The Department of Finance (DOF) has stressed the importance of determining the most efficient and economically viable approach to carbon taxation before introducing it in the Philippines. Finance Secretary Ralph G. Recto said on Tuesday, Jan. 16, that it is vital to find the most suitable way to...
President Marcos’ newly appointed finance secretary, Ralph G. Recto, said he would ensure that the Maharlika Investment Fund (MIF) will “operate in fidelity with the law and fulfill its intended objectives.” The MIF, which is the country’s first wealth fund, is managed by the Maharlika...
ILOILO CITY – The Iloilo City Council has approved a 40 percent reduction in real property tax (RPT) for a two-year period. The Iloilo City Council approved this week the ordinance authored by Councilor Rex Marcus Sarabia that imposes 60 percent RPT payment for the years 2024 and 2025. THE Iloilo...
ILOILO CITY – In response to the clamor of the business sector, the Iloilo City government reduced real property tax (RPT) here by 40 percent for fiscal years 2024 and 2025. “This is in view of the many inquiries we are getting on the increase in RPT,” said Mayor Jerry Treñas here. THE...
President Marcos has signed Republic Act (RA) No. 11976, or the Ease of Paying Taxes Act, to boost the economy and safeguard taxpayer rights while improving revenue collection through digitalization initiatives. File photos Marcos signed the measure on Friday, Jan. 5. It was one of his priority...
Malacañang has turned down provisions in the Ease of Paying Taxes (EOPT) law that aimed to exempt small businesses from deducting withholding taxes. In a letter dated Jan. 5, 2024, addressed to the House of Representatives, President Marcos said he was “constrained to veto Section 8,” of...
The Department of Finance (DOF) announced that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act has already attracted over a trillion pesos in investment capital. According to a Facebook post by the DOF, projects approved under the CREATE Act, which aims to address...
The Court of Tax Appeals (CTA) has junked the petition filed by GHF PTY Ltd, a multinational corporation, which asked the Bureau of Internal Revenue (BIR) to refund P46.7 million in excess and unutilized creditable witholding taxes (CWT) paid in 2017. “Since taxes are the lifeblood of the...
Surigao del Norte 2nd district Rep. Robert Ace Barbers has filed a bill that would grant tax incentives to cremation facilities that would help law enforcement authorities in their effort to destroy seized illegal drugs faster. This is spelled out in...
The Court of Tax Appeals (CTA) has ordered Taguig City to refund Holcim Philippines, Inc. P8.1 million in erroneously collected local business tax (LBT) in 2018. In a decision issued by the CTA's special second division, the tax court reversed the May 6, 2022 ruling of the Taguig City regional...
The Court of Tax Appeals (CTA) has dismissed the petition filed by Arrow Freight Corporation (AFC) for a refund of P33.28 million in withholding taxes collected by the Bureau of Internal Revenue (BIR) for taxable year 2014. Instead, the CTA -- as a full court -- affirmed AFC's partial refund...
The Court of Tax Appeals (CTA) has dismissed the petition filed by Mactan Electric Company, Inc. (MECO) which challenged the P2.8 million real property taxes assessed by the municipality of Cordova in Cebu for taxable years 1992 to 2011. In 2012, MECO filed with the Cebu City regional trial court...
