Description
The third edition of this book carefully incorporates the CMEPA—a substantial tax reform measure to enhance the country’s financial market, streamline the taxation of passive income, and encourage domestic investments. Among the key amendments introduced by the CMEPA to the National Internal Revenue Code is the standardization of income tax on interests and royalties, the reduction of the stock transaction tax from 0.6% to 0.1%, the application of the 15% capital gains tax on the sale of shares of stock of foreign corporations, and the exemption of interest income and gains from the sale of bonds issued by the government to finance capital expenditures or programs covered by the Philippine Development Plan or other high-level priority programs of the Philippine national government. This edition also incorporates Republic Act No. 12253, which restricted profit shifting by tightening the tax deductions of metallic mining contractors or operators, and includes discussions on the most recent jurisprudence involving estate tax, value-added tax, and tax remedies.
