The Court of Tax Appeals (CTA) has denied the P8.4 million tax refund sought by an agricultural firm from the Bureau of Internal Revenue (BIR). Denied was the petition filed by MD Rio Vista Agri-Ventures, a corporation based in Compostela Valley province and is primarily engaged in...
President Marcos’ chief economic manager stated that he expects an additional P300 billion to be injected into the government’s treasury over the next five years following the planned revision of existing passive income tax law. Department of Finance (DOF) Secretary Ralph G. Recto, during...
Camarines Sur 2nd district Rep. LRay Villafuerte (PPAB) Camarines Sur 2nd district Rep. LRay Villafuerte says generous tax incentives await businesses partnering with the government on the Enterprise-Based Education and Training...
The Court of Tax Appeals (CTA) has denied the P55-million tax refund sought from the Bureau of Internal Revenue (BIR) by a firm engaged in call center services. In a 20-page decision promulgated last Dec. 11 and penned by Presiding Justice Roman G. Del Rosario, the CTA's first division denied...
ILOILO CITY – This city has extended the 40 percent property real tax discount until 2026 amid a 300 percent increase in real property tax here. “Taxes remain the lifeblood of government operations. While this adjustment aims to ease the financial burden on taxpayers, we appeal to everyone to...
Photo from Pixabay The Food and Drug Administration (FDA) has issued an advisory announcing the inclusion of additional medicines for cancer, diabetes, and mental health in its list of products exempt from value-added tax (VAT). In its advisory released on Monday, Nov. 25, the FDA explained the new...
The Court of Tax Appeals (CTA) has acquitted five executives of a cigarette manufacturing company which was raided in 2020 in Angeles City in Pampanga where P14.08 million worth of tobacco products were seized. Acquitted were GB Bem Cigarette Co., Inc. president Gregory G. Lim, treasurer Benson G....
The Court of Tax Appeals (CTA) has dismissed the petition for P6 million tax refund sought by a firm that recruits qualified Filipino seafarers for employment by foreign shipping companies. Dismissed was the petition filed by BW Shipping Philippines, Inc. against the Bureau of Internal Revenue...
The Court of Tax Appeals (CTA) has ordered the Valenzuela City government to refund North Luzon Expressway Corporation (NLEX) P3.8 million in erronously collected taxes for taxable years 2012 to 2019. In a 34-page decision penned by Associate Justice Corazon G. Ferrer-Flores and promulgated last...
Senator Juan Miguel “Migz” Zubiri lauded the signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act on Monday, Nov. 11, as it is expected to cut the bureaucratic red tape that has hampered the growth of the...
Senate President Francis “Chiz” Escudero on Sunday, November 10 said he expects the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to generate new jobs domestically and attract more foreign investments in the...
The Philippines needs to keep pursuing tax reform measures pending in Congress en route to its plan to narrow its yawning budget deficit, according to the World Bank. In its Philippines Monthly Economic Developments report for October 2024, the World Bank noted that the fiscal deficit as a share of...
