BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 16-2017, 21 june 2017, to amend the guidelines for the Authority to Release Imported Goods (ATRIG) for the importation of Wheat by Millers and Trades relative to the advance payment of the Value Added Tax on the sale of flour.
The RMC provides that, for the importation of wheat by millers and traders, the application for ATRIG shall be filed with:
a. Excise Large Taxpayer Regulatory division for all Large Taxpayers registered with the LTS,
b. Revenue District Office having jurisdiction over the port of entry for all other taxpayers.
PHILIPPINE COMPETITION COMMISSION
The Philippine Competition Commission (PCC) issued PCC Memorandum Circular No. 17-002, 11 July 2017, which provides the revised rules on payment of fees for notification review of mergers and acquisitions (M&A). Under the circular, the following are the corresponding fees and payment schedule:
1. For Notification Filing and Phase I Review, Php250,000.00 must be paid by the acquiring entity within ten (10) days from its receipt of an Order of Payment from the PCC; and
2. For Phase II Review, 1% of 1% of the value of the transaction which shall not be less than Php1,000,000.00 nor exceed Php5,000,000.00 which must be paid by the acquiring party within ten (10) days from its receipt of an Order of Payment from the PCC.
Failure to pay the applicable fees shall result in the return of the Notification Forms to the notifying parties. Accordingly, no notification of the M&A is deemed to have been made to the PCC.
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