The proposal to grant a one-month income tax holiday for workers must undergo a thorough review to determine whether it is doable or not, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said. Go said the proposal is "very new," so it should be...
The City of Manila has successfully collected P160 million in unpaid taxes from contractors involved in various flood control projects, with the funds now being redirected to support key education and social programs, Manila Mayor Francisco "Isko Moreno" Domagoso announced. The announcement was...
Reducing the value-added tax (VAT) to 10 percent from the current 12 percent would erode the government’s fiscal consolidation, with total revenues expected to decline by an average of ₱330 billion annually, or one percent of the country’s economic output. “From our estimates, the reduction...
Compliance is high among foreign digital giants, as the Bureau of Internal Revenue (BIR) reported strong initial collections from the value-added tax (VAT) on digital services. Total tax haul from the imposition of the 12-percent consumption levy on digital services in June has reached ₱2.8...
ILOILO CITY — The Iloilo City government extended the 60-percent real property tax rate until 2028 amid a warning that a 300-percent RPT hike will destroy the economy and a Supreme Court (SC) petition. The Iloilo City Council approved an ordinance on Wednesday, Sept. 24, extending the 40-percent...
The Muntinlupa City government encouraged the public to avail of the real property tax amnesty being offered under Republic Act 12001. The law, otherwise known as the Real Property Valuation and Assessment Reform Act, approved in June last year, stated that the amnesty will “cover penalties,...
With more than ₱50 billion in revenues being forgone due to the non-imposition of top-up taxes on large multinational enterprises (MNEs) in the Philippines, the Department of Finance (DOF) is eyeing to slap “very large” corporations with such a levy to contain the flight of potential tax...
ILOILO CITY — Militant groups have opposed the 300-percent real property tax (RPT) increase in this city. They called the move “unjust” and “anti-poor” during a rally on Tuesday, Sept. 2, at Plazoleta Gay, at the heart of the old business district here. They claimed that 519 local...
While final details of the general tax amnesty eyed for enactment this year are still being ironed out, the Department of Finance (DOF) disclosed that the measure will likely cover taxable years 2007 to 2024, resuming from the last time a similar law was implemented, which raked in billions of...
ILOILO CITY – Former Finance Secretary Jesus “Jess” Estanislao suggested a gradual implementation of the 300 percent hike in real property tax (RPT) here. “The way it is implemented, I would structure it is that it would not be 300 percent in one year,” Estanislao said. “It could be...
ILOILO CITY — After taking the Iloilo City government to the Supreme Court (SC), the Riverside Group of Companies warned that excessive hike in real property tax (RPT) is destructive to the economy. “It will run Iloilo City’s economy to the ground,” warned Atty. Martin Pison, stockholder...
ILOILO CITY – A petition has been filed before the Supreme Court (SC) questioning the Iloilo City government’s astronomical 300 percent real property tax (RPT) increase that the past and present Treñas administrations are pushing for full implementation by 2026. The Riverside Group of...
