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                         Early Bird Deadline CGBP                                                      

Friday, 17 OCTOBER 2014 * 9:00AM to 5:00PM

Tax risk is the possibility of loss or hazard deriving from tax exposures on all types of transactional, operational, compliance, and financial accounting risks as well as portfolio risk, management, and reputational risks. Many times we design and offer new financial products without seeing its tax impact and liability to the bank or other types of financial / financing institutions.

This 1-day seminar is a specialized tax risks management program designed for the benefit of all kinds of banks including universal/ commercial banks, foreign currency deposit units (FCDU), offshore banking units (OBUs), thrift banks, cooperative banks and rural banks. While the major focus will be for them, it will also cater to other financing institutions including financing companies, investment houses, pawnshops, money changers/ foreign exchange dealers, lending investors and securities brokers and dealers. This program is also applicable to those who want to put up these types of businesses. This is a unique program not taught in any school.

   Limited Seats Only, Pre-Registration Required

   Avail of Early Bird and

   Seminar Investment is P9,500
   inclusive of Meals, Resource Kit, &
   Certificate of Attendance

   Contact Person: Anna Andaya
   Manila lines (+632) 556-8968 or 69
   Manila Telefax (+632) 842-7148 or 59
   Cebu lines (+63 32) 512-3106 or 07
Course Director & Lecturer: ATTY NICASIO C. CABANEIRO, CPA – is an authority in the practice of taxation and commercial law with 40 years of teaching experience and 25 years with bank of Philippine Islands capping his career as its Vice-President and Head of the Legal Services Division (1982 to 2007). He is a sought-after lecturer for banks and consultant of various institutions across many industries as well as high net worth individuals to help them with their tax and other legal matters.

Presently, he is also the general counsel and corporate secretary of the Philippine Clearing House Corp. (PCHC) and Tuloy sa Don Bosco Street Children Foundation. He finished his accounting degree (Magna Cum Laude) and his law degree (Cum Laude) at the San Beda College of Law.
    Who Should Attend:

      • Universal/ Commercial Banks
      • Savings & Thrift Banks
      • Cooperative & Rural Banks
      • Foreign Currency Deposit Units
      • Offshore Banking Units
      • Financing Companies
      • Investment Houses
      • Pawnshops/ Money Changers
      • Lending Investors
      • Securities & FOREX Dealers

Business World Online International Chamber of Commerce Tri-ISys Forbes College

Management of Tax Risks for Banks & Other Financial Institutions

9:00 am to 5:00 pm, Friday, October 17, 2014
Edsa Shangri-La Hotel, Mandaluyong City, Philippines

Course Outline

I. Importance of Tax Risk Management
II. Tax Risk
      a. Meaning
      b. Types of Tax Risk
            i. Transactional Risks
            ii. Operational Risks
            iii. Compliance Risks
            iv. Financial Accounting Risks
            v. Portfolio Risks
            vi. Management Risks
            vii. Reputational Risks
      c. Management of Tax Risks
III. Key Risks the Board Should Focus On
IV. Key Officers Involved in the Banking Institution’s Tax Risk Management
V. Overall Risk Management Policy
VI. Taxes Due on Any Kind of Financial Institution
VII. What is a Bank?
      a. Classification of Banks
            i. Universal Banks
            ii. Commercial Banks
            iii. Thrift Banks
            iv. Rural Banks
            v. Cooperative Banks
            vi. Offshore Banking Units (OBUs)
            vii. Foreign Currency Deposit Units
VIII. Classes of Taxes to which Banks are Exposed
      a. Corporate Income Tax
      b. Gross Receipts Tax
      c. Withholding Tax
      d. Documentary Stamp Tax
      e. Value Added Tax
      f. Local Tax
      g. Real Property Tax
IX. Income Tax
      a. What is Income Tax?
      b. Basis of collecting Income Tax
      c. Requisites for taxability of income
      d. Types of taxable income of a taxpayer
            i. Compensation income
            ii. Professional income
            iii. Business income
            iv. Passive income
      e. Taxability of a Domestic Having a Branch Outside the Country
      f. Formula for Computing Income Tax Due from Banks
      g. What are exclusions?
      h. What are deductions?
X. Capital Gains Tax
XI. Gross Receipts Tax
XII. Documentary Stamp Tax
      a. Persons liable to pay the documentary stamp tax
      b. Bank operation documents subject to documentary stamp tax
XIII. Fringe Benefits Tax
      a. Special rules for banks on deductibility of bad debts
      b. BSP Certificate of Worthlessness
XIV. Interest Arbitrage Limitation
      a. Exception to Interest Arbitrage Limitation
XV. Minimum Corporate Income Tax
      a. Taxable base for MCIT
      b. Limitations on the “Cost of Services”
XVI. Taxation on Sales of ROPOA
XVII. Deposit Substitute
      a. Taxation of Deposit Substitute
      b. Revenue Regulations No. 14-2012
XVIII. Clarification on BIR’s Position on Peace Bonds
      a. Clarification under RMC 77-2012 on zero-coupon instruments
      b. Effect on long-term deposits or investment certificates
XIX. Clarifications Under Revenue Memorandum Circular 77-2012
XX. Other Rules Under RMC 77-2012
XXI. Effect of RR 14-2012 on Inter-Company Loans
XXII. Interbank Call Loans and Repurchase Agreements
XXIII. Trust Funds
      a. Individual
      b. Common
      c. Investment Management Accounts
XXIV. Taxation of Income of the Bank from ITF, CTF or IMA
XXV. Derivative
      a. Meaning
      b. Futures Contract
      c. Swap
      d. Swaption
      e. Taxability of a derivative transaction
XXVI. Taxation of Offshore Banking Units and Expanded Foreign Currency Deposit Units
XXVII. Taxation of Onshore Income of OBUs and EFCDUs
XXVIII. Branch Profit Remittance Tax
XXIX. Nature of BPRT
      a. Tax base of BPRT
XXX. Withholding Tax Obligations
XXXI. Taxation of Foreclosure Sales
      a. Redemption Period in Foreclosure Sales
XXXII. Gross Receipts Tax
      a. Meaning of gross receipts
      b. Effect of pre-termination of instrument
      c. Broad coverage of GRT provision
XXXIII. Debt Instruments
XXXIV. Tax Incentives of Rural Banks
XXXV. Tax Incentives of Thrift Banks
XXXVI. Cooperative Bank
      a. Tax exemption of cooperative banks
XXXVII. Special Topics including
      a. New Tax Regulations Affecting Bank and other Financial / Financing Institutions
      b. Tax Exemption Privilege of Clients
      c. Garnishment as a Form of Preliminary Attachment
      d. Garnishment in Satisfaction of Judgement
      e. Garnishment of Individual or Joint Accounts
      f. Garnishment of Corporate Accounts

SEMINAR FEE PER PERSON: P 9,500 (Fee covers Meals, Resource Kit, Certificate of Attendance) 


Less 5% for early registrants (on registrations made on or before September 17, 2014)
Less 5% for early payment (if made on or before October 7, 2014)
Less 5% for group registration (minimum of 3 participants)

REGISTER NOW to avail of Early Bird and Group DISCOUNTS
Share |
Download: Flyer - Black&White (.PDF 261kb)
                         Course Outline (.PDF 168kb)