Taxation

Over the years, Fortun Narvasa & Salazar (FNS) has developed its expertise in taxation by representing clients before the Bureau of Internal Revenue, the Bureau of Customs, and the Court of Tax Appeals (CTA).

In 2017, FNS successfully handled the P25 Billion tax compromise settlement of Mighty Corporation with the BIR, for which tax clearances were issued. Its legal team was responsible for completing the BIR requirements relative to the P45 Billion acquisition of Mighty Corporation’s assets by JT International (Philippines), Inc. in the same year.

As part of its tax practice, FNS offers legal advice as to the most tax efficient structure when it comes to its clients’ proposed transactions, such as acquisitions and transfers of shares of stock and real properties.

FNS’s tax team works closely with the firm’s corporate legal team when it comes to special projects like due diligence, mergers and acquisitions, in order to provide its clients with complete understanding about the legal and tax consequences of their transactions. FNS does not only opine, but implements the options chosen by its clients. The tax team has handled acquisition projects of significant amounts from Millions to Billions of Pesos.

FNS’s tax advice is not only limited to domestic or local transactions. It also covers international clients concerning their transactions with Philippine entities.

At the BIR level, FNS handles internal revenue tax assessments and assists its clients in their applications for tax refunds, and in securing tax rulings, among others. FNS assists its clients in their various transactions with the BIR, such as the obtainment of tax clearances or certificates authorizing registration on their acquisitions of personal (stocks) and real properties.

FNS has more than a decade of experience in handling CTA cases, with Phil. Gold Processing & Refining Corporation, FCF Minerals Corporation, and Syngenta Philippines, Inc. as among its clients.

FNS also handles settlement of estates, probate, and intestate proceedings.

The team has conducted various online webinars including webinars on CREATE Law, and on understanding/reading Audited Financial Statements, in coordination with the Integrated Bar of the Philippines- Makati City Chapter.

Partner Kristine R. Ferrer leads the firm’s tax practice. She can be reached at krferrer@fnslaw.com.ph.