2020

RSD speaks at ANZCHAM webinar  Tax Partner Romulo S. Danao, Jr. (RSD) facilitated a webinar titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions hosted by the Australian-New Zealand Chamber of Commerce Philippines (ANZCHAM) on 22 September. ANZCHAM members and non-members attended the webinar.   Poster of the ANZCHAM webinar  RSD opened the session with an overview of transfer pricing and discussed the Transfer Pricing Regulations issued in 2013 and Transfer Pricing Audit Guidelines issued in 2019. He discussed the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020. He shared how taxpayers can comply with the new requirement, which aims to improve the BIR’s transfer pricing risk assessment and audit, ensuring that related-party transactions are properly disclosed and conducted at arm’s length. The event’s organizing team included Tax Senior Managers Donna Frances Ylade-Torres and Ana Katrina De Jesus.  RSD presenting at the Transfer Pricing webinar 

JER cluster donates laptops to orphanage  The COVID-19 pandemic has made it difficult for underprivileged children, who lack access to adequate resources and technology, to continue their education through remote learning. Tax Principal Jules E. Riego (JER) led his cluster in donating 20 pre-loved laptops to children from the Bahay at Yaman ni San Martin de Porres, Inc. orphanage in Bustos, Bulacan. The JER cluster also shared in the cost of the Microsoft Office programs installed in the laptops.  JER turned over the donations to Orphanage Director Fr. Florentino S. Concepcion on 22 September. He received touching letters from the children who expressed their gratitude, saying that the donations inspired them to study hard and achieve their dreams.      Letters from the children at the orphanage  The orphanage is currently home to 146 children who are still in need of laptops and other learning materials. For more information on how to donate, please contact JER at jeriego@icloud.com. 

CCaSS Senior Associate talks about sustainability at University webinars  Climate Change and Sustainability Services (CCaSS) Senior Associate Venson Cai participated in webinars hosted by the College of Construction Sciences and Engineering of the University of Makati and the College of Engineering of the University of the Philippines Diliman (UPD) last 12 and 17 September, respectively. Both webinars aimed to orient participants on different engineering research projects and their roles in sustainability. Participants included students, teachers, representatives from private firms, and local government officials.  Venson presenting at the UPD webinar  He presented his graduate research on the development and implementation of a recycling performance assessment tool for Philippine urban cities. His research can serve as a model for future performance improvements in the sector of waste management and recycling. He discussed the development of performance indicators and metrics to quantify and objectively assess waste management and recycling practices of Philippine urban cities. He also demonstrated the assessment tool’s sample application in Pasig City.  

WPT joins Ayala-FINEX Summit  SGV Chairman and Country Managing Partner (CMP) Wilson P. Tan (WPT) was a panelist in the Ayala-FINEX Finance Summit last 9 September. With the theme Reimagining the future. Leading through the unknown, the summit discussed leading practices and business strategies aimed at managing the challenges caused by the pandemic, as well as global megatrends and possible scenarios for businesses in a future beyond the pandemic.   JAZA presenting at the Ayala-FINEX Summit  Ayala Corporation (AC) Chairman and CEO Jaime Augusto Zobel de Ayala (JAZA) shared how AC is reframing the future through innovative and sustainable practices. He emphasized the importance of stakeholder-centric and discovery-driven approaches in optimizing customer reach and experience, designing alternative work arrangements and operating models, and renewing commitment to society. He also presented AC’s digital transformation framework and spoke on the pandemic’s impact on the areas of digital finance, e-commerce and telemedicine, highlighting how it has encouraged them to innovate and redesign their operating models.  WPT presenting at the Ayala-FINEX Summit  WPT commended AC’s people-centric business approach and its commitment to its stakeholders. He also commended AC’s inspiring social corporate responsibility initiatives that strengthen meaningful collaboration across organizations.   Emphasizing the value of digital transformation and innovation strategies, he pointed out that business leaders need to maximize digital platforms to drive long-term value in their organizations, connect with their people, and better serve their clients. WPT shared how SGV has also leveraged on digital platforms to continue delivering exceptional client service during the pandemic.  

CCO speaks at PAMPI meeting  On 23 September, SGV Tax Partner Cheryl C. Ong (CCO) was also a guest speaker at the General Membership Meeting of the Philippine Association of Meat Processors Inc. (PAMPI). Over 60 participants composed of representatives from manufacturers of processed meats and suppliers attended the meeting.   CCO with participants at the PAMPI meeting  She discussed tax updates on recent BIR issuances, the Bayanihan 2 Law, and pending legislation before Congress. She also discussed newly issued regulations such as the submission of BIR Form No. 1709 and related attachments on related-party transactions, the Voluntary Assessment and Payment Program for Taxable Year 2018 (RR No. 21-2020), the CREATE bill, and the extension of the period to avail of estate tax amnesty (House Bill No. 7068). 

COIN Team holds ASEAN Tax webcast  SGV’s China Overseas Investment Network (COIN) team, led by Tax Partners Fidela Francisca I. Reyes (FIR) and Maricris U. See (MUS) and Assurance Senior Manager Jonathan Bino, facilitated a webinar titled Going Global Webinar Series 2: Investing in Malaysia and the Philippines last 18 September. The webinar was conducted in Mandarin and hosted by EY China. Other speakers included members of the EY Malaysia COIN Team.  FIR, MUS and Jonathan with other members of the EY ASEAN COIN Team   The speakers discussed the tax considerations in setting up manufacturing facilities in or transferring supply chain operations to the Philippines. They presented local policies and regulations that may impact existing and new investors, such as COVID-19-related stimulus plans and tax incentives intended to mitigate the impact of the pandemic. The webinar was well-received by participants composed of executives and representatives from Chinese companies.  

CCO joins EY ASEAN Tax webcast  SGV Tax Partner Cheryl C. Ong (CCO) was one of the speakers at the EY ASEAN Tax webcast last 17 September. The webinar covered how ASEAN companies and potential investors can optimize their investments in Malaysia, the Philippines and Myanmar. The presenters discussed how businesses can benefit from a global investment strategy on relocation and expansion, maximizing the benefits of COVID-19-related incentives in the three countries.     CCO presenting at the EY ASEAN Tax webcast  CCO discussed key points and relevant issues in investing in the Philippines and provided an overview of Philippine tax incentives, emphasizing the recent proposed tax reforms and items under the 2017 Investment Priorities Plan (IPP). She also discussed local COVID-19-related incentives under Republic Act No. 11469 or the Bayanihan to Heal as One Act.   Other speakers included EY ASEAN Tax Leader Amarjeet Singh; EY Global Incentives, Innovation and Location Services Leader Brian R. Smith; and EY Myanmar Tax Director Phyo May Thaw. 

Cebu holds CREATE webinar  SGV Cebu organized a webinar on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill for members of the Mactan Export Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM) and the Association of MEPZ Controllers and Accountants (AMCA) last 18 September. Tax Manager Anne Momongan moderated the session.   CCO presenting at the CREATE webinar  SGV Tax Partner and SGV Cebu Partner-in-Charge Cheryl C. Ong (CCO) discussed updates on the bill’s progress, its salient provisions and proposed tax incentives. She explained business strategies companies can explore to maximize the bill’s incentives, creating better opportunities for their businesses. She also provided insights on how companies can prepare for the proposed tax reforms. The webinar’s organizing team included Tax Managers Karen Mae Calam-Ibanez, Edmond Emperio and Senior Associate Wennonah Marie Garces. 

SGV inks MOA with Davao City Government  SGV signed a Memorandum of Agreement (MOA) with the Davao City Government last 2 September. Under the MOA, the Firm will assist the Davao City Government in the preparation, design and content of the Doing Business in Davao publication.  SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) signed the MOA with Chief Financial Officer and Assurance Partner Cathy E. Lopez (CEL) who served as a witness to the ceremony. Davao City Mayor Sara Duterte is expected to sign the MOA within the month as well.   WPT and CEL during the MOA signing  Doing Business in Davao is an investment guide that features relevant information for setting up a business in the city. It presents an economic overview of Davao, including local investment policies and incentives, taxation rules and other essential information on the city’s assets and strategic positioning for the reference of potential investors. The publication’s target release is in October 2020

JMC joins AGIA Forum on Crisis Management  SGV Business Consulting Partner and EY ASEAN Consulting Quality Leader Joseph Ian M. Canlas (JMC) was one of the speakers during the 6th Forum for Heads of Internal Audit Service/Office in the Public Sector held by the Association of Government Internal Auditors (AGIA) last 28 August. With the theme Protocols in Crisis Management: An Internal Control Challenge, the session provided an overview of the pandemic’s impact on various organizations in the government and public sector. Over 80 internal auditors and executives from different government agencies attended the forum.  JMC led a session on remote auditing where he discussed internal auditing during the new normal. He explained the impact of COVID-19 on the private and public sectors and the emerging risks. He spoke on the initiatives of internal auditors aimed at managing the challenges caused by the pandemic. He emphasized the importance of assessing the feasibility of remote auditing and discussed critical issues that need to be addressed before its implementation, such as confidentiality, security and data protection. He encouraged participants to consider factors such as the readiness of their organization, the availability of resources, and adequate technology and equipment. He also shared practices that leaders can implement in their organizations to successfully manage and mitigate the pandemic’s impact on their internal audit activities.