Senator Francis “Chiz” Escudero on Monday, August 14 reiterated his call for the government to first prioritize improving its collection before pursuing any plan to raise or impose new taxes. Sen. Francis "Chiz" Escudero (Senate PRIB Photo) Escudero pointed out Filipino...
DOF Secretary Benjamin Diokno The value-added tax (VAT) being imposed in the Philippines is "under review". Thus, bared Department of Finance (DOF) Secretary Benjamin Diokno before the House Committee on Appropriations Thursday, Aug. 10, on the first day of...
The government stands to earn additional revenues of about P6.15-billion from the Estate Tax Amnesty bill that has already lapsed into law without the signature of President Ferdinand “Bongbong” Marcos Jr. Sen. Sherwin Gatchalian, chairman of the Senate Committee on Ways and Means,...
House Speaker Martin Romualdez (Speaker’s office) Republic Act (RA) No.11956 or the Estate Tax Amnesty Extension Law will give Filipinos a much needed opportunity to settle their estate tax obligations. Thus, said House Speaker Martin Romualdez Wednesday, Aug. 9...
A measure extending the deadline of the estate tax amnesty until June 2025 has lapsed into law, without the signature of President Ferdinand "Bongbong" Marcos Jr. The bill lapsed into law on Aug. 5, 2023. Republic Act No. 11956, also known as the "Tax Amnesty Act" extends the period of availment of...
Albay 2nd district Rep. Joey Salceda (Rep. Salceda's office) The enactment of the Estate Tax Amnesty Extension Law will also be a boon to the beneficiaries of the New Agrarian Emancipation Act. Thus, said Committee on Ways and Means Chairman Albay 2nd district Rep....
A bill seeking to optimize the leisure rights of senior citizens by granting them a 20 percent discount on travel tax is now being pushed in the Senate. Sen. Jinggoy Ejercito Estrada, in filing Senate Bill No. 2379, said the bill aims to encourage the elderly to travel, explore new places,...
The Bureau of Internal Revenue (BIR) has revealed that the use of fake invoices and receipts by certain business establishments has resulted in an annual loss of up to P546 billion in value-added tax (VAT) for the government. BIR Commissioner Romeo D. Lumagui Jr. made the disclosure during the 119th...
President Ferdinand “Bongbong” Marcos Jr. has ordered the grant of real estate tax benefits to Independent Power Producers (IPP) operating under the Build-Operate-Transfer (BOT) scheme contracts with government-owned or -controlled corporations (GOCCs). *President Ferdinand ‘Bongbong’...
Some of the tax measures that President Ferdinand “Bongbong” Marcos Jr. is pushing may face rough sailing in the Senate, Sen. Francis “Chiz” Escudero said on Thursday, July 27. Some of these tax measures, Escudero said, may even be blocked, especially if they will cause misery to an already...
Senator Sherwin Gatchalian on Tuesday, July 25 urged Congress to fast track approval of the bill that seeks to boost taxpayer compliance by making it easier for Filipinos to pay their taxes. Sen. Sherwin Gatchalian...
The Energy Regulatory Commission (ERC) is establishing legal ground for the targeted revocation of a previous resolution allowing pass-through of the 3.0-percent franchise tax of transmission firm National Grid Corporation of the Philippines (NGCP) to electricity consumers. “Our legal team is...
