SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Josenilo G. Mendoza (JGM) joined the 27th Annual General Membership Meeting of the Korean Chamber of Commerce Philippines, Inc. (KCCP). FKS shared updates on new economic legislation while JGM discussed recent tax developments. The virtual meeting was held on 28 April 2022.
FKS shares updates on Philippine Economic Legislation
FKS talked about three major economic liberalization measures that have been passed over the last six months. He discussed the enactments and amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, and the Public Service Act. He added that amendments to these laws were described by the government as “game-changing reforms” and were expected to stimulate and prime the economy, promote competition in business, enhance the ease of doing business in the Philippines, and generate more jobs.
JGM talks about tax updates
JGM discussed some of the latest Bureau of Internal Revenue (BIR) issuances, regulations, and memorandum circulars relevant to the members of the KCCP. Among the topics he covered were the Non-Imposition of Surcharge on Amended Tax Returns, Deadline of Submission of Attachments to the 2021 Annual Income Tax Return, Guidelines on the Submission of Certificate of Entitlement to Tax Incentives (CETI), and Clarifying Issues Relative to RR No. 21-2021 Implementing the Amendments to the VAT Zero-Rating Provisions. Assurance Partner Alvin M. Pinpin (AMP) also attended the meeting.
Tax Senior Managers Zorayda H. Panumpang and Atty. Anne Margaret E. Momongan and Senior Associate Franchezka Bhea Belarmino assisted the Partners during the event.
The Annual General Membership Meeting was also conducted to thank the outgoing President of the KCCP, Mr. Ho Ik Lee, for his seven years of leadership and service, and welcome the incoming President, Mr. Hyun Chong Um.