Lawmakers and fiscal policy experts are pushing to unify excise tax rates on vapor products, noting that the current dual-rate system has fueled tax evasion and illicit trade while a single rate would close loopholes and strengthen revenue collection at a critical time when the nation needs...
Tax authorities in South Korea have seized an apartment owned by actress Kim Sa-rang , the former Miss Korea winner best known for the drama " Secret Garden. " Korean media outlet Ilyo Shinmun reported on May 15 that the Samsung Tax Office under South Korea’s National Tax Service seized an...
The Bureau of Internal Revenue (BIR) issued a final call to taxpayers to settle their obligations on Friday, May 15, the end of the one-month extension for the 2025 tax year. In a statement, BIR Commissioner Charlito Martin R. Mendoza urged the public to utilize electronic channels to complete...
Actor Lee Yi Kyung and his agency, SANGYOUNG ENT , released an official statement after reports surfaced about a tax penalty linked to the actor’s one-man agency. According to reports, South Korea’s National Tax Service conducted an audit and found that the agency may have lowered its tax...
The Bureau of Internal Revenue (BIR) is pivoting its enforcement strategy toward high-value targets, effectively abandoning the pursuit of small-scale tax delinquents where the cost of collection exceeds the potential recovery. BIR Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum...
During intense deliberations that preceded the 2005 enactment of the Expanded Value Added Tax (E-VAT) Law, which also covered oil and electricity, lawmakers defended the measure as a treasury-tightening mechanism; an unpopular but calculated imposition designed to raise massive revenues so it could...
The camp of Vice President Sara Duterte’s husband, lawyer Manases “Mans” Carpio, clarified on Friday, May 8, that the case filed before the Regional Trial Court (RTC) of Quezon City does not seek to stop or interfere with the ongoing impeachment proceedings in Congress, but instead focuses...
ILOILO CITY – The Supreme Court has junked the petition that questioned the real property tax increase by the Iloilo City government under the administration of Mayor Jerry Treñas. The SC en banc dismissed the March 2024 petition of the Riverside Group of Companies for failure to follow legal...
The Department of Finance (DOF) is moving to overhaul the country’s real estate taxation, targeting 2028 for the full rollout of a market value-based property valuation system. In a statement, the DOF said the initiative aims to replace the long-standing and currently suspended zonal value...
Business and employer groups are urging the government to consider the potential removal or suspension of the value-added tax (VAT) on essential goods as a buffer against economic pressures caused by the Middle East conflict. In a joint statement on Thursday, April 30, the Leaders Forum called for...
The Senate is still waiting for the Department of Finance’s (DOF) insight on the bill seeking to extend the period of availment of estate tax amnesty. This, according to the Senate Committee on Ways and Means, the primary committee chaired by Sen. Pia Cayetano that is tasked to oversee...
In one of the more contentious side topics of Vice President Sara Duterte’s impeachment hearings, the House Committee on Justice voted on Wednesday, April 29 not to open the sealed box of tax records submitted by the Bureau of Internal Revenue (BIR) containing the income tax returns of Vice...
