WebOct 29, 2024 · Recapitalization and Reincorporation under CITIRA. Under the Tax Code, the general rule is that gains from a sale or disposition of properties are recognized and subjected to tax. Section 40 (C) (2), however, provides for exemptions, that is, if the exchanges of properties are pursuant to a plan of merger or consolidation or if there is a ... WebFeb 9, 2024 · A transaction falling under Section 40 (C) (2) is commonly called a "tax-free exchange". Before, a taxpayer had to secure a confirmatory tax ruling on the the tax …
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WebDo you still need a BIR ruling for tax-free exchange transactions under CREATE? The law expressly states that no prior ruling is required for transactions exempt under the law to … WebApr 12, 2024 · THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Order (RMO) No. 17-2016 prescribing additional guidelines for tax-free exchanges under Section 40 (C)(2) of the Tax Code. The rule on tax-free exchanges of property provides that no gain or loss will be recognized in case of transfers of property … fly to alberta
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WebOct 16, 2024 · DIVERSIFIED conglomerate San Miguel Corp. (SMC) has received clearance from the Bureau of Internal Revenue (BIR) for the tax-free transfer of its common shares to its newly consolidated food and beverage unit. ... The company has already secured approval from the Securities and Exchange Commission to proceed with the share sale, … WebTax Information. Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Documentary Stamp Tax is a tax on documents, instruments, loan agreements ... WebRevenue Memorandum Circular No. 34-2024 publishes the full text of the Data Sharing Agreement between the BIR and the Securities and Exchange Commission. ... BIR Chief Lumagui files tax rap vs. Fake Receipts by “Ghost” Corps worth ₱25.5B. more. BIR invites taxpayers to free webinars on Annual Income Tax Filing and Payment of taxes due. ... greenpoint rabaty