Subject: WEEKLY TAX UPDATES [APR 21] BSP allows 6-month loan payment delay, 1-year agri loan deferment

WEEKLY TAX UPDATES

APRIL 21

  1. TAX & BUSINESS-RELATED NEWS [APRIL 14-21]

  2. SEC EXTENDS THE TEMPORARY USE OF 2020 GIS FORM ON eFAST UNTIL MAY 15, 2026

  3. EXECUTIVE ORDER 113, SERIES OF 2026 OUTLINES NEW FOREIGN OWNERSHIP LIMITS

  4. PEZA CIRCULARIZES FIRB ADVISORY ON THE EXTENDED DEADLINE FOR FILING OF ATIR & ABR

  5. COURT OF TAX APPEALS CASES

1. TAX & BUSINESS-RELATED NEWS [APRIL 14-21]

1. PH welcomes Japan's easing of arms export rules for defense

2. Villars file counter-affidavit, seek dismissal of SEC complaint — lawyer

3. US chip firm ON Semiconductor seeking to expand PHL footprint

4. Fruitas seen outpacing PH economic growth

5. Kowloon House warns of business collapse amid labor dispute

6. Gov’t rolls out P2 billion e-vehicle loan for operators, drivers

7. Motorcycle riders seek senior citizen‑style VAT, fuel tax exemption

8. PEZA registers Tradam as new logistics hub in Laguna ecozone

9. Gov’t urged to address delays in real estate license approvals

10. Digital banks dominate Forbes’ best Philippines banks

11. Philippines, US to build 'economic security zone' in Luzon

12. Megaworld to open Belmont Hotel Iloilo amid tourism push

13. Reduced VAT for middle class sought in Senate

14. Gov’t outlines foreign ownership limits

15. Less deductions? PhilHealth mulls pause in premium collections

16. SM Prime expands arena business amid strong demand for live events

17. 1,000 new jobs in MEPZ expected as expansion plans bared

18. Megaworld to start work on P12-B Batangas township

19. Philippine gross gaming revenues up 6% in 2025, driven by online platforms

20. Lotlot de Leon is 'not after inheritance' after brother Ian claims he's 'sole heir' of Nora Aunor's estate

21. EXPLAINER: Who are the middle class in the Philippines amid the rising prices?

22. BSP allows 6-month loan payment delay, 1-year agri loan deferment

23. Maharlika Investment Corp. eyes large oil storage facility in PH

24. San Miguel to address Boracay bridge project concerns – Dizon

25. BIR collects P198.75B in March 2026

26. Philippines closing in as 3rd-biggest Australian grapes exporter

27. ABS-CBN seen surviving amid Lopez family rift

DISCLAIMER!

We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions.

PH welcomes Japan's easing of arms export rules for defense [GMA News Online, April 21, 2026]

Teodoro said the development will allow the Philippines to access defense articles of the highest quality and supportability.


Villars file counter-affidavit, seek dismissal of SEC complaint — lawyer [GMA News Online, April 20, 2026]

SEC alleged the respondents engaged in market manipulation, insider trading, and misleading disclosure that misled investors.


US chip firm ON Semiconductor seeking to expand PHL footprint [BusinessWorld, April 20, 2026]

Mr. El-Khoury said that onsemi’s operations in the Philippines support global demand for power chips that enable hyperscale data centers, artificial intelligence infrastructure and advanced storage systems.


Fruitas seen outpacing PH economic growth [Philippine Daily Inquirer, April 20, 2026]

Fruitas Holdings Inc. is targeting at least 20 percent growth in sales this year. The homegrown food and beverage chain is banking on strong demand and new product offerings even as global risks cloud the outlook.


Kowloon House warns of business collapse amid labor dispute [The Manila Times, April 19, 2026]

The legal counsel of a popular and long-time dimsum factory and restaurant warned of a possible collapse of the business if the workers will continue their strike.


Gov’t rolls out P2 billion e-vehicle loan for operators, drivers [Cebu Daily News, April 19, 2026]

In a statement on Friday, DTI said borrowers can access loans of PHP1.5 million per vehicle, with a maximum limit of PHP3 million per borrower.


Motorcycle riders seek senior citizen‑style VAT, fuel tax exemption [Inquirer.Net, April 18, 2026]

In a position paper submitted to the House of Representatives, the Gig Riders Coalition proposed a fuel tax exemption for PUVs modeled after the senior citizen discount system.


PEZA registers Tradam as new logistics hub in Laguna ecozone [Manila Standard, April 17, 2026]

As a registered ecozone logistics service enterprise (ELSE), Tradam will manage the storage and repacking of goods before redistributing them to manufacturers.


Gov’t urged to address delays in real estate license approvals [Cebu Daily News, April 17, 2026]

Among the contributing factors behind the ‘worsening delays’, Leuterio warned, was the shifting the approval process from local offices to the national office.


Digital banks dominate Forbes’ best Philippines banks [The Philippine Star, April 17, 2026]

Respondents rated banks across five key criteria; trustworthiness, terms and conditions, customer service, digital services and quality of financial advice. These were then weighted to determine overall scores.


Philippines, US to build 'economic security zone' in Luzon [ABS-CBN News, April 17, 2026]

"The Philippines holds significant reserves of nickel, copper, chromite, and cobalt—minerals increasingly vital to global supply chains," the State Department noted.


Megaworld to open Belmont Hotel Iloilo amid tourism push [BusinessWorld Online, April 17, 2026]

In a statement on Thursday, the property developer said the 12-story hotel will offer 405 rooms ranging from 24 to 48 square meters, including twin, queen, and premier rooms, as well as one-bedroom suites. The hotel will also have rooms for persons with disabilities and themed children’s rooms.


Reduced VAT for middle class sought in Senate [The Philippine Star, April 16, 2026]

Sen. Bam Aquino on Thursday, April 16, said that trimming the VAT could help shield the middle class from the effects of the crisis.


Gov’t outlines foreign ownership limits [Cebu Daily News, April 16, 2026]

President Ferdinand R. Marcos Jr. signed on Monday Executive Order (EO) 113, promulgating the 13th Regular Foreign Investment Negative List (FINL), which defines the scope and limits of foreign participation in various industries in accordance with the Foreign Investments Act of 1991. A copy of the issuance was released Thursday.


Less deductions? PhilHealth mulls pause in premium collections [Cebu Daily News, April 16, 2026]

Filipino workers may soon get temporary relief from salary deductions, as the Philippine Health Insurance (PhilHealth) Corporation said it is studying a possible suspension of premium contribution collections following calls from lawmakers.


SM Prime expands arena business amid strong demand for live events [BusinessWorld, April 16, 2026]

SM PRIME Holdings, Inc. is expanding its arena business with the planned opening of the SM Seaside Cebu Arena in the second quarter of 2026, as demand for large-scale live events continues to grow.


1,000 new jobs in MEPZ expected as expansion plans bared [Cebu Daily News, April 16, 2026]

The Philippine Economic Zone Authority (Peza), the agency that owns and operates special economic zones, recently inaugurated Oakwave Cebu Corporation and IMS (Inventory Management Services Inc.).

 

Megaworld to start work on P12-B Batangas township [Philippine Daily Inquirer, April 16, 2026]

Megaworld Corp. is set to begin land development for its P12-billion San Benito Private Estate in Lipa City, Batangas. This marks the property giant’s push into wellness-focused communities.


Philippine gross gaming revenues up 6% in 2025, driven by online platforms [Philippine Daily Inquirer, April 16, 2026]

This helped cushion the decline in licensed casino revenues, which fell 9.58 percent to P182.5 billion, while Pagcor-operated casinos posted a sharper drop of 20.95 percent to P12.52 billion.


Lotlot de Leon is 'not after inheritance' after brother Ian claims he's 'sole heir' of Nora Aunor's estate [The Philippine Star, April 16, 2026]

Nora passed away in April last year at the age of 71 due to acute respiratory failure. Ian is her biological child with her ex-husband Christopher De Leon, while Lotlot De Leon, Matet De Leon, Kiko, and Kenneth were her adopted children.


EXPLAINER: Who are the middle class in the Philippines amid the rising prices? [GMA News Online, April 15, 2026]

According to the Philippine Institute for Development Studies (PIDS) study by Deanne Lorraine D. Cabalfin, Jose Ramon G. Albert, and Mohammad A. Mahmoud, middle-income households in the country are those with per capita income between two and 12 times the official poverty line, or P13,873 a month.

 

BSP allows 6-month loan payment delay, 1-year agri loan deferment [GMA News Online, April 15, 2026]

The regulatory relief, provided for by Monetary Board Resolution 296 dated April 8, 2026, also allows agricultural loan payments to be deferred for up to one year, subject to bank assessment.


Maharlika Investment Corp. eyes large oil storage facility in PH [GMA News Online, April 15, 2026]

Consing said the oil storage facility will be built under a consortium model, with the state-run Philippine National Oil Company (PNOC) contributing land or other assets. The MIC and the private investors, meanwhile, will shoulder the financial requirement and the private sector into tank farms, and for the private sector to handle the operation of the oil storage.

 

San Miguel to address Boracay bridge project concerns – Dizon [Manila Bulletin, April 15, 2026]

Department of Public Works and Highways (DPWH) Secretary Vince Dizon assured that San Miguel Holdings Corp. (SMHC) will address concerns over the proposed bridge project in Boracay Island, the country’s most popular beach destination.

 

BIR collects P198.75B in March 2026 [GMA News Online, April 15, 2026]

The Bureau of Internal Revenue (BIR) on Wednesday said its gross collection in March reached P198.755 billion, up 11.87%  or P21.086 billion higher year-on-year.

 

Philippines closing in as 3rd-biggest Australian grapes exporter [The Philippine Star, April 15, 2026]

In fact, the speed of Filipino consumers surprised Scott at how much they now know, adding that the Philippines — alongside South Korea — is slowly challenging Japan to become the third-largest exporter of its grapes.

 

ABS-CBN seen surviving amid Lopez family rift [Philippine Daily Inquirer, April 14, 2026]

The statement comes as the 71-percent controlling bloc led by Eugenio “Gabby” Lopez III pressed his cousin, Federico “Piki” Lopez to accept his removal from Lopez Inc., citing loss of trust.

2. SEC EXTENDS THE TEMPORARY USE OF 2020 GIS FORM ON eFAST UNTIL MAY 15, 2026

In a Notice dated April 14, 2026, the SEC has extended the temporary use of 2020 General Information Sheet (GIS) Form for filing through the Electronic Filing and Submission Tool (eFAST) until May 15, 2026. This is to give way to corporations that are still in the process of setting up their eSECURE accounts, which provide entry to the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), an online system for the submission of beneficial ownership information.

3. EO 113, SERIES OF 2026 OUTLINES NEW FOREIGN OWNERSHIP LIMITS

Executive Order (E.O.) No. 113, Series of 2026, signed by President Ferdinand Marcos Jr. on April 13, 2026, promulgates the 13th Regular Foreign Investment Negative List (RFINL). The order updates the list of industries where foreign entities are either restricted or prohibited from investing, aiming to attract more foreign investment while protecting strategic sectors of the Philippine economy.

4. PEZA CIRCULARIZES FIRB ADVISORY ON THE EXTENDED DEADLINE FOR FILING OF ATIR & ABR

PEZA Memorandum Circular No. 2026-027, issued on April 20, 2026, circularizes Fiscal Incentives Review Board (FIRB) Advisory No. 007-2026, which extends the deadlines for the submission of the Annual Tax Incentives Report (ATIR) and Annual Benefits Report (ABR) for Taxable Year 2025 due to the declared national energy emergency and related tax deadline extensions.

 

The revised filing deadlines are as follows:

5. CTA CASES

[NON-REVALIDATION OF THE LETTER OF AUTHORITY (LOA) DOES NOT INVALIDATE THE LOA OR THE RESULTING ASSESSMENT] [THE LOA IS REQUIRED TO INDICATE THE BASIS OF THE AUDIT, NOT THE SELECTION CRITERIA] [SUCCESSIVE AUDITS OF CONSECUTIVE TAXABLE YEARS DO NOT VIOLATE DUE PROCESS]

The Petitioner, Joyland Industries Corporation filed a Petition for Review assailing the deficiency Value-Added Tax (VAT) assessment for taxable year 2019 issued by the Respondent Commissioner of Internal Revenue (CIR). The Petitioner argued that the Letters of Authority (LOAs) authorizing the audit became unenforceable because the audit exceeded the prescribed periods without revalidation, rendering the entire assessments void, that the LOAs were void for failure to indicate the specific selection criteria for audit violating due process, and that being subjected to audits for consecutive taxable years constituted harassment and a violation of due process. On the other hand, the Respondent countered that under RMO No. 44-2010 and 19-2015, failure to revalidate an LOA does not invalidate the audit but only exposes Revenue Officers to administrative sanctions, that only the basis of the audit, not the internal selection criteria, is required to be stated in the LOA, and that each taxable year is a separate period, and consecutive audits  are allowed within the prescriptive period, especially for high-risk taxpayers. In ruling, the Court held that the LOAs remained valid despite non-revalidation as clarified under Revenue Memorandum Order (RMO) No. 44-2010 and 19-2015. Further, the Court held that under RMO No. 44-2010, only the basis of the audit, and not the selection criteria is required to be indicated in the LOA.  Finally, successive audits for consecutive years do not violate due process, reiterating that each taxable year is a separate and distinct period for tax purposes and the CIR is empowered to verify compliance for any year within the prescriptive period. Thus, the Petition is PARTIALLY GRANTED, cancelling the compromise penalty, but upholding the validity of the assessment for deficiency VAT. [JOYLAND INDUSTRIES CORPORATION VS THE COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 11269, APRIL 15, 2026]


FAILURE TO PROVIDE A VALID & DEFINITE DUE DATE FOR PAYMENT RENDERS THE ASSESSMENT VOID FOR VIOLATION OF TAXPAYERS' RIGHT TO DUE PROCESS

Petitioner Eastern Petroleum Corporation filed a Petition for Review seeking the cancellation of the assessment issued by the Respondent Commissioner of Internal Revenue (CIR) covering the taxable year (TY) 2014. The Petitioner argues that the Final Assessment Notice (FAN) does not provide a definite due date for payment, rendering the assessment void for violating its right to due process, and that even if due process was not violated, the assessment remains invalid for lacking sufficient factual and legal bases. On the other hand, the Respondent asserts that the deficiency assessment is correct, valid, and lawful. In ruling, the Court held that the Formal Letter of Demand (FLD)/FAN and Final Decision on Disputed Assessment (FDDA) are void for violating Petitioner’s right to due process because they failed to provide a valid and definite due date for payment, as the stated due date of September 30, 2019, had already lapsed prior to the issuance of the assessment notices dated on October 22, 2019. The Court emphasized that a valid assessment must contain a definite and fixed tax liability and a demand for payment within a prescribed period, which were absent in this case, rendering the amounts indefinite and the demand ineffective. Additionally, the Petitioner was likewise not liable for the compromise penalties, which cannot be imposed without the taxpayer’s consent. Consequently, the Petition is GRANTED, and the assessment notices are CANCELLED and SET ASIDE. [EASTERN PETROLEUM CORPORATION VS COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 10342, MARCH 18, 2026]


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