ISSN 2094-1226/August 2015

When royalties are taxed at 30% income tax p4| Strict VAT invoicing applies to tax refunds
but not to assessment cases p6 | Falsity charge must be in the FAN to extend ordinary
prescription p6 | All corporations cannot make political donations p9

Client
advisory
letter

Isla Lipana & Co.

At a glance
Updates, reiterations and clarifications on
selected topics
Latest on income tax, VAT, and other taxes
When royalties are taxed at 30% income tax............................... 4
Collecting agent is not subject to income tax............................... 4
Debt renewal subject to DST ......................................................... 4
Foreign entity may be taxed independently
from its Philippine branch............................................................... 4
ITH under BOI covers income tax and CWT only......................... 5
Proofs of doing business outside the Philippines......................... 5
Royalties, service fees under a franchise taxed differently.......... 5
International agency employees not tax-exempt.......................... 5
Latest on tax assessments/refund procedures unconsolidated financial statements or most unlisted
CWT refund is denied for not reporting related sales................... 6
Strict VAT invoicing applies to tax
refunds but not to assessment cases............................................ 6
Falsity charge must be in the FAN to extend
ordinary prescription....................................................................... 6
Latest on regulatory landscape
The Philippine Competition Act is finally enacted......................... 7
2015 IRR of the Securities Regulation Code issued..................... 7
Filing of complete principal office address extended................... 8
Dealers in proprietary shares cannot register as MFDs............... 8
Voting rights may be broadened.................................................... 8
ROs not allowed to invest in a domestic company....................... 8
Winding up of defunct corporation................................................ 8
All corporations cannot make political donations......................... 9
New rules in issuing ICC................................................................. 9
2 Client advisory letter 2015
Amendments to th
In July 2009, the International Accounting Standards
Board (IASB) issued the International Financial
Reporting Standard for Small and Medium-sized Entities
(IFRS for SMEs) in response to strong international
support from the world’s national accounting standard-
setters for the IASB to develop global standards for SMEs.
Full IFRS was largely designed for the consolidated
financial statements of listed companies. Hence, some
parts of full IFRS may be unnecessary, too complex or
too expensive for other financial reporting especially for
companies.
At the time of its issue, the IASB stated that it planned to
undertake an initial comprehensive review of the IFRS for
SMEs to assess the first two years’ experience that entities
would have had in implementing it and to consider
whether there is a need for any amendments. Specifically,
the IASB said it would consider whether to amend the
IFRS for SMEs to address any implementation issues
identified and also whether to consider any changes made
to full IFRS since the IFRS for SMEs was issued.
According to the IASB, out of the 140 jurisdiction profiles,
72 jurisdictions currently permit or require the IFRS for
SMEs and an additional 14 are currently considering
plans to adopt it.
In the Philippines, the Financial Reporting Standards
Council (FRSC) has adopted the IFRS for SMEs as the
Philippine Financial Reporting Standard for SMEs (PFRS
for SMEs) without any modifications. The Philippine
Securities and Exchange Commission (SEC) has adopted
the PFRS for SMEs as part of its rules and regulations
on financial reporting effective for certain companies
qualified as SMEs for annual periods beginning on or
after 1 January 2010, with early adoption permitted for
financial statements as of 31 December 2009.
he IFRS for SMEs

In 2012, the IASB decided to commence its initial

comprehensive review, based on its view that sufficient
jurisdictions had adopted the IFRS for SMEs to provide
broad insight into the implementation experience.

In May 2015, the IASB has completed its comprehensive

review of IFRS for SMEs resulting in limited amendments to
the standard. However, some areas were identified where
targeted improvements could be made. The most significant
changes arising from the amendment, which relate to
transactions commonly encountered by SMEs, are:

• the option to use the revaluation model for property,

plant and equipment
• the alignment with International Accounting Standards
(IAS) 12, Income taxes, of the main recognition and
measurement requirements for deferred income tax
• the default ten-year life for goodwill amortization.

Other amendments mainly clarify existing requirements or

add supporting guidance, such as the undue cost or effort
exemption. The underlying requirements in IFRS for SMEs
have, to a large extent, remained unchanged. The basis for
making limited changes only is that IFRS for SMEs is still
a relatively new and stand-alone standard, which requires
stability. Hence, it was also decided not to incorporate some
significant changes in new or amended full IFRS, including
those in IFRS 10, Consolidated financial statements, and IAS
19, Employee benefits.

Consequently, for most SMEs and users of their financial

statements, the amendments are expected to improve
understanding of the existing requirements, without having
a significant effect on an SME’s financial reporting practices
and financial statements. A transition to full IFRS, however,
will probably be more difficult than before as the gap
between the IFRS for SMEs and full IFRS is now greater.

We expect that the amendments to the IFRS for SMEs would

also be adopted in the Philippines and shall also be effective
for annual periods beginning on or after 1 January 2017.
Earlier application is permitted provided all amendments
are applied at the same time.

2015 Client advisory letter 3

Latest on income tax, VAT, and
other taxes
When royalties are taxed at
30% income tax
Ordinarily, royalty is a passive income subject to 20% final
tax. But if the same is generated in the active conduct of
the taxpayer’s primary purpose, it becomes active income
subject to regular income tax (30% for corporations).
In this case, the CTA found that the taxpayer has (1) no
operating expenses incurred for its alleged main trade or
business/primary purpose; (2) no other sources of income
other than royalty and interest; and (3) cash flows from its
operating activities consisting only of royalty and interest
income. Hence, the royalties it received shall be considered
earned from the active pursuit of business and shall be
subject to the normal corporate income tax rate of 30%.
The CTA upheld the deficiency 30% income tax assessment
but reduced the same by the 20% final tax previously paid.
(CTA Case No. 8607 dated 14 August 2015)
Collecting agent is not
subject to income tax
Under a Toll Operation Agreement, a subsidiary company
was incorporated to collect toll fees for an expressway
project. The daily toll collections were remitted by the
subsidiary to the individual bank accounts of the joint
venture partners. The toll fees were recorded as revenues
by the JV partners in their respective books and declared
as income in their respective ITRs. Consequently, the toll
collections were subject to income tax pursuant to the
respective tax regimes of the JV partners.
Considering that the subsidiary merely acted as a conduit
vehicle in collecting toll fees and did not recognize the toll
fees collected as its revenue, it is not subject to income tax.
(CTA Case No. 8364 dated 13 July 2015)
4 Client advisory letter 2015
Debt renewal subject to DST
• Renewal of certificate of indebtedness is subject to DST but
mere transfer or assignment thereof is not.
The CTA held that only the renewal of the certificate of
indebtedness is subject to DST, and not the mere transfer
or assignment of the evidence of indebtedness. A renewal
would entail an increase in the amount of indebtedness, or a
change in the maturity date or remaining period of coverage
from the original instrument, or carry with it a renewal or
issuance of new instruments in the name of the transferee
to replace the old ones.
(CTA EB Case No. 1106 dated 14 July 2015)
Foreign entity may be taxed
independently from its
Philippine branch
Initially, the BIR denied a TTRA requesting for confirmation
that dividends arising from the Philippines and received by
a foreign corporation are subject to the 10% preferential
rate under the treaty.
Upon re-evaluation, the BIR confirmed the taxpayer’s
entitlement to the treaty rate given that, the dividends
received by the foreign corporation are not effectively
connected with nor conducted through the Philippine
branch office. As such, the foreign corporation becomes the
taxpayer, and not the branch. This ruling superseded BIR
ITAD Ruling No. 96-12.
(BIR Ruling No. ITAD 233-15 dated 27 July 2015)
ITH under BOI covers
income tax and CWT only
A BOI-registered entity enjoying income tax holiday
is exempt from income tax and consequently, from
withholding tax, for the period covered by the incentive.
However, the enterprise is not exempt from other taxes not
covered by its BOI registration under EO No. 226. Thus,
income from its business transactions is subject to VAT and
DST under the Tax Code.
(BIR Ruling No. 262-2015 dated 30 July 2015)

Proofs of doing business

outside the Philippines
To qualify a sales transaction to a non-resident foreign
corporation for VAT zero-rating, it should be established
that the non-resident foreign corporation is doing business
outside the Philippines. This may be proven through
supporting documents, such as the SEC Certificate of Non-
Registration of corporation/partnership and certificate/
articles of foreign incorporation/association/registration.
(CTA Case No. 8300 dated 10 July 2015)

Royalties, service fees under

a franchise taxed differently
To determine applicable taxes, a franchise agreement
was broken down to identify the fees paid by a domestic
corporation to a foreign franchisor. Payments for know-how
(royalty fees) are subject to the 25% preferential treaty rate,
while payments for the provision of services (e.g., market
launch fee, store opening fee and advertising expenditure)
are business profits taxable in the Philippines only if the
foreign franchisor has a permanent establishment in the
Philippines to which said fees may be attributable.

Royalties and service fees, being payments for the use of

intangible properties and for provision of services in the
Philippines, are subject to 12% VAT. Glossary
(BIR Ruling No. ITAD 237-15 dated 27 July 2015
BIR - Bureau of Internal Revenue
BOI - Board of Investments
International agency CTA - Court of Tax Appeals
DST - Documentary Stamp Tax
employees not tax-exempt EO - Executive Order
ITAD - International Tax Affairs Division
Considering that the sale of a motor vehicle between ITH - Income Tax Holiday
individuals connected to the World Health Organization ITR - Income Tax Return
(WHO) was for personal use of the buyer in the Philippines, JV - Joint Venture
and not bought under the name of WHO for its official SEC - Securities and Exchange Commission
use, the sale is subject to 12% VAT and excise tax. The TTRA - Tax Treaty Relief Application
transaction is not exempt under special laws or international VAT - Value-Added Tax
agreements in which the Philippines is a signatory.
(BIR Ruling No. ITAD 238-15 dated 27 July 2015)
2015 Client advisory letter 5
Latest on tax assessments/
refund procedures
CWT refund is denied for not Falsity charge must be in
reporting related sales the FAN to extend ordinary
One of the requisites in claiming a refund of creditable prescription
withholding tax is for the taxpayer to prove that the income
from which the taxes were withheld was included in the
‘gross income’ entry of the ITR filed in the year when such
withholding taxes were claimed. For failure to reconcile
gross sales per ITR against grossed up amount of CWT to be
refunded, the CTA denied the taxpayer’s claim for refund of
excess CWT.
(CTA Case No. 8635 dated 13 July 2015)
Strict VAT invoicing applies
to tax refunds but not to
assessment cases
In a tax assessment case, compliance with the invoicing
or receipt requirements is not a pre-requisite. Even if the
taxpayer failed to present official receipts with words
“zero-rated” imprinted on it, such fact is inconsequential.
The principle is that tax statutes on assessment are to be
construed strictly against the government and liberally in
favor of taxpayers for taxes, being burdens, are not to be
presumed beyond what the applicable statutes expressly
and clearly declare. Unlike in claims for refund or tax credit,
non-presentation of official receipts or invoices is fatal since
the burden of proving zero-rated transactions lies with the
taxpayer.
(CTA EB Case No. 1106 dated 14 July 2015)
6 Client advisory letter 2015
Like fraud, falsity is a question of fact that should never
be presumed. There must be clear and convincing proof to
support the allegation on the filing of false returns.
In this case, the BIR, in its PAN, alleged the filing by the
taxpayer of false or fraudulent returns. However, such
contention was not reiterated in the FAN and FDDA.
Moreover, there was no clear and convincing evidence that
was presented by the BIR to substantiate its allegation.
Due to the BIR’s failure to substantiate its allegations on
the false returns, neither the three-year prescriptive period
to assess is extended nor is the ten-year prescriptive period
applicable. Thus, the BIR’s right to assess within the three-
year prescriptive period had prescribed.
(CTA EB Case No. 1191 dated 30 July 2015)
Glossary
ASEAN - Association of Southeast Asian Nations
BIR - Bureau of Internal Revenue
CTA - Court of Tax Appeals
CWT - Creditable Withholding Tax
FAN - Final Assessment Notice
FDDA - Final Decisions on Disputed Assessment
ITR - Income Tax Return
IRR - Implementing Rules and Regulations
PAN - Preliminary Assessment Notice
PCC - Philippine Competition Commission
RA - Republic Act
SEC - Securities and Exchange Commission
SRC - Securities Regulation Code
VAT - Value-Added Tax
Latest on regulatory landscape
The Philippine Competition
Act is finally enacted
To enhance economic efficiency and promote free and fair
competition in the business playing field, the Philippine
Competition Act (RA No. 10667) was signed into law. Its
salient features include the following:
• The Philippine Competition Commission (PCC) shall
be created within 60 days after the effectivity of RA No.
10667. The Commission shall look into anti-competitive
agreements, abuses in dominant positions, and anti-
competitive mergers and acquisitions.
• Anti-competitive agreements prohibited under the law
include:
-- Restricting competition as to price, or other terms
of trade; fixing price at an auction or in any form of
bidding; setting, limiting or controlling production,
markets, technical development or investment;
dividing or sharing the market by volume of sales
or purchases, territory, type of goods or services,
buyers or sellers or any other means; and other
agreements which could substantially prevent,
restrict or lessen competition.
• Acts considered as abuses of dominant positions include:
-- Selling goods or services below cost to suppress
competition; imposing barriers to entry; setting
unreasonably discriminatory prices or conditions
between customers or sellers of the same goods
or services; imposing restrictions on the lease or
contract for the sale or trade of goods and services
that are anti-competitive; making the supply of
goods dependent on the purchase of other goods
or services; and limiting production, markets
or technical development to the prejudice of
consumers.
• Parties to a merger or acquisition agreement, wherein
the value of the transaction exceeds PHP1bn, are
prohibited from consummating their agreement until 30
days after notice to the PCC; otherwise, the agreement
shall be considered void and subject the parties to an
administrative fine of 1% to 5% of the value of the
transaction.
• Administrative fines (maximum of PHP100m on the
first offense and PHP250m for the second offense) can
be imposed by the PCC on any entity for entering into
anti-competitive agreements, abusing dominant market
position, failing to notify the PCC of a merger transaction
exceeding PHP1bn, and engaging in anti-competitive
mergers and acquisitions.
(Republic Act No. 10667 approved on 21 July 2015)
2015 IRR of the Securities
Regulation Code issued
In response to the ever changing market conditions and
to the upcoming ASEAN integration, the SEC recently
approved the amended IRR for the SRC which primarily
aims to address stock price manipulation concerns, among
its other objectives.
The 2015 IRR strengthens the government’s regulatory role
in supervising and overseeing market transactions as it fills
up regulatory gaps, improves the existing requirements, and
adopts global standards that, in return, enhance the ability
of businesses to raise capital in the local market and also
to meet the challenges instigated by the increasing market
complexity.
Some of the amendments included in the new IRR are as
follows:
• Simplified definition of commercial paper as evidence of
indebtedness of any person with a maturity of 365 days
or less, removing the use of long-term and short-term
commercial paper; sale of commercial papers are made
easier;
• Delayed and continuous offering and sale of securities
can be made under the shelf registration program;
• Additional category of exempt securities;
2015 Client advisory letter 7
• Registration, responsibilities and oversight of self-
regulatory organizations;
• Accreditation requirements and policies pertaining to
credit rating agencies;
• Civil liabilities and amount of damages arising from
false registration statement, fraudulent securities
transactions, manipulation of security prices, insider
trading, etc.; and
• Enumeration of powers and functions of the commission
and indemnification and responsibilities of the
commissioners.
(2015 IRR of the SRC dated 4 August 2015)
Filing of complete principal
office address extended
Due to a number of requests for extensions and also requests
for amendments being filed with the SEC, the Commission
extended for the last time the period for filing applications
for amendment of complete principal office address under
the Articles of Incorporations or Articles of Partnership.
Deadline for filing is until 31 December 2015.
(SEC Memorandum Circular No. 9 dated 2 July 2015)
Dealers in proprietary
shares cannot register as
MFDs
After compliance with registration requirements and
posting of a minimum paid-up capital of PHP5m, a domestic
corporation can incorporate an affiliate as a broker/dealer
in proprietary shares. However, according to the SEC, the
affiliate cannot subsequently register as a Mutual Fund
Distributor (MFD) because it is not authorized to deal in
shares of stocks of investment companies and mutual funds.
Only registered investment company advisers, brokers/
dealers in securities, and investment houses are allowed to
register as MFDs since their authority to distribute securities
(e.g., mutual fund shares) is an inherent function of their
secondary licenses.
(SEC-OGC Opinion No. 15-04 dated 20 July 2015)
8 Client advisory letter 2015
Voting rights may be
broadened
In a non-stock corporation, the general or default rule is
that each member shall be entitled to one vote, regardless
of the amount of contribution, except when the right of
members of any class to vote is limited, broadened or denied
as specified in the Articles of Incorporation and By-laws.
If the corporate BL specifically provides for a formula in
determining the number of votes which a member is entitled
to, such should be the basis in determining the number of
votes a member can cast. Thus, giving a member voting
rights, other than one vote under the default rule, is allowed
under Section 89 of the Corporation Code.
(SEC-OGC Opinion No. 15-05 dated 21 July 2015)
ROs not allowed to invest in
a domestic company
A Representative Office is not allowed to invest in shares
of stock regardless if the investment is a passive activity.
The IRR of the FIA provides that ROs deal directly with
the clients of the parent company and should not derive
income from the host country, being fully subsidized by
its head office. Further, an RO is limited to the purposes
enumerated in its license, which in this case is narrowed
to information dissemination and promotion; it does not
include investment in shares of stock.
(SEC-OGC Opinion No. 15-06 dated 21 July 2015)
Winding up of defunct
corporation
Every corporation whose charter expires or whose corporate
existence is terminated shall continue as a corporate body
for three (3) years after the time when it would have been
dissolved for purposes of winding up. If the three-year
extended life of a corporation has expired without a trustee
or receiver having been designated within that period,
the board of directors/trustees itself may be permitted to
continue as “trustees” by legal implication to complete the
corporate liquidation. The disposition of the remaining
undistributed assets must necessarily continue even after
such period.
The legal title over the corporate property passes to the
trustee upon its appointment, whether appointed before
or after the three-year period. Hence, the trustee has the
duty to possess and dispose the properties of the defunct
corporation for the benefit of the stockholders, creditors or
other persons in interest.
Finally, when one or more directors die, the surviving
trustees take the whole title subject to the trust and they
may exercise the powers and duties of the deceased
director/trustee. However, in case of the death, resignation,
inability or refusal to act of the directors as trustees or the
survivors, the court may appoint trustees to fill the vacancy
upon the application of any person interested.
(SEC-OGC Opinion No. 15-07 dated 21 July 2015)
All corporations cannot
make political donations
Section 36(9) of the Corporation Code provides an absolute
prohibition for foreign and domestic corporations from
giving donations to any political party, candidate, or for any
partisan political activity. On the other hand, Section 95 of
the Omnibus Election Code enumerates specific natural and
juridical persons who are prohibited from making political
contributions because of benefits, privileges, license, or
franchise received from the government.
A company sought clarification if the Election Code repealed
the general prohibition under the Corporation Code such
that if you are not specifically prohibited, you are allowed to
make political donation.
The SEC clarified that there is no conflict in the two
provisions of the laws and that both can be harmonized and
given effect. In the absence of any showing of the intention
of the legislature to amend or repeal the law, or any clear
inconsistency between the two laws preventing their
effective implementation, there is no express or implied
amendment or repeal of Section 36(9) of the Corporation
Code by the Election Code. As such, all corporations,
regardless of nationality or percentage of foreign ownership
or participation, cannot make political contributions to any
candidate or political party.
(SEC Opinion No. 15-08 dated 27 July 2015)
New rules in issuing ICC
Due to significant increases in the number of import
commodity clearance applications and the number of test
reports received by the Bureau of Philippine Standards, the
DTI issued Department Administrative Order No. 15-01 with
the following salient provisions:
• To facilitate ease in doing business, the processing time
for ICC applications is reduced to only three working
days instead of five to seven days.
• Validity of TRs shall be observed and accepted. The TRs
of certain products shall be valid for one year from the
date of issuance, provided that the imported products
were manufactured by the same company, with the same
type and model.
• Applications with no valid TRs shall be issued with ICC
certificates; however, inspection, inventory, sampling,
and product testing shall be conducted prior to the
release of ICC stickers.
• In case of a re-test confirming non-compliance, the
importer must re-export the products to the country of
origin, or have the non-compliant products destroyed by
the appropriate agency.
• Certain products/standards (ceramic tiles, plywood,
flat glass, common nails, galvanized iron sheets, and the
performance and labelling standards of self-ballasted
lamps, single/double-capped fluorescent lamps, and
magnetic and electronic ballasts) were delisted from
the BPS List of Products under Mandatory Certification,
thereby retaining only the products that are life-
threatening.
• The delisted products are subject to compliance with the
mandatory markings and labelling requirements, which
shall be on a self-declaration basis and may be subject to
verification and/or validation.
(Customs Memorandum Circular No. 86-2015 dated 21 July 2015)
Glossary
BL -By-Laws
BPS - Bureau of Philippine Standards
DTI - Department of Trade and Industry
FIA - Foreign Investments Act
ICC - Import Commodity Clearance
IRR - Implementing Rules and Regulations
MFD - Mutual Fund Distributor
RO - Representative Office
SEC - Securities and Exchange Commission
TR - Test reports
2015 Client advisory letter 9
Meet us
Malou Lim on concert-
related corporate expenses
Tax Managing Partner Malou Lim shared her views on
accounting for corporate sponsorship on concerts in a
BusinessWorld feature on Madonna’s upcoming concert in
the Philippines.
The feature, which discussed the overpriced tickets of
Madonna’s upcoming concert, noted that Manila concert
tickets (with premium spot tickets at PHP57,750 each)
are reportedly the most expensive among all countries
the tour will visit. While ticket prices for patron seats are
expensive, these are being paid for by corporations through
sponsorships, according to the article.
Malou explained that “fees paid by corporate sponsors
to local concert promoters may qualify as advertising or
marketing expense for promotion of the corporation’s
name, products, and brand. The expense should be properly
substantiated and, if applicable, subjected to withholding
tax. On the other hand, the value of tickets purchased may
be claimed by the corporation as deduction against its gross
income either as entertainment, amusement and recreation
expense, or fringe benefits expense”.
Despite the cost, there will be loyal fans lining up at the
venue come concert time and these are the ones who have
means to fund the ticket, the article concluded.
10 Client advisory letter 2015
Seminar tour begins during
Nikkei-kai at FCIE
The Japanese Business Development (JBD) started a
seminar tour called the JBD Caravan Seminar. The first of
the series was held at First Cavite Industrial Estate (FCIE)
last 4 August 2015.
The seminar was conducted during Nikkei-kai, a regular
conference of Japanese companies in FCIE, where CEOs and
CFOs usually exchange information. Harada Automotive
Antenna Philippines Inc. CEO Koji Morimoto organized the
event and invited JBD to the Nikkei-kai.
Taka on accounting issues and concepts
JBD Manager Naoyuki Takahata gave an overview of
financial and management accounting. He explained
common accounting issues identified in Japanese entities in
Philippine Ecozone Authority (PEZA) locations like slow-
moving inventories, functional currency and useful life of
fixed assets. For management accounting, he introduced
basic concepts and advantages of implementing standard
costing. He concluded his part by citing various fraud
cases in the practice and tips on how to prevent and detect
these based on his past experiences in a Japanese PEZA
manufacturing company.
Ken’s updates and reminders
JBD Director Kentaro Tojo gave the latest information
on PEZA 5% gross income tax issue in relation to tax
assessment — the Bureau of Internal Revenue (BIR) has
been keen on the matter during tax audit, especially since
FY 2012. He also emphasized the tax assessment due
process under RR No. 18-2013 that Japanese management
should be highly aware of. He capped off the seminar with
the BIR’s aggressive revenue target and FY 2015 priority
program, which includes transfer pricing.
 Talk to us
For further discussion on the contents of this issue of
the Client Advisory Letter, please contact any of our
partners.
For tax and related regulatory matters

Alexander B. Cabrera Malou P. Lim

Chairman & Senior Partner, Tax Managing Partner
concurrent Tax Partner T: +63 (2) 459 2016
T: +63 (2) 459 2002 malou.p.lim@ph.pwc.com
Gene Morales presents alex.cabrera@ph.pwc.com

PwC thought leadership

on HR in the digital age
PwC Consulting Director Gene Morales presented the Fedna B. Parallag Lawrence C. Biscocho Carlos T. Carado II
latest HR-related PwC thought leadership material Tax Partner Tax Partner Tax Partner
entitled “The most extraordinary technology of all: T: +63 (2) 459 3109 T: +63 (2) 459 2007 T: +63 (2) 459 2020
fedna.parallag@ lawrence.biscocho@ carlos.carado@
The role of people in the digital world” during the 14th ph.pwc.com ph.pwc.com ph.pwc.com
Philippine Institute of Industrial Engineers National
Congress & 7th IE Research Conference.

Gene was a plenary speaker in the event that

carried the theme “Operational Excellence Towards
Sustainable Development Goals Through Industry 4.0” Harold S. Ocampo
Roselle K. Yu-Caraig
held 3 August 2015 at the Mariott Hotel Manila. Tax Partner Tax Principal
T: +63 (2) 459 2023 T: +63 (2) 459 2029
roselle.k.yu@ph.pwc.com harold.s.ocampo@
His talk delved on the implications of the digital age ph.pwc.com
and its impact on the workforce and organization.
Gene emphasized the importance of creating a people For accounting matters
strategy for the digital age as against simply developing
a digital strategy.

The congress/conference participants were from the

various industries and the academe nationwide.
John-John Patrick Gina S. Detera Ma. Lois M.
V. Lim Assurance Partner Gregorio-Abad
The thought leadership material, issued April 2015, Assurance Partner T: +63 (2) 459 3063 Assurance Partner
can be downloaded at http://www.pwc.com/et_EE/ T: +63 (2) 459 3023 gina.s.detera@ T: +63 (2) 459 3023
john.lim@ph.pwc.com ph.pwc.com ma.lois.m.gregorio@
EE/publications/assets/pub/the-most-extraordinary- ph.pwc.com
technology-of-all.pdf.

Request for copies of text

You may ask for the full text of the Client Advisory Letter by writing
our Tax Department, Isla Lipana & Co., 29th Floor, Philamlife Tower,
8767 Paseo de Roxas, 1226 Makati City, Philippines. T: +63 (2) 845
2728. F: +63 (2) 845 2806. Email lyn.golez@ph.pwc.com.

2015 Client advisory letter 11

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Disclaimer
The contents of this advisory letter are summaries, in general terms, of selected issuances
from various government agencies. They do not necessarily reflect the official position of
Isla Lipana & Co. They are intended for guidance only and as such should not be regarded
as a substitute for professional advice.