This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Philippines' BIR Defends Its Ruling Change In Shell Tax Dispute,
by Mary Swire, Tax-News.com, Hong Kong
Monday, February 01, 2010
The Philippines’ Bureau of Internal Revenue (BIR) has justified the change
in its tax ruling, and its retroactivity, in the continuing tax dispute with
Pilipinas Shell Petroleum Corporation (PSPC) over its imports from 2004 of catalytic
cracked gasoline (CCG).
In December last year, PSPC petitioned the Philippines’ Court of Tax
Appeals to prevent the Bureau of Customs (BOC) from enforcing a PHP7.3bn (USD157m)
excise tax assessment on those imports. In its submission to the court, PSPC
questioned the jurisdiction of the Bureau of Customs over the imposition of
the tax, given that, it was said, the BIR has responsibility for interpreting
the provisions of the Philippine revenue regulations.
It also said that the BIR had made a prior ruling that the CCG imports were
not subject to excise tax, as they are duty-free raw materials subsequently
used in the production of unleaded premium petrol in PSPC’s refinery.
At the appeal hearing, PSPC was able to obtain a temporary restraining order.
However, that order runs out on February 9 and, if PSPC has not settled by then,
it is believed that the Bureau of Customs will seize all PSPC's CCG imports
in February and March, which could stop PSPC’s oil refining and lead to
possible domestic market supply problems.
The BIR has now said, as the BOC was able to utilize new information not previously
available to the BIR, it believes the change in ruling was lawfully made by
the BOC, to whom the BIR has mandated responsibility for collecting domestic
taxes on imports. The BIR has also said that the tax regulations allowed for
retroactivity in certain circumstances.
Business groups in the country, including the Philippine Chamber of Commerce
and Industry and the European Chamber of Commerce in the Philippines, have expressed
the view that the ruling, if maintained, could set a harmful precedent and discourage
further productive investment in the country.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed