The mining sector is amenable to the government’s planned higher taxes as long as the move will not put them out of business and not discourage the strong interest by the world’s top mining giants to invest in the country. Mike Toledo, president of the Chamber of Mines of the Philippines...
Several senators on Monday, January 30 said they are amenable to the government's move to grant Value-Added Tax (VAT) refunds to foreign tourists but stressed the need for public consultations on the matter. Senator Nancy Binay said she welcomes President Ferdinand “Bongbong” Marcos Jr.’s...
Overseas Filipinos workers (OFWs) may enjoy tax- and duty-free balikbayan boxes if this House bill, authored by Cagayan de Oro City Rep. Rufus Rodriguez, is passed into law. Inspection of balikbayan boxes by Customs Commissioner Yogi Filemon Ruiz (Ali Vicoy/MANILA BULLETIN) House Bill (HB) No....
President Ferdinand "Bongbong" Marcos Jr. has approved the recommendation to implement the Value-Added Tax (VAT) Refund Program for foreign tourists by 2024 to boost tourist arrivals in the country. TOURISTS enjoy the sunset at world-famous Boracay Island in Malay town, Aklan province. (Tara Yap)...
The Supreme Court's (SC) affirmation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law emboldens the House of Representatives--particularly the Committee on Ways and Means--to continue pursuing tax reform measures. Albay 2nd district Rep.Joey Salceda (Facebook) “The ruling upholding...
The Bureau of Internal Revenue (BIR) said value-added taxpayers are no longer required to file the return on a monthly basis starting this month. Bureau of Internal Revenue The new schedule was contained in Revenue Memorandum Circular (RMC) No. 5-2023 which implemented Section 37 of Tax Reform for...
The province of Ilocos Sur will get the biggest share from the proceeds of the RA 7171 Virginia tobacco excise tax fund in Fiscal Year 2020 while the province of Isabela will receive the highest share from the Burley and Native tobacco excise tax fund pursuant to RA 8240. In the Local Budget...
The Court of Tax Appeals (CTA) has cleared a Marikina-based businessman of tax evasion charges for the failure of the Bureau of Internal Revenue (BIR) to follow its audit guidelines. The court's First Division stated that Rodolfo Q. Reyes, sole proprietor of Celia' Handbag of Calumpang, Marikina...
The Senate Committee on Ways and Means’ report on its investigation on the Philippine Offshore Gaming Operators (POGO) industry is ready to be routed for signatures among members of the Senate, Sen. Sherwin Gatchalian said on Sunday, January 22. “May committee report na, may recommendations na...
Good news to business owners in Pasig City! The local government announced on Friday, Jan. 20, that the deadline for the assessment and payment of business taxes is extended until Friday, Jan. 27. The Pasig City Council passed on Thursday, Jan. 19, Resolution No. 153, series of 2023, which extends...
The Philippine Chamber of Commerce and Industry (PCCI) is pushing for the imposition of higher taxes on luxury items, but not the “wealth tax”, to help address the country’s huge budget deficit. PCCI President George T. Barcelon raised this proposal in reaction to clamor to impose wealth tax,...
The Court of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue (BIR) to return more than P18 million it confiscated from the bank accounts of a subsidiary of a food conglomerate, Jollibee Foods Corporation. Court of Tax Appeals The Court en banc affirmed the decision of its Third...
