President Marcos’ chief economic manager said that streamlined taxes imposed by local government units (LGUs) on businesses enjoying tax perks encourage easier compliance and attract more investments to the Philippines. This comes on the heels of issuing the first joint memorandum circular (JMC)...
Large-scale metallic mining companies in the country have been granted up to two months after the close of each quarter to settle their royalty payments under the new fiscal framework, according to the Bureau of Internal Revenue (BIR). The Marcos administration is implementing the extension to...
The Philippines and Japan are expected to sign a new double taxation convention (DTC) on the sidelines of President Ferdinand R. Marcos Jr.’s ongoing state visit to Tokyo. Manila Bulletin learned on Wednesday, May 27, that the Philippine-Japan DTC will possibly be signed before the end of the...
Jackpot prizes from casinos and other gambling activities are subject to at least a 20-percent tax, the Bureau of Internal Revenue (BIR) said, clarifying the tax treatment of winnings amid the continued expansion of the Philippine gaming industry. Internal Revenue Commissioner Charlito Martin R....
The national government’s (NG) usual April budget surplus shrank by more than half this year after the annual income tax returns (AITRs) filing and payment deadline was extended by one month due to the national energy emergency, although revenues were partly supported by millions of pesos in...
Lawmakers and fiscal policy experts are pushing to unify excise tax rates on vapor products, noting that the current dual-rate system has fueled tax evasion and illicit trade while a single rate would close loopholes and strengthen revenue collection at a critical time when the nation needs...
Tax authorities in South Korea have seized an apartment owned by actress Kim Sa-rang , the former Miss Korea winner best known for the drama " Secret Garden. " Korean media outlet Ilyo Shinmun reported on May 15 that the Samsung Tax Office under South Korea’s National Tax Service seized an...
The Bureau of Internal Revenue (BIR) issued a final call to taxpayers to settle their obligations on Friday, May 15, the end of the one-month extension for the 2025 tax year. In a statement, BIR Commissioner Charlito Martin R. Mendoza urged the public to utilize electronic channels to complete...
Actor Lee Yi Kyung and his agency, SANGYOUNG ENT , released an official statement after reports surfaced about a tax penalty linked to the actor’s one-man agency. According to reports, South Korea’s National Tax Service conducted an audit and found that the agency may have lowered its tax...
The Bureau of Internal Revenue (BIR) is pivoting its enforcement strategy toward high-value targets, effectively abandoning the pursuit of small-scale tax delinquents where the cost of collection exceeds the potential recovery. BIR Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum...
During intense deliberations that preceded the 2005 enactment of the Expanded Value Added Tax (E-VAT) Law, which also covered oil and electricity, lawmakers defended the measure as a treasury-tightening mechanism; an unpopular but calculated imposition designed to raise massive revenues so it could...
The camp of Vice President Sara Duterte’s husband, lawyer Manases “Mans” Carpio, clarified on Friday, May 8, that the case filed before the Regional Trial Court (RTC) of Quezon City does not seek to stop or interfere with the ongoing impeachment proceedings in Congress, but instead focuses...
