The Bureau of Internal Revenue (BIR) has revealed that the use of fake invoices and receipts by certain business establishments has resulted in an annual loss of up to P546 billion in value-added tax (VAT) for the government. BIR Commissioner Romeo D. Lumagui Jr. made the disclosure during the 119th...
President Ferdinand “Bongbong” Marcos Jr. has ordered the grant of real estate tax benefits to Independent Power Producers (IPP) operating under the Build-Operate-Transfer (BOT) scheme contracts with government-owned or -controlled corporations (GOCCs). *President Ferdinand ‘Bongbong’...
Some of the tax measures that President Ferdinand “Bongbong” Marcos Jr. is pushing may face rough sailing in the Senate, Sen. Francis “Chiz” Escudero said on Thursday, July 27. Some of these tax measures, Escudero said, may even be blocked, especially if they will cause misery to an already...
Senator Sherwin Gatchalian on Tuesday, July 25 urged Congress to fast track approval of the bill that seeks to boost taxpayer compliance by making it easier for Filipinos to pay their taxes. Sen. Sherwin Gatchalian...
The Energy Regulatory Commission (ERC) is establishing legal ground for the targeted revocation of a previous resolution allowing pass-through of the 3.0-percent franchise tax of transmission firm National Grid Corporation of the Philippines (NGCP) to electricity consumers. “Our legal team is...
Senator Sherwin Gatchalian on Monday, July 10 said the Senate is eyeing the passage of the bill imposing a 12 percent value added tax (VAT) on digital transactions before the end of the year. Sen. Sherwin Gatchalian (Senate PRIB Photo) ...
(Keith Bacongco/ MANILA BULLETIN) Albay 2nd district Rep. Joey Salceda highlighted on Friday, July 7 the estate tax amnesty exemption provision in the newly-signed Republic Act (RA) No.11953 or the New Agrarian Emancipation Act. Salceda, chairman of the House Committee on Ways and Means, went as...
Senator Raffy Tulfo on Sunday, July 2 criticized the Bureau of Internal Revenue’s (BIR) “anti-poor” plan to impose taxes on junk food and other food items next year. Sen. Raffy Tulfo (Senate PRIB Photo) Tulfo...
Department of Health (DOH) Secretary Teodoro "Ted" Herbosa expressed support for the proposed added tax on sugary drinks and junk food. (https://images.mb.com.ph/production/mb-mkt-neo-prod-1-uploads/photo_1613919113640_25732ec5e61f_432deff482/photo_1613919113640_25732ec5e61f_432deff482.avif)...
Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. has taken a significant step to simplify the process of filing and processing value added tax (VAT) refund claims. *Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. (File photo) * Effective July 1, two new revenue issuances,...
Senate President Juan Miguel “Migz” Zubiri signed the controversial Maharlika Investment fund (MIF) bill in Washington, DC, on Wednesday, June 21. He also signed the Estate Tax Amnesty Extension Act, and the act recognizing Baler, Aurora, as the birthplace of Philippine Surfing. Zubiri...
The Bureau of Internal Revenue (BIR) has filed a tax evasion case against a buyer and seller of two parcels of land in Pampanga with a zonal value of P10 million for alleged failure to pay the required capital gains and documentary stamp taxes. In a criminal complaint submitted to the Angeles City...
