Tax Updates August 2024 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 34)

SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for August which covers the following tax issues:

1. What are the options of the taxpayer in case of overpayment of creditable withholding tax ("CWT")? Are these options irrevocable?

2. Does the irrevocability rule under Section 76 of the Tax Code apply to a corporation even if it is already in the process of dissolution?

3. Is an Authority to Release Imported Goods ("ATRIGs") issued by the CIR considered an entry in official records under Rule 130 of the Rules of Court?

4. May a non-stock, non-profit electric cooperative, which is not registered with the Cooperative Development Authority, but is registered with the National Electrification Administration, be qualified for exemption from income tax?

5. Does an assessment based on third-party information require confirmation if the findings in a letter notice issued by the Bureau of Internal Revenue are not refuted or protested by the taxpayer?

6. Under the recent reforms introduced by the Ease of Paying Taxes ("EOPT") Act to the Tax Code, what are the mandatory requirements for claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority?

7. What are the mandatory requirements for claims of tax credit or refund of excess/unutilized CWT on income?

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