Starting in 2028, the Philippines will automatically exchange information on crypto-asset transactions annually with foreign tax authorities, according to the Paris-based Organization for Economic Cooperation and Development (OECD). According to OECD’s “Tax Transparency in Asia 2026: Asia...
The Bureau of Internal Revenue (BIR) expanded its list of tax-exempt power sector fees, a move aimed at preventing double taxation and lowering electricity bills for consumers amid volatile global energy markets. Under Revenue Memorandum Circular 60-2026 issued on June 4, the government’s main...
Foreign digital service providers operating in the country cannot leverage international double tax agreements to avoid the nation’s 12 percent value-added tax (VAT), according to the Bureau of Internal Revenue (BIR). The tax authority clarified that bilateral tax treaties strictly apply to...
Korean actor Ji Chang-wook has denied allegations of tax evasion but has agreed to pay a penalty imposed by the government. An exclusive report by Korean media outlet Field News stated that Korea’s National Tax Service (NTS), equivalent to the Bureau of Internal Revenue in the Philippines,...
President Marcos’ chief economic manager said that streamlined taxes imposed by local government units (LGUs) on businesses enjoying tax perks encourage easier compliance and attract more investments to the Philippines. This comes on the heels of issuing the first joint memorandum circular (JMC)...
Large-scale metallic mining companies in the country have been granted up to two months after the close of each quarter to settle their royalty payments under the new fiscal framework, according to the Bureau of Internal Revenue (BIR). The Marcos administration is implementing the extension to...
The Philippines and Japan are expected to sign a new double taxation convention (DTC) on the sidelines of President Ferdinand R. Marcos Jr.’s ongoing state visit to Tokyo. Manila Bulletin learned on Wednesday, May 27, that the Philippine-Japan DTC will possibly be signed before the end of the...
Jackpot prizes from casinos and other gambling activities are subject to at least a 20-percent tax, the Bureau of Internal Revenue (BIR) said, clarifying the tax treatment of winnings amid the continued expansion of the Philippine gaming industry. Internal Revenue Commissioner Charlito Martin R....
The national government’s (NG) usual April budget surplus shrank by more than half this year after the annual income tax returns (AITRs) filing and payment deadline was extended by one month due to the national energy emergency, although revenues were partly supported by millions of pesos in...
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...
