HOTSPOT Tonyo Cruz If we’re short of funds for much needed vaccination and health care and to propel the pandemic-struck economy, then we should look no further than the suggestion of the think-tank Ibon and the Makabayan bloc in Congress: Tax the billionaires! Surely, the working people and...
The Senate has approved on third and final reading the measure that seeks to clarify that all private schools –both non-profit and for profit—are entitled to the one percent preferential tax rate under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. Senator Pia Cayetano,...
The Senate approved on second reading Wednesday, September 22, the bill that would ensure that private schools will not be imposed with hefty taxes under the country's laws. (Rio Deluvio/MANILA BULLETIN File Photo) Members of the upper chamber quickly gave their nod to the passage of Senate Bill...
The House of Representatives on Tuesday, Sept. 21 approved on third and final reading a bill that will impose value added tax on all digital and electronic transactions for goods and services. Netflix logo With 167 affirmative and six negative votes, House Bill 7425 was approved on final reading....
Imposing higher tax on Filipino billionaires whose fortunes have reached more than one billion pesos may not be a good idea with Finance Secretary Carlos G. Dominguez III warning this will only result in capital flight out of the Philippines. Finance Secretary Carlos G. Dominguez Dominguez said as...
The House Special Committee on Senior Citizens on Tuesday, Sept. 21, approved in principle a bill that would grant senior citizens an exemption from income taxes. (Mark Balmores/MANILA BULLETIN File Photo) House Bill No. 8832, filed by Senior Citizens' Party List Representative Rodolfo Ordanes,...
PMFTC Inc., the local affiliate of Philip Morris International (PMI), remained the country’s largest cigarette manufacturer in terms of sin tax contributions to government revenue, data from the Department of Finance (DOF) showed. PMFTC Based on the DOF’s analysis, the company behind the...
E-Cigarettes The Bureau of Internal Revenue (BIR) will start affixing tax stamps on e-cigarettes and heated tobacco products (HTP) to ensure tax compliance among manufacturers of these alternatives to traditional smoking. Based on BIR Revenue Regulations No. 28 dated Sept. 10, 2021, the the...
The Department of Finance (DOF) has urged the Senate to help guarantee the Philippines’ "strong economic rebound" from the lingering pandemic by swiftly approving the Duterte administration’s remaining economic reform measures. Finance Secretary Carlos G. Dominguez Finance Secretary Carlos G....
Senator Franklin Drilon on Sunday vowed to look into the tax records and liabilities of Pharmally Pharmaceutical Corp. which bagged multi-billion deals from the Department of Budget and Management’s procurement service (DBM-PS) during the stint of former undersecretary Christopher Lao. Citing red...
Rewards obtained from tipping off tax-evading vloggers and other social media influencers are still subject to tax from the very agency that would give them--the Bureau of Internal Revenue (BIR). Under the new reward payment schedule, an informant gets10 percent of whatever the BIR collects but the...
The same year he debuted as an actor, Kapuso star Mikael Daez also joined YouTube. As a social media pioneer, he was asked for his two cents on the Bureau of Internal Revenue's (BIR) memorandum relating to the “Taxation of Any Income Received by Social Media Influencers.” He said, "I think,...
