The Department of Finance (DOF) has clarified that there is no double taxation in the imposition of value-added tax (VAT) in the electric power sector. Reacting to recent statements made by the Energy Regulatory Commission (ERC), Finance Secretary Carlos G. Dominguez III explained that the Electric...
If the radical spikes in oil prices will linger in the months ahead, the suspension of excise taxes and possibly even value added tax (VAT) will be on the table as an agenda of the Marcos administration. Senator Sherwin Gatchalian, who is the incoming chairman of the Ways and Means Committee of the...
The Department of Finance (DOF) wants large foreign digital service providers (DSP) to remit to the Bureau of Internal Revenue (BIR) the value-added tax (VAT) in transactions that go through their platforms. Finance Director Euvimil Nina R. Asuncion said the DOF supports House Bill (HB) No. 7425...
Makabayan coalition senatorial candidate Neri Colmenares praised the removal of value-added tax (VAT) from water bills of the Manila Water Company and Maynilad Water Services, but at the same time stressed the need for the same relief when it comes to fuel and electricity. Makabayan coalition...
Vice President Leni Robredo revealed the steps her administration will take in response to the Ukraine-Russia conflict if she wins the presidency in the upcoming elections. Presidential candidate Vice President Leni Robredo (VPLR Media Bureau) During the CNN Philippines Presidential Debate at the...
The Bureau of Internal Revenue (BIR) said Friday, Oct. 15, that only medicines and medical devices directly used for the treatment of coronavirus disease (COVID-19) are exempted from the 12 percent value-added tax (VAT) implemented last June. Bureau of Internal Revenue The BIR issued the...
The Bureau of Internal Revenue (BIR) has extended the deadline for the filing of value-added tax (VAT) refund claims as it suspended the processing of such claims due to the coronavirus disease (COVID-19) pandemic. Bureau of Internal Revenue BIR Commissioner Caesar Dulay issued the announcement...
The Commission on Audit (COA) has disallowed in audit some P318.572 million representing tax refunds that were issued despite alleged violations of the complete documentary requirements and “mandatory and jurisdictional conditions” in its grant by the Bureau of Internal Revenue (BIR) . Bureau...
Following consultations with the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR), the Department of Energy (DOE) said it will issue a circular to serve as policy guide on the 10-percent corporate income tax (CIT) rate tol be levied to renewable energy (RE) investors in the...
In view of the continuing adverse impact of the COVID-19 pandemic, the Department of Finance has deferred Revenue Regulation No. 9-2021 (RR 9 – 2021) that imposed the value-added tax (VAT) on exporters’ purchases from local suppliers and other indirect exports. This is a timely shot-in-the-arm,...
Senator Imee Marcos on Friday, July 23, appealed to the Bureau of Internal Revenue (BIR) to exclude manufacturers of personal protective equipment (PPE) and other medical supplies from the imposition of value-added tax (VAT) on local inputs. Trade Secretary Ramon Lopez (center) inspects the face...
The Department of Finance (DOF) is reviewing the Bureau of Internal Revenue’s (BIR) regulation, technically deferring the imposition of the value-added tax (VAT) on exporters’ purchases from local suppliers and indirect/constructive export transactions. Finance Secretary Carlos G. Dominguez III...
