TCC deadlines detailed by tax bureau

TAXPAYERS who wish to encash their tax credit certificates (TCCs) have until Saturday to submit their applications to the Bureau of Internal Revenue (BIR).

All revalidated and unexpired TCCs issued from 2002 and 2003 must be reported to the BIR by September 1 for monetization, Revenue Memorandum Circular (RMC) 47-2012 dated August 14 states.

All revalidated and unexpired tax credits issued from 2004 to 2012, meanwhile, must be reported by October 17.

Application forms can be downloaded from the BIR web site and must then be submitted to the BIR or the Department of Finance (DoF) office that issued the TCC.

A payment schedule notice will then be issued to the taxpayer, detailing the refundable amount and the maturity date of the tax credits. The TCC owner can then opt to cash in early, albeit at a discount, or wait until the maturity date to get the full value.

Tax credits issued by the BIR from 2003 and earlier will mature this year. Those dated from 2004 to 2008 will mature next year, while 2009 and 2010 TCCs are set for 2014 and 2015, respectively. TCCs issued in 2011 and 2012 will mature in 2016.

The monetization will be handled by the Land Bank of the Philippines and Development Bank of the Philippines.

Taxpayers, however, can also opt not to monetize their TCCs.

ECCP’s New Event: Christkindlmarket - Dec 3-9

Christkindlmarket: Your Boarding Pass to a European Christmas

For the first time in Asia, the European Chamber of Commerce of the Philippines (ECCP) will be organizing the Christkindlmarket in Manila. From December 3-9, 2012, the SM Mall of Asia Ice Skating Rink will be transformed into a Christmas village to replicate the original event. Every year, almost 2 million people from all over the world visit the Christkindlmarket in Nuremberg, Germany where this tradition of celebrating Christmas first started in 1545. Visitors can buy Christmas items such as pastries, Holiday meats, Gluehwein, sweets, Christmas decorations, candles, and other holiday items from various stalls. While browsing through unique finds, families and friends can enjoy whimsical performances from choirs and bands. Through Christkindlmarket Manila, the ECCP aims to promote awareness and interest among Filipinos on European traditions and goods by giving them a chance to experience this European Christmas event in the Philippines.

For general inquiries, you may email us at info@christkindlmarket.com.ph or you may call us at 845-1324 loc. 248

ECCP needs feedback from members

We need your feedback regarding three advocacy issues we have been debating with government for years. We have made good progress in the following areas:

• Tax Credit Certificates TCCs)
  We achieved policy changes regarding the payment of old TCCs (repayment over 5 years (2012-1016) and cash refunds for new TCCs – see above.
  Question: Have you applied for the refund of TCCs issued in 2003 with the BIR, BOC and/or the One-Stop-Shop at the DOF? If yes, have you been successful in receiving the authorization for cash refund?
• Customs, Immigration, Quarantine (CIQ) in airports and seaports
  The DOF and the DOTC have informed all government offices at airports and seaports that 24/7 services have to be provided by government offices at the expense of government. In other words, all government offices have to perform the duties but are no longer allowed to charge overtime, transportation and meal allowances.
  Question: Is this implemented?
• Acknowledgement Receipts (Customs)
  The BIR has ruled that Acknowledgement Receipts issued by Customs for various services are illegal and not accepted by the BIR as official documents. Customs Commissioner Biazon has informed the Customs offices across the nation not to issue Acknowledgement Receipts anymore.
  Question: Is this order implemented by Customs offices across the country?

Please let us have your feedback as soon as possible so that we can further discuss these issues with government. Please contact Schumacher@eccp.com

Meeting with Assistant Secretary Sy of the DOJ - 22 August

We discussed the following issues in our regular dialogue with ASec. Sy:

• Judicial Reform
• Grandfather Rule vs. Control Test
• Implementation progress re the Competition Office under E.O. 45 / participation of the private sector in working groups
• Anti-trust legislation – progress.

For details, please contact Schumacher@eccp.com

PASSAGE OF DATA PRIVACY ACT

The President signed the Data Privacy Act into law as Republic Act No. 10173 on August 15. The President’s approval is an unequivocal sign that the country is taking the necessary actions to become a functioning knowledge-based, ICT-driven economy. All public and private enterprises are now mandated to safeguard the confidentiality and integrity of personal information collected in the course of their operations. This will not only boost the confidence of potential investors in the country’s booming Information Technology and Business Process Outsourcing (IT-BPO-KPO) industry, but also the trust of ordinary citizens in our e-governance initiatives.

The Data Privacy Act is only one of a triumvirate of measures we proposed to usher in an IT revolution in the country. The Cybercrime Prevention Act will have to be enacted, as we still lack a legal framework for the detection, apprehension, and prosecution of such Internet-related crimes as hacking, identity theft, phishing, spamming, and child pornography. A Department of Information and Communications Technology (DICT) must be created to allow government to efficiently allocate human and financial resources necessary for the integration of ICT in the more efficient delivery of social services.

ECCP-CanCham NetworkingNight - 16 August

The first ECCP / CanCham Networking Nigh twas held last 16 August 2012 at the Makati Shangri-La. The event was led by CanCham President Julian Payne and ECCP Vice President Martial Beck and attended by over 60 participants from European, Canadian and Filipino Companies.

Integrity Self-Assessment

We are pleased to inform you that Integrity Self-Assessment (ISA) tool is now up and ready for access. The ISA is an online assessment designed to help signatories to conduct an initial appraisal of the extent of implementation of their organization’s integrity policies, procedures, and practices. The assessment is intended to be taken online so that results are immediately provided upon completion.

Results of the assessment can guide the organization where the opportunities for improvement are. Integrity Initiative will then endeavor to provide appropriate learning interventions, tool boxes, and other training modules to help organizations strengthen integrity practices.

As a signatory to the Integrity Pledge, we are inviting your organization to take the Integrity Self-Assessment. Please go to http://www.integrityinitiative.com. Click the Integrity Self-Assessment tool button and Register to acquire your User Name and Password.

For clarifications, please email jsbcortez@yahoo.com or j.cortez@mbc.com.ph. Thank you.

1st Manila Football Cup 2012

Calling all COMPANIES, BUSINESS ORGANIZATIONS and NGO'S, Team registration is ongoing for the

1st Manila Football Cup- Corporate Category
15 September | Saturday | Alabang Country Club

Organized by the European Chamber of Commerce of the Philippines & Kaya Futbol Club Academy, the 1st Manila Football Cup - Corporate Category is a great platform for team building & networking for all participating organizations!

To register your team please email footballcup@eccp.com

For sponsorship inquiries or to avail of a Marketing Booth please email caycastanos@eccp.com or call 845-1324.

The 1st Manila Football Cup is a 2 day tournament that is designed to be the biggest & most diverse football event this year. Over 1,000 athletes from about 170 teams were invited to join from different schools, football clubs, companies & organizations across the country.

Call Center Fitness Caravan - August to December 2012

We are pleased to inform all members that ECCP has an ongoing FITNESS CARAVAN in line with the CALL CENTER FITNESS PROGRAM 2012 - a 1 year program which is aimed at enhancing the competitiveness of all companies involved in the Call Center Industry, by providing them with opportunities and options to engage in a healthier lifestyle. The FITNESS CARAVAN is an  engagement with agents of participating Call Center Companies where we bring event sponsors & partners at the convenience of their workplace.  It's a  fitness and sports expo with  sports  clinics, wellness experiences and fitness as highlights of the day.

If your company is in the line of offering products & services  for Health & Wellness, please contact Karen Domingo - karen.domingo@eccp.com or call 845-1324 to avail of a booth or a presentation slot.

9th Annual Joint Foreign Chambers Networking Night
September 13, 2012, 6:00pm – 9:00pm
Grand Ballroom, Marriott Hotel Manila

Expand your network and exchange ideas with international business community and key government representatives by joining the 9th Annual Joint Foreign Chambers Networking Night at the Marriott Hotel Manila on September 13, 2012 from 6:00pm-9:00pm.

The event is considered as a must-attend gathering for ECCP Members and clients interested to have an opportunity to expand their network and establish contacts with invited government officials as well as members of the American Chamber (AMCham), Australian-New Zealand (ANZCham), Canadian (CANCHAM), Korean (KCCI) and Japanese (JCC) Chambers of Commerce of the Philippines as well as PAMURI.  

The event carries the theme of the Seven (7) Big Winners of the Agribusiness, BPO, Creative Industries, Manufacturing & Logistics, Infrastructure, Mining and Tourism sectors. These are the 7 sectors where the potential for attracting foreign investments and generating more jobs in Philippines is high.

Tariff Fees are P1,000 for ECCP Members and P1,200 for Non-ECCP Members and Clients. The event is also open for sponsorship for interested companies at P10,000.

For confirm your attendance or interested parties who wish to sponsor the event may contact Ms. Anna Medina (annamedina@eccp.com ) or Ms. Krystle Bagay (krystle@eccp.com) at 845- 1324 or 759-6680.

The 2nd Integrity Summit 2012

Driving Culture Change
18 September 2012, Tuesday 8am-4pm
Grand Ballroom, Hotel Inter Continental, Makati City

The 2nd Integrity Summit 2012 is slated to be held on 18 September 2012 at the Grand Ballroom of Hotel Inter Continental Makati. This year’s theme centers on Driving Culture Change.

The summit is organized by the Integrity Initiative – a nationwide, private sector led campaign that institutionalizes common ethical standards among various sectors of society. The Initiative is implemented by the Makati Business Club (MBC) and the European Chamber of Commerce of the Philippines (ECCP), in partnership with the Management Association of the Philippines (MAP), American Chamber of Commerce (AMCHAM), and the Asian Institute of Management Hills Governance Center (AIM).

This year’s Summit will feature presentations from both the public and private sectors with concrete examples of how different organizations have transcended the culture of corruption.

The Summit will also serve as a venue to present the results of two important surveys – the Annual Enterprise Survey on Corruption, as well as the results from the baseline study of the Integrity Self-Assessment Tool used by the signatories of the Integrity Pledge.  

Officers of companies who have signed the Integrity Pledge, Government Officials, Leaders of Civil Society Organizations, Business School Officials, Compliance Officers, Procurement Officers, HR Practitioners and those who share a deep commitment in promoting ethical business practices are invited to join in on the Summit.

For inquiries please contact Ms. Zyra Fastidio (zyra.fastidio@eccp.com) at 845-1324 or 759-6680.

Invitation to join the ECCP LGU Committee

As many members are facing challenges with Local Government Units (LGUs), ECCP is inviting members to join the new LGU Committee that will be co-chaired by an LGU expert, Atty. Dindo Garciano, a Public Administration and Local Governance expert, a lawyer, an MPA degree holder, a PhD candidate and a former Municipal Mayor with close links to the Leagues of Municipalities, Cities, and Provinces.  A closer constructive cooperation with LGUs is necessary to achieve inclusive growth, widen investment location options and create a more secure regulatory environment for doing business at the local level. We invite members who would like to discuss their LGU concerns (collectively or individually) or to share their best practices in dealing with LGUs to join the committee. Please contact Gerry Constantino at constantino@eccp.com to be included in the list of committee members.

Legislative Tracker

Cyber Crime Bill

• Pending President’s approval

Creative Industries Development Council Bill

• House: no bill filed
• Senate: Approved Committee level

Creation of the Department of Information & Communications Technology Bill

• House: Approved Third Reading
• Senate: Approved Third Reading
• Pending Bicameral

Data Privacy Bill

• Signed into law on 15 August

WIPO Copyright Treaty

• House: Passed Third Reading
• Senate: Pending Second Reading

Energy Efficiency and Conservation Act

• House: Pending Committee level
• Senate: Pending Committee level

Anti-Trust Bill (Competition Policy)

• House: Reconsidered for Second Reading
• Senate: Approved Committee level

Common Carriers Tax Bill

• House: Approved Third Reading
• Senate: Pending Committee level

Excise Tax on alcohol, Cigarette & Tobacco bill

• House: Passed Third Reading– unfortunately with amendments that are not acceptable to us
• Senate: Pending the Committee level

For other inquiries on legislation you may email Ms. Krystle Bagay at krystle@eccp.com

Meeting with government officials:

Speaker Belmonte and the House Leadership - moved to a new date
30 August - DENR Secretary Paje
11 September - DOLE Secretary Baldoz
12 September - NEDA Secretary Balisacan

If you have any issues that you would wish to be taken up in those meetings, please inform – Schumacher@eccp.com