The Nordic Chamber of Commerce (NordCham), in partnership with Advantage Austria, the Dutch Chamber of Commerce in the Philippines (DCCP), the Australian-New Zealand Chamber of Commerce Philippines (ANZCham) and La Camara, organized a tax webinar last 16 March. NordCham Executive Director Jesper Svenningsen welcomed over 80 participants from member companies of the NordCham, Advantage Austria, DCCP, ANZCham, and La Camara to the webinar.
SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Cheryl C. Ong (CCO) led a discussion on the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, its proposed adjustments in corporate tax and rationalization of fiscal incentives. Emphasizing its possible impact on businesses, they shared insights on how businesses can prepare for and maximize the incentives of the proposed tax reforms.
Tax Partner Romulo S. Danao, Jr. (RSD) then discussed the recently issued Transfer Pricing regulations. He spoke on the submission of the Information Return on Related Party Transactions and Transfer Pricing Documentation. He also gave tips on how concerned taxpayers can comply with the simplified requirement. Tax Partner Hentje Leo L. Leaño (LLL) presented recent BIR tax updates on Net Operating Loss Carry-over in relation to the Bayanihan to Recover as One Act, Inventory Destruction, Voluntary Assessment and Payment Program (VAPP), and other BIR updates.
The sessions were followed by an open forum, facilitated by Mr. Svenningsen, where SGV Partners addressed participants’ questions.