The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption on the sale of residential properties. In a statement, BIR Commissioner Romeo Lumagui Jr. said on Wednesday, Jan. 17, that house and lots, as well as other residential properties priced at P3.6...
Following his official assumption of office, Finance Secretary Ralph G. Recto wants to hold a series of meetings with the officials of all attached agencies and bureaus of the Department of Finance (DOF) this week. On Monday, Jan. 15, Recto immediately led briefings with key DOF offices following...
With the implementation of a law aimed at simplifying tax payments, the Bureau of Internal Revenue (BIR) has announced that it will no longer require business taxpayers to pay the annual registration fee (ARF). In a notice posted on its website and signed by BIR Commissioner Romeo D. Lumagui, Jr.,...
The Department of Finance (DOF) is urging the Bureau of Internal Revenue (BIR) to not only meet but surpass its record collection target for this year in order to provide additional funding for the priority programs and projects of the Marcos administration. In a statement released on Tuesday, Jan....
Senators on Monday, January 8, welcomed the signing of the Ease of Payment Taxes Act saying the new law would help foster transparency in the business processes and further boost the country’s economic development. “The signing of the Ease of Paying Taxes Act stands as a resounding...
The Bureau of Internal Revenue (BIR) has announced that online sellers earning over half a million pesos annually will now be subject to a withholding tax. This is after the BIR has released a new tax rule that imposes a one percent withholding tax on electronic marketplace operators and digital...
The chain store with 103 branches nationwide has agreed to settle its multi-million peso tax debts, paving the way for the resumption of operations during the holiday shopping rush, according to Bureau of Internal Revenue (BIR) insiders. The same sources revealed that the store initiated payments...
The Bureau of Internal Revenue (BIR) has temporarily suspended its investigations and field operations over the Christmas holiday, allowing taxpayers to enjoy a more meaningful celebration. BIR Commissioner Romeo D. Lumagui, Jr. issued an unnumbered revenue memorandum order, putting a hold on...
The Bureau of Internal Revenue (BIR) has introduced the Digital Taxpayer Identification Number (DTIN) for a more streamlined and convenient process in obtaining the document. According to BIR Commissioner Romeo D. Lumagui Jr., the new system is designed to eliminate online TIN scams and fixers, as...
The Department of Finance (DOF) is optimistic that the government will be able to exceed its full-year revenue target by generating around P1 trillion in the final three months of the year. Finance Secretary Benjamin E. Diokno said he expects the national government's total revenue collection for...
Fifteen criminal cases against 69 respondents allegedly involved in the use of "ghost receipts" with total tax liability of P1.8 billion were filed by the Bureau of Internal Revenue (BIR) before the Department of Justice (DOJ) on Wednesday, Nov. 22. BIR Commissioner Romeo D. Lumagui Jr. led the...
Leading oil firm Petron Corporation has been ranked consistent topnotcher in the country’s fuel marking program that is being enforced by the Bureau of Customs (BoC) to potently curb smuggling in the downstream oil sector. As reported by the Customs bureau, Petron rated highest in the fuel...
