SGV Indirect Tax Senior Director Atty. Alden Patrick C. Labaguis and Associate Director Atty. Gracia Mae A. Beronilla led a tax webinar in the Online Q1 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) on 25 March 2022.
ASEFEX Q1 General Assembly speakers
Atty. Alden kicked off the session on “Clarifications on RR 21-2021 in connection to the VAT Zero-Rating Provisions” with an overview of the previous rules governing the sale of goods and services of registered business enterprises prior to the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. He discussed issues relative to the subject matter as further clarified by Revenue Memorandum Circular No. 24-2022, particularly on local purchase of goods and services directly and exclusively used in the activity of registered business enterprises, as well as other transactions within the Ecozones and Free Port Zones.
Atty. Gracia provided other relevant tax updates. She discussed the guidelines for availing of tax incentives under the CREATE Act and the procedures in applying for Tax Treaty Relief and filing a Request for Confirmation. Attys. Gracia and Alden then addressed the participants’ questions in the open forum.
About 130 ASEFEX members, including SEIPI partners and stakeholders, attended the assembly. Participation in the virtual briefing was coordinated by Logistics Market Sector Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Market Sector Leader and Assurance Partner Manolito R. Elle (MRE). Tax Senior Associate Catriona Janelle V. Gayatin was also part of the organizing team.
