The Department of Finance (DOF) has reported that the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law has spurred investment worth over P720 billion. Under the CREATE law, the government has provided tax incentives to major projects amounting to a total...
The Court of Tax Appeals (CTA) has denied the plea by a low-cost mass housing developer to get P4.6 million refund from the Bureau of Internal Revenue (DIR) for the taxes paid in 2012. In a decision promulgated last Aug. 24, the CTA’s special first division denied the petition filed by...
The Bureau of Internal Revenue (BIR), the government's main tax agency, exceeded its collection target for July this year due to a significant boost in tax enforcement efforts. In a statement on Tuesday, Aug. 29, BIR Commissioner Romeo D. Lumagui, Jr. said the bureau collected P273.13 billion in...
The government plans to impose new and revised taxes to generate nearly P500 billion over the next three years, data from the Department of Finance (DOF) showed. Based on the DOF list of revenue measures submitted to Congress, the government has proposed eight tax initiatives that, once approved,...
The Bureau of Customs has completed the construction of a new sub-port building at the Mindanao Container Terminal (MCT) in Misamis Oriental, aimed at bolstering revenue collection and improving services for stakeholders. Located within the Phividec Industrial Estate in Tagoloan, Misamis Oriental,...
Court of Tax Appeals The Court of Tax Appeals (CTA) has denied the petition filed by Procter & Gamble International Operations-Regional Operating Headquarters (ROHQ) which challenged the denial of the firm’s 2014 tax refund involving more than P47...
Senate Deputy Minority Leader Senator Risa Hontiveros on Monday, August 14 said the Energy Regulatory Commission (ERC) should look into the National Grid Corporation of the Philippines’ (NGCP) account books and check whether it is correct to impose only a three percent franchise tax from the...
Senator Francis “Chiz” Escudero on Monday, August 14 reiterated his call for the government to first prioritize improving its collection before pursuing any plan to raise or impose new taxes. Sen. Francis "Chiz" Escudero (Senate PRIB Photo) Escudero pointed out Filipino...
DOF Secretary Benjamin Diokno The value-added tax (VAT) being imposed in the Philippines is "under review". Thus, bared Department of Finance (DOF) Secretary Benjamin Diokno before the House Committee on Appropriations Thursday, Aug. 10, on the first day of...
The government stands to earn additional revenues of about P6.15-billion from the Estate Tax Amnesty bill that has already lapsed into law without the signature of President Ferdinand “Bongbong” Marcos Jr. Sen. Sherwin Gatchalian, chairman of the Senate Committee on Ways and Means,...
House Speaker Martin Romualdez (Speaker’s office) Republic Act (RA) No.11956 or the Estate Tax Amnesty Extension Law will give Filipinos a much needed opportunity to settle their estate tax obligations. Thus, said House Speaker Martin Romualdez Wednesday, Aug. 9...
A measure extending the deadline of the estate tax amnesty until June 2025 has lapsed into law, without the signature of President Ferdinand "Bongbong" Marcos Jr. The bill lapsed into law on Aug. 5, 2023. Republic Act No. 11956, also known as the "Tax Amnesty Act" extends the period of availment of...
