The Department of Finance (DOF) said that the US Department of the Treasury has vowed to support the country’s efforts to strengthen its tax and customs administration system. The DOF said the commitment was made by US Treasury Undersecretary Jay C. Shambaugh and other senior officials during a...
Taxes to protect and fund universal health care (UHC)—such as those slapped on so-called "sin" products like cigarettes, alcoholic drinks, and sweets—still have room for further increases, according to a global task force. "Health taxes continue to be underutilized despite the...
The proposed Capital Market Efficiency Promotion Act (CMEPA) being pushed by the Legislative-Executive Development Advisory Council (LEDAC) has removed the planned reimposition of excise tax on pick-up trucks such that the bill, if passed into law, would result in foregone revenues for the...
Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign...
(Unsplash) Hommittee on Ways and Means chairperson and Albay 2nd district Rep. Joey Salceda said he will push the House of Representatives to adopt the proposed Senate measure that seeks to implement a value added tax (VAT) refund mechanism for tourists to...
The Court of Tax Appeals (CTA) has denied the petition of Air Drilling Associates Pte. Ltd. which sought a tax refund of P951,459.67 for its zero-rated sales for the fourth quarter of 2018. Air Drilling is a foreign company from Singapore engaged in aerated drilling services. It was licensed to...
The Court of Tax Appeals (CTA) has denied the petition of Bohol Light Company, Inc. (BLCI) to reverse a regional trial court (RTC) ruling that the firm has "no clear and categorical exemption from other local taxes." Assailed by the BLCI was the March 31, 2016 decision issued by the Tagbilaran...
Up to now, Japanese investors mostly in the Philippines' manufacturing sector are still awaiting the refund of value-added tax (VAT) credits totaling P200 billion from the government, a chamber official said. Moving forward, Japanese firms in the country are "fully" supporting the passage of the...
The work-from-home (WFH) model is on track to become a permanent component of the Philippine business landscape as the CREATE MORE bill—officially known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy—nears its final...
The Court of Tax Appeals (CTA) has denied the petition of Deutsche Knowledge Services Pte., Ltd. which sought an additional refund or tax credit for P8.2 million for the second quarter of taxable year 2019. Deutsche Knowledge is the Philippine branch of a multinational company organized and...
CEBU CITY – The provincial government of Bohol has recommended the creation of a task force to further improve its revenue collection effort. BOHOL Gov. Aris Aumentado (center) and Provincial Administrator Aster Caberte (left) meet officials of the Bureau of Internal Revenue (BIR)-Bohol to...
Bicol Saro Party-list Rep. Brian Yamsuan (Facebook) Bicol Saro Party-list Rep. Brian Raymund Yamsuan has called on his colleagues in Congress to swiftly approve the measure seeking to mandate local government units (LGUs) to allot a portion of their...
