A sole proprietorship does not possess any juridical personality separate and apart from the personality of the owner of the enterprise and the personality of the person acting in the name of such proprietorship (Juasing Hardware vs. Mendoza, 115 SCRA 783 [1982]).  Hence, it is not an entity authorized by law to bring suit in court (Yao Ka Sin Trading vs. CA, 209 SCRA 763, 779 [1992]).

-The 1997 Rules of Civil Procedure Annotated by Mangontawar Gubat.

Since the law specifically requires an LOA and RMO 32-2005 requires conversion of the previously issued LN to an LOA, the absence thereof cannot be swift under the rug, as the CIR would have it.  In fact Revenue Memorandum Circular No. 40-2003 considers an LN as a notice of audit or investigation only for the purpose of disqualifying the taxpayer from amending this returns.

Prescribing the policies / guidelines and procedures for the inspection or supervision of the destruction/disposal and determination of deductible expense pertaining to inventory of goods/assets which have been declared as waste or obsolete.

Attached Files

  RMO No. 21-2020 on InventoryDestruction.pdf (Size: 443.23 KB / Downloads: 0)

CTA EB GR#2587, February 14, 2023

Highlights:

Bureau of Internal Revenue vs. First E-Bank Tower Condominium
GR No. 215801/GR No. 218924, January 15, 2020

-a petition to declare as invalid RMC No. 65-2012. 
-Association dues, membership fees, and other assessments/charges are not subject to income tax, value-added tax and withholding tax 
-Capital is a fund or property existing at one distinct point in time while income denotes a flow of wealth during a definite period of time. Income is gain derived and severed from capital
-Gross income means income derived from whatever source, including compensation for services; the conduct of trade or business or the exercise of a profession; dealings in property; interests; rents; royalties; dividends; annuities; prizes and winnings; pensions; and a partner's distributive share in the net income of a general professional partnership.
-As established in Yamane, the expenditures incurred by condominium corporations on behalf of the condominium owners are not intended to generate revenue nor equate to the cost of doing business. 
-In the very recent case of ANPC v. BIR, the Court pronounced that membership fees, assessment dues, and other fees collected by recreational clubs are not subject to income tax, 
- membership fees, assessment dues, and other fees of similar nature only constitute contributions to and/or replenishment of the funds for the maintenance and operations of the facilities offered by recreational clubs to their exclusive members. They represent funds "held in trust" by these clubs to defray their operating and general costs and hence, only constitute infusion of capital. 
-Case law provides that in order to constitute "income," there must be realized "gain."
-Similarly, therefore, association dues, membership fees, and other assessments/charges are not subject to income tax because they do not constitute profit or gain. To repeat, they are collected purely for the benefit of the condominium owners and are the incidental consequence of a condominium corporation's responsibility to effectively oversee, maintain, or even improve the common areas of the condominium as well as its governance. 
-Association dues, membership fees, and other assessments/charges do not arise from transactions involving the sale, barter, or exchange of goods or property. Nor are they generated by the performance of services
-The value-added tax is a burden on transactions imposed at every stage of the distribution process on the sale, barter, exchange of goods or property, and on the performance of services, even in the absence of profit attributable thereto, so much so that even a non-stock, non-profit organization or government entity, is liable to pay value-added tax on the sale of goods or services.

SEC Filing Schedule for FS 2019

Attached Files

  SECMCNo18-FS-Filing-Schedule.pdf (Size: 520.77 KB / Downloads: 0)

Most recent update on ECQ/MECQ.

Attached Files

  BIR Revenue Regulation 11-2020 - June15.pdf (Size: 11.22 MB / Downloads: 0)

RMC No. 30-2020 already provided the provision in case of extension (see Paragraph 5).

"However, if the ECQ period will be extended further, then filing of returns and payments of the corresponding taxes due thereon, and submission of reports and attachments falling within the enhanced extended period shall also be extended by 30 calendar days."

Attached Files

  RMC No. 30-2020-AnotherExtension-30Days.pdf (Size: 42.95 KB / Downloads: 0)

Please see attached

Attached Files

  RMC No. 37-2020-NoPenaltyAmendments.pdf (Size: 172.48 KB / Downloads: 1)

Please see attached.

Attached Files

  2020Notice_Notice-on-MC-No-5-series-of-2020-Final.pdf (Size: 318.94 KB / Downloads: 1)