpayers with Related Party Transactions
4:20 PM - 4:40 PM
A recent tax regulation was issued by the Bureau of Internal Revenue (BIR) streamlining the existing guidelines and procedures in the submission of Information Return on Related Party Transactions as an attachment to the Annual Income Tax Return, Transfer Pricing (TP) Documentation, and other supporting documents by providing safe harbors and materiality thresholds. This session will provide a discussion on the salient provisions of the new regulation and how concerned taxpayers can comply with the simplified requirement.
Atty. Romulo S. Danao, Jr.
Partner and Country Leader,
International Tax and Transaction Services
Part III: BIR Tax Updates
4:40 PM - 5:00 PM
The discussion will focus on the recent BIR tax updates on the following:
- Net Operating Loss Carry-over (NOLCO) in relation to the Bayanihan to Recover as One
- Inventory Destruction
- Voluntary Assessment and Payment Program (VAPP)
- Other BIR updates
Hentje Leo L. Leaño
Partner, Global Compliance and Reporting (GCR)
The event is organized by NordCham Philippines and SGV & Co. in partnership with Advantage Austria Manila, the Australian-New Zealand Chamber of Commerce Philippines, the British Chamber of Commerce of the Philippines, the Dutch Chamber of Commerce in the Philippines, and the Spanish Chamber of Commerce in the Philippines (La Camara).