Business Amazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue Service in what the online retailer has called a US$1.5 billion dispute over its tax treatment of transactions with a Luxembourg subsidiary. 17 Aug 2019 03:10AM Bookmark REUTERS: Amazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue Service in what the online retailer has called a US$1.5 billion dispute over its tax treatment of transactions with a Luxembourg subsidiary.In a 3-0 decision, the 9th U.S. Circuit Court of Appeals in Seattle upheld a 2017 ruling by the U.S. Tax Court related to intangible assets that Amazon.com transferred in 2005 and 2006 to the unit, Amazon Europe Holding Technologies SCS.Intangible assets include such items as customer lists, intellectual property and software. The appeals court rejected a broader definition sought by the IRS that would have boosted Amazon.com's tax bill.Amazon.com has said it chose Luxembourg for its European headquarters … [Read more...] about Amazon.com defeats IRS appeal in US tax dispute
Corporate income tax definition
[Delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City on 22 July 2019] Thank you. Kindly sit down. Kumusta po kayo? Senate President Vicente Sotto III and the honorable members of the Senate; House Speaker Alan Peter Cayetano and the honorable members of the House of Representatives; Vice President Maria Leonor Robredo, magandang hapon po sa inyo --- sa iyo, ma’am, [applause] kung nasaan ka; former Presidents Fidel V. Ramos, Joseph Ejercito, [applause] Macapagal-Arroyo [applause]; His Excellency Caccia and the esteemed members of the diplomatic corps; Executive Secretary Salvador Medialdea and the other members of the Cabinet; Chief Justice Lucas Bersamin and the Supreme Court; my fellow workers in government; mga mahal kong kababayan. Let me begin by extending my hand in gratitude to all who kept faith with me in our most trying times. Numbers speak a thousand words and tell a hundred tales. But the … [Read more...] about FULL TEXT: Duterte’s 2019 State of the Nation Address
4TH STATE OF THE NATION ADDRESS OF RODRIGO ROA DUTERTE PRESIDENT OF THE PHILIPPINES TO THE CONGRESS OF THE PHILIPPINES [Delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City | 22 July 2019] Thank you. Kindly sit down. Kumusta po kayo? Let me begin by extending my hand in gratitude to all who kept faith with me in our most trying times. Numbers speak a thousand words and tell a hundred tales. But the landslide victory of the Administration candidates as well as the latest survey results shows that my disapproval rating is 3%. [applause] I hope that the members of Congress --- sana hindi kayo included sa 3% [laughter] --- inspires me with determination to pursue relentlessly what we have started at the start of my administration. Few men imbued with the will and the courage to do what he believes is right and just and whatever be the opposition in terms of numbers and noise, makes a majority. For it is not the eagle in the fight but the … [Read more...] about FULL TEXT: Duterte’s 4th SONA
It’s the opening day of the first regular sessions of the new Congress, the 18th one that will officially convene starting today. By tradition, the Senate and the House of Representatives will conduct their ceremonial joint opening sessions. And at every opening of the regular sessions of Congress, the President – former Davao City Mayor Rodrigo Duterte – will deliver a state of the nation address (SONA). Up to the last moments before the formal opening of sessions today, rumors still flew thick that some congressmen are reportedly bent to stop the “15-21 term-sharing” arrangements between presumptive Speakers, Taguig City Rep. Alan Peter Cayetano and Marinduque Rep. Lord Allan Velasco. Fueling the rumors are the two sets of breakfast invitations to Congressmen, one sent out by freshman Davao City Congressman Paolo “Pulong” Duterte and the other by Cayetano. Pulong has supposedly “invited” Congressmen from the newly … [Read more...] about Re-forming the reforms
Republic Act 11232 or the Revised Corporation Code of the Philippines or RCC was signed into law by President Duterte on Feb. 20. The Act, which is a consolidation of Senate Bill 1280 and House Bill 8374, seeks to make doing business in the Philippines easier for Filipinos and foreigners alike by repealing in its entirety the old Corporation Code, and introducing various reforms to govern the existence of private corporations. It is to be remembered that the old code, Batas Pambansa Blg. 68, has been in full force and effect for the past 38 years — i.e., since its effectivity back in May 1, 1980 – and, as of late, has been a subject of criticism for its essentially obsolete provisions by modern business standards. By way of example, whereas the RCC provides that directors or members who cannot physically attend or vote at board meetings may do so through remote communication methods, the old code absolutely required the physical presence of the directors or members in said … [Read more...] about Allowed double taxation?