The Department of Finance (DOF) said President Duterte has now accomplished eight tenths of his economic reform program that provided income tax cuts for individuals and corporations. In a statement, Finance Secretary Carlos G. Dominguez III said Wednesday, July 28, that 85 percent of the Duterte...
Here's more good news for Filipino weightlifter Hidilyn Diaz. The Bureau of Internal Revenue (BIR) said cash gifts and other rewards to be received by Diaz--the first Filipino Olympic gold medalist--won't be subject to income tax. Hidilyn Diaz shortly after her 'golden' moment in the ongoing Tokyo...
The Court of Tax Appeals (CTA) has cancelled the P112-million deficiency tax assessment issued by the Bureau of Internal Revenue (BIR) against a marketing firm, saying the claim has no "legal and factual bases". (Photo from PNA) The court's third division said that the final assessment notice (FAN)...
Speaker Lord Allan Velasco formally opened on Monday, July 26 the third and final regular session of the 18th Congress with a vow that the House of Representatives is ready to make “one last big push” for the passage of the remaining legislative priorities of the Duterte administration. House...
The Bureau of Internal Revenue (BIR) has advised delinquent taxpayers to amicably settle their tax liabilities in order to avoid costly and lengthy court battles. (Photo from CTA) Top revenue officials made this appeal after the first division of the Court of Tax Appeals (CTA) approved the judicial...
Albay 2nd District Representative Joey Salceda said on Tuesday, July 20, that Speaker Lord Allan Velasco is amenable to the House of Representatives adopting the Senate's version of the fiscal regime for Philippine offshore gaming operators (POGOs). The House Ways and Means Committee chairman said...
The government incurred hefty foregone revenues due to fiscal incentives enjoyed by favored enterprises one year before the landmark congressional approval of the corporate recovery and tax incentives for enterprises (CREATE) law. According to the report submitted by the Department of Finance -...
The Value Added Tax (VAT) refund system of the Bureau of Internal Review (BIR) is working efficiently with a success rate of 90 to 95 percent, according to tax experts. This was disclosed by tax experts at the virtual webinar “Tax Talks: BIR Revenue Regulation 09-2021 VAT on Purchases by...
Senator Imee Marcos has appealed for the suspension of the imposition of the 12-percent value-added tax (VAT) on oil products for a year while the country continues to grapple with the COVID-19 pandemic and its impacts to the economy. 18997 The chairperson of the Senate Committee on Economic...
Presidential Spokesman Harry Roque advised Senator Manny Pacquiao to look himself in the mirror as he reminded him that tax evasion was also a form of corruption. Senator Manny Pacquiao and Presidential spokesman Harry Roque (Manila Bulletin/File Photos) Roque made the statement days after...
The Court of Tax Appeals (CTA) has nullified the closure order issued by the Bureau of Internal Revenue (BIR) against a software company for its failure to apply the appropriate procedure in implementing its "Oplan Kandado" program. (Photo by John Salvino/ Unsplash) In a 28-page decision, the...
The Court of Tax Appeals (CTA) has scrapped the P78-million deficiency tax assessment slapped by the Bureau of Internal Revenue (BIR) against a major supplier of commercial kitchen equipment for failure of the former to indicate in the assessment notices when the liabilities should be paid. The...
