SGV Cebu hosts comprehensive tax seminars

SGV Cebu recently conducted public tax seminars covering Expanded and Final Withholding Tax (EWT and FWT) and Maximizing PH Tax Incentives at the Cebu City Sports Club, Cardinal Rosales Ave., Cebu City.

The seminar on EWT and FWT highlighted the changes brought about by Republic Act No. 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law. SGV Tax Partner Leo Leaño discussed EWT and presented simulated computations and cases applying recent amendments, tax cases, BIR rulings and issuances. The purpose was to help guide the participants on whether or not to apply EWT on certain payments, the correct use of EWT rate and the timing of withholding. The presentations were followed with an open forum. SGV Cebu Partner-in-charge Cheryl Edeline Ong (CCO) facilitated the extensive discussion on the FWT guidelines and recent amendments, including the significant and most recent BIR issuances implementing the TRAIN Law.

The seminar on Maximizing PH Tax Incentives focused on maximizing the tax incentives currently granted by the country to companies registered with the Philippine Economic Zone Authority, the Board of Investments, and the Tourism Infrastructure and Enterprise Zone Authority, as well as provided an overview of the changes that accompany the proposed Tax Reform for Attracting Better and Higher Quality Opportunities bill.

The seminars were organized through joint efforts of the SGV Cebu Business Tax Services (BTS) and Global Compliance and Reporting (GCR) teams under CCO, headed by Atty. Mipps Mardie Semillano, Atty. John Edmar Garde, Atty. Giness Marie Rosales and Atty. Cherry Llorad.