Businesses seeking to claim net operating losses incurred during the height of the pandemic in 2020 and 2021 cannot do so through the Bureau of Internal Revenue’s (BIR) standard electronic filing systems, which remain hard-coded for a three-year carry-over window. Under Republic Act No. 11494...
The Bureau of Internal Revenue (BIR) filed criminal complaints against Sunwest Inc. and its top executives over an estimated ₱22.71 billion in unpaid deficiency income taxes, marking one of the government’s largest tax enforcement actions this year. In a statement, the BIR said that the tax...
The national government’s fiscal deficit reached ₱786.8 billion in the first half of the year, widening from the ₱765.5 billion shortfall recorded in the same period in 2025 as state spending outpaced revenue growth. Despite the year-on-year increase, the Bureau of the Treasury (BTr) noted in...
Bureau of Customs (BOC) Commissioner Ariel F. Nepomuceno has ordered to maintain round-the-clock surveillance in a bid to prevent illicit activities concerning seized cigarettes particularly at Manila and Cebu ports. Formalized in a memorandum dated July 20, the directive outlines an urgent...
The Bureau of Internal Revenue (BIR) issued guidelines on the creditable withholding tax applied to wholesale purchases to resolve industry confusion and standardize compliance across major corporate buyers and manufacturers. Under Revenue Memorandum Circular No. 79-2026, published on July 20, the...
The Bureau of Internal Revenue (BIR) issued updated rules simplifying tax clearances for real estate sales, estate settlements, and stock transfers to eliminate administrative bottlenecks that frequently delay property transfers in the country. Through Revenue Memorandum Circular No. 75-2026, the...
The Bureau of Internal Revenue (BIR) won an international award for its digital tax calendar, a milestone in the government’s push to modernize its revenue collection systems and improve taxpayer compliance. The country’s primary tax-collection agency received the Philippines Digital...
Cabinet-level interagency Development Budget Coordination Committee (DBCC) has lowered the revenue goal for the Bureau of Internal Revenue (BIR) for this year but raised the target for the Bureau of Customs (BOC), in tandem with the downgraded economic growth outlook. According to data disclosed by...
The government restored excise taxes on liquefied petroleum gas (LPG) and kerosene after global oil prices fell below the state-mandated threshold, ending the temporary tax holiday designed to shield consumers from high energy costs. The Bureau of Internal Revenue (BIR) announced on Wednesday, July...
Today’s piece is a reflection on the fuel marking program (FMP), a topic that is the current buzz in business circles and one close to my heart as a chemist by education and a nosy journalist by profession. That’s right, Virginia, I’m joining the fray. I will try to go deep into the...
The government has exempted all United States-funded (US) law enforcement and anti-narcotics initiatives from domestic taxes, currency controls, and banking fees to ensure that financial assistance from Washington is deployed entirely to local operational programs rather than contributing to...
Transfers of legal title between nominee-trustees are exempt from capital gains tax (CGT), documentary stamp tax (DST), and donor’s tax, provided the corporation retains beneficial ownership and the transaction involves only a change in legal title, the Bureau of Internal Revenue (BIR) said. This...
