Senator Imee Marcos on Friday, July 23, appealed to the Bureau of Internal Revenue (BIR) to exclude manufacturers of personal protective equipment (PPE) and other medical supplies from the imposition of value-added tax (VAT) on local inputs. Trade Secretary Ramon Lopez (center) inspects the face...
The Department of Finance (DOF) is reviewing the Bureau of Internal Revenue’s (BIR) regulation, technically deferring the imposition of the value-added tax (VAT) on exporters’ purchases from local suppliers and indirect/constructive export transactions. Finance Secretary Carlos G. Dominguez III...
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...
The electronics and semiconductor industry, the country’s single largest dollar earner accounting for 60 percent of the country’s total exports, said some companies are transferring their domestic purchases and indirect exports to foreign suppliers because the imposition of value added tax...
Spooked by VAT issue At least P33-billion worth of potential investments from expanding major electronics manufacturers in the country, and a steel producer project are at risk of getting shifted to other countries following unmet expectations from the CREATE Law, particularly the imposition...
On local purchases and indirect exports The government is bent on imposing a 12 percent VAT on local purchases of economic zone locators and their indirect constructive exports, and implement a refund system, emboldening locators’ objection and plans to seek court redress stating this additional...
The Bureau of Internal Revenue (BIR) has instructed field officials to promptly submit value-added tax (VAT) claim reports to facilitate the processing and release of excess payments. (Photo from BIR Facebook page) A revenue official said refunds or the issuance of tax credit certificates could not...
The Bureau of Internal Revenue (BIR) has padlocked a Parañaque City grocery for alleged non-registration and non-payment of value-added tax (VAT) amounting to more than P21 million. (Photo by Roth Melinda / Unsplash) South National (NCR) Assistant Revenue Regional Director Saripuden Bantog...
The Department of Finance (DOF) will look into the concerns raised by the Action for Economic Reforms (AER) regarding some provisions under the ratified corporate recovery and tax incentives for enterprises (CREATE) bill. Two weeks since CREATE was ratified by Congress on Feb. 3, Finance Secretary...
Officials of the Bureau of Internal Revenue (BIR) and the Federal Tax Service (FTS) of Russia have met recently to discuss the latter’s best practices that could be applied in the Philippines to further improve its tax administration and compliance. On orders of Finance...
Importation of critical medical medicines, including vaccines, are exempted from value added tax under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act starting January 1, 2021, according to Trade and Industry Secretary Ramon M. Lopez. Lopez said at the Health and the Economic...
