The Bureau of Internal Revenue (BIR) has released guidelines clarifying the tax abatement initiative for micro-enterprises to clear up confusion surrounding eligibility criteria and unresolved penalties. Under Revenue Memorandum Circular No. 84-2026, the tax authority outlined the operational...
Senator Paolo “Bam” Aquino IV on Friday, July 24 pushed for the passage of the bill seeking to raise the annual income tax exemption threshold from P250,000 to P480,000. Aquino said this would increase the take-home pay of more Filipino workers and help them cope with the already high cost of...
Businesses seeking to claim net operating losses incurred during the height of the pandemic in 2020 and 2021 cannot do so through the Bureau of Internal Revenue’s (BIR) standard electronic filing systems, which remain hard-coded for a three-year carry-over window. Under Republic Act No. 11494...
The government is offering expansive tax relief to large corporations and top exporters under new implementation guidelines designed to spur industrial investment and lower operational overheads. Under a Department of Finance (DOF) regulation signed by Finance Secretary Frederick D. Go, companies...
While the Philippine tax effort—tax collections as a share of gross domestic product (GDP)—stood below the Asia-Pacific (APAC) average, the country outpaced most of its Southeast Asian peers. According to the Paris-based Organisation for Economic Co-operation and Development’s (OECD) Revenue...
Apart from ongoing preparations for the possible implementation of the global top-up tax, the Bureau of Internal Revenue (BIR) continues to prepare for other emerging tax measures, including a new mining royalty regime, real property valuation reforms, and cross-border duties. These preparations...
To talk about succession planning is to embark on a long journey; the limited space of this column is simply not enough to cover it fully. Thus, I will focus on the most significant highlights applicable to many family corporations. The tendency among most family businesses run by Filipinos is to...
In a recent column in The Economist, economist and former presidential adviser Arthur Laffer revisited two of the most consequential tax reform programs of the late twentieth century: the tax cuts implemented by Ronald Reagan in the United States (US) and Margaret Thatcher in Britain. When Reagan...
The Bureau of Internal Revenue (BIR) launched a one-time tax abatement program aimed at giving micro-businesses and inactive filers a chance to settle outstanding liabilities and clean up their financial records. Under Revenue Regulations No. 4-2026, the tax bureau established guidelines for the...
Apart from Japan, the Philippine government is currently in talks with Singapore and Hong Kong to update existing double taxation agreements (DTAs) in a bid to attract more foreign direct investments (FDIs). During a roundtable discussion on June 16, Department of Finance (DOF) Secretary Frederick...
Senator Francis “Chiz” Escudero has urged the national government to consider non ‑ tax revenue options to achieve long-term fiscal stability even as state economic managers continue to study ways to strengthen the country’s revenue generation policies. Escudero said the government should...
The national government will increase its tax allocations to local government units (LGUs) by nearly 11 percent to a record ₱1.32 trillion for fiscal year (FY) 2027, ramping up state spending to insulate regional economies from persistent global energy shocks. Based on Local Budget Memorandum...
