The Philippine E-Cigarette Industry Association (PECIA) said the proposed floor price and production cost formula in the computation of excise tax on tobacco products, heated and vapor tobacco products are largely unrealistic and too high. In a statement, PECIA, which counts around 200 active...
Officials of the Bureau of Internal Revenue (BIR) and the Federal Tax Service (FTS) of Russia have met recently to discuss the latter’s best practices that could be applied in the Philippines to further improve its tax administration and compliance. On orders of Finance...
The Department of Finance (DOF) expects the full nationwide implementation of the fuel marking program and several digitalization projects this year to improve the government’s tax administration. According to a report by the DOF’s Revenue Operations Group (ROG), it expects the fuel marking...
Taxes collected by the Bureau of the Internal Revenue (BIR) that coursed through electronic payment channels have now accounted for more than four-fifths, the Department of Finance (DOF) announced. Based on a report submitted by BIR Commissioner Caesar R. Dulay to the DOF, about P1.67 trillion or...
The Department of Finance (DOF) is set to enter into negotiations with the United States Trade and Development Agency (USTDA) for a possible grant for the Bureau of Internal Revenue’s (BIR) digital transformation program. In a statement, the DOF said President Rodrigo R. Duterte has...
The government’s two main tax agencies have surpassed their respective collection goals last year, which the economic managers lowered in the wake of the coronavirus-induced economic crisis. Preliminary data from the Department of Finance (DOF) showed that the Bureau of Internal Revenue...
The Department of Finance (DOF) said it will comply the Supreme Court’s order barring the imposition of franchise tax on all bets generated by Philippine offshore gaming operations (POGOs) Finance Secretary Carlos G. Dominguez III said the Bureau of Internal Revenue (BIR) will halt the...
The leading tax collection unit of the Bureau of Internal Revenue (BIR) has surpassed by a big margin its collection assignment as it garnered P1.4 trillion of December 22, 2020. Revenue Assistant Commissioner Manuel Mapoy, head of the Large Taxpayers Service (LTS), said the take was P135.5 billion...
The Duterte administration’s budget deficit breached the P1 trillion mark in November due to higher spending and lower revenues amid the coronavirus-induced economic recession, data from the Bureau of the Treasury revealed. The national government incurred a P1.069 trillion fiscal gap in January...
The Bureau of Internal Revenue (BIR) has collected additional taxes from commercial establishments that were padlocked earlier for failing to either register or pay the correct amount of tax. In a statement, BIR Deputy Commissioner Arnel Guballa said they have collected a total...
Government debt stock breached the P10 trillion mark in October amid unprecedented borrowings for the coronavirus response, data from the Bureau of the Treasury showed. Total outstanding debt of the national government stood at P10.028 trillion as of October this year, up by 26.8 percent compared...
The Department of Finance (DOF) directed the tax authorities to assist the Department of Agriculture (DA) in investigating the alleged use of cooperatives by private traders as dummies for rice imports. In a statement, Finance Secretary Carlos G. Dominguez III said he ordered the Bureau of Internal...
