Business NEWS

Tax collections from tobacco products increased by nearly three-fourths as of mid-February this year after one cigarette manufacturer commenced the operation of its new facility in Batangas, the Bureau of Internal Revenue (BIR) said.

The enactment of the Financial Institutions Strategic Transfer (FIST) law, which is expected to free up over P1 trillion worth of banks’ soured loans and non-performing assets and assist 600,000 micro, small and medium enterprises (MSMEs), will ensure the stability of the local financial system amid the global economic downturn, the Department of Finance (DOF) said.

The Securities and Exchange Commission (SEC) is seeking public comments for the draft Implementing Rules and Regulations (IRR) of Republic Act No. 11523 or the Financial Institutions Strategic Transfer (FIST) Act, a critical economic measure in the Philippines’ economic recovery.

The Duterte administration’s chief economic manger expects the Bureau of the Internal Revenue (BIR), the government’s main tax agency, will surpass its collection target this year.

The United States and the Department of Finance (DOF) sealed a grant that will fund the digital transformation program of the Bureau of Internal Revenue (BIR) described as “fully functional and irreversible.”

The Bureau of Internal Revenue (BIR), the government’s main tax collection agency, has laid down its programs for the year to raise its collection performance to support its goal for a 7.23 percent increase in tax collection this year.

GCash e-payments for the Bureau of Internal Revenue (BIR) taxes soared last year, signifying a shift in user behavior, where customers find it more convenient to pay digitally, the leading mobile electronic wallet provider said.

Bureau of Internal Revenue (BIR) Commissioner Caesar R. Dulay has relayed to national and regional offices the more than P2.081-trillion collection goal of the agency for this year.

The Philippine E-Cigarette Industry Association (PECIA) said the proposed floor price and production cost formula in the computation of excise tax on tobacco products, heated and vapor tobacco products are largely unrealistic and too high.

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. 

The Department of Finance (DOF) expects the full nationwide implementation of the fuel marking program and several digitalization projects this year to improve the government’s tax administration.

Taxes collected by the Bureau of the Internal Revenue (BIR) that coursed through electronic payment channels have now accounted for more than four-fifths, the Department of Finance (DOF) announced.

The Department of Finance (DOF) is set to enter into negotiations with the United States Trade and Development Agency (USTDA) for a possible grant for the Bureau of Internal Revenue’s (BIR) digital transformation program. 

The government’s two main tax agencies have surpassed their respective collection goals last year, which the economic managers lowered in the wake of the coronavirus-induced economic crisis.

The Department of Finance (DOF) said it will comply the Supreme Court’s order barring the imposition of franchise tax on all bets generated by Philippine offshore gaming operations (POGOs) 

The leading tax collection unit of the Bureau of Internal Revenue (BIR) has surpassed by a big margin its collection assignment as it garnered P1.4 trillion of December 22, 2020.

The Duterte administration’s budget deficit breached the P1 trillion mark in November due to higher spending and lower revenues amid the coronavirus-induced economic recession, data from the Bureau of the Treasury revealed.

The Bureau of Internal Revenue (BIR) has collected additional taxes from commercial establishments that were padlocked earlier for failing to either register or pay the correct amount of tax.