Vice President Leni Robredo revealed the steps her administration will take in response to the Ukraine-Russia conflict if she wins the presidency in the upcoming elections. Presidential candidate Vice President Leni Robredo (VPLR Media Bureau) During the CNN Philippines Presidential Debate at the...
The Bureau of Internal Revenue (BIR) said Friday, Oct. 15, that only medicines and medical devices directly used for the treatment of coronavirus disease (COVID-19) are exempted from the 12 percent value-added tax (VAT) implemented last June. Bureau of Internal Revenue The BIR issued the...
The Bureau of Internal Revenue (BIR) has extended the deadline for the filing of value-added tax (VAT) refund claims as it suspended the processing of such claims due to the coronavirus disease (COVID-19) pandemic. Bureau of Internal Revenue BIR Commissioner Caesar Dulay issued the announcement...
The Commission on Audit (COA) has disallowed in audit some P318.572 million representing tax refunds that were issued despite alleged violations of the complete documentary requirements and “mandatory and jurisdictional conditions” in its grant by the Bureau of Internal Revenue (BIR) . Bureau...
Following consultations with the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR), the Department of Energy (DOE) said it will issue a circular to serve as policy guide on the 10-percent corporate income tax (CIT) rate tol be levied to renewable energy (RE) investors in the...
In view of the continuing adverse impact of the COVID-19 pandemic, the Department of Finance has deferred Revenue Regulation No. 9-2021 (RR 9 – 2021) that imposed the value-added tax (VAT) on exporters’ purchases from local suppliers and other indirect exports. This is a timely shot-in-the-arm,...
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...
