The Senate has approved on third and final reading the measure seeking to extend the estate tax amnesty for another two years. With 23 affirmative votes, the Senate approved Senate Bill No. 2208 which seeks to amend Republic Act No. 11213 or the Tax Amnesty Act, which is set to expire on June 15,...
The Court of Tax Appeals (CTA) has dismissed a tax evasion case filed against two Manila business executives who allegedly refusal to settle income tax debts amounting to more than P184 million over a decade ago. (Photo from BIR Facebook page) Cleared of the criminal charges were Arturo Zapata and...
The Bureau of Internal Revenue (BIR) has filed separate tax evasion cases against four Manila corporate taxpayers and four other business proprietors for alleged refusal to settle tax debts amounting to more than P291 million. (Photo from BIR Facebook page) Citing separate criminal complaints...
The Department of Finance (DOF) said the government should continue adapting fiscal reforms as tax collections begin to recover in the first three months of the year following the unprecedented spending last year due to the pandemic. Based on the latest DOF economic bulletin, Finance Undersecretary...
Albay 2nd District Representative Joey Sarte Salceda on Saturday, May 15, said the House ways and means committee would focus on three key areas when the 18th Congress resumes regular session on Monday, May 17. House of Representatives (MANILA BULLETIN File photo/Alvin Kasiban) These are the...
Many relatives of coronavirus (COVID-19) victims who died from the disease are asking Congress to pass a legislation that would exempt them from paying estate tax, or at the very least lower the rate. (Photo by Jarl Schmidt / Unsplash) They said it will be another financial hardship if they will...
Senator Sherwin Gatchalian proposed on Saturday, May 8, deductions to taxes imposed on workers who have been telecommuting to make up for their expenses for working at home. Senator Sherwin Gatchalian (Senate of the Philippines/MANILA BULLETIN File Photo) Gatchalian issued the call as he cited the...
A ray of hope shone through the thick fog of anxiety over the latest COVID upsurge: the signing into law by President Duterte of Republic Act 11534, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). It is regarded as a “historic economic reform” that is “one of the...
Despite the dominance of coal plants in the country’s energy mix, Energy Secretary Alfonso G. Cusi forthrightly stated that the Philippines is not ready for ‘carbon tax enforcement’ because such policy could worsen the travails of consumers on high cost of power that they are already...
Top tier incentives, primarily a six-year income tax holiday (ITH), is being sought for energy efficiency projects especially those that shall be undertaken by energy service companies (ESCOs). That has been the call put forward by the Philippine Energy Efficiency Alliance (PE2) in its meeting with...
Tax collections from tobacco products increased by nearly three-fourths as of mid-February this year after one cigarette manufacturer commenced the operation of its new facility in Batangas, the Bureau of Internal Revenue (BIR) said. In a statement, BIR Deputy Commissioner Arnel Guballa reported to...
The Bureau of Internal Revenue (BIR), the government’s main tax collection agency, has laid down its programs for the year to raise its collection performance to support its goal for a 7.23 percent increase in tax collection this year. In a statement, BIR Commissioner Caesar R. Dulay said the...
