The Bureau of Internal Revenue (BIR) has added 21 medicines for conditions like diabetes and hypertension to the list of those exempt from value-added tax (VAT). BIR Commissioner Romeo Lumagui Jr. said that two cancer drugs, five for diabetes, two for high cholesterol, five for hypertension, four...
Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said that imposing withholding tax on online transactions will not increase the price of goods in online marketplaces. As per the BIR Revenue Regulations No. 16-2023, withholding tax will be imposed on one percent of the gross...
The Department of Energy (DOE) is batting for comprehensive review of the taxes being levied on petroleum products as well as those for electricity generation – with the end goal of scrapping taxes that are being imposed on other taxes. Energy Secretary Raphael P.M. Lotilla primarily indicated...
After 11 weeks of financial torment at the gasoline stations, consumers can finally heave a sigh of slight relief as oil prices will be on rollback at the pumps by Tuesday (September 26), based on the calculation of the oil companies. According to the industry players, the price of diesel products...
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 Bureau of Internal Revenue (BIR) has revealed that the use of fake invoices and receipts by certain business establishments has resulted in an annual loss of up to P546 billion in value-added tax (VAT) for the government. BIR Commissioner Romeo D. Lumagui Jr. made the disclosure during the 119th...
Senator Sherwin Gatchalian on Monday, July 10 said the Senate is eyeing the passage of the bill imposing a 12 percent value added tax (VAT) on digital transactions before the end of the year. Sen. Sherwin Gatchalian (Senate PRIB Photo) ...
Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. has taken a significant step to simplify the process of filing and processing value added tax (VAT) refund claims. *Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. (File photo) * Effective July 1, two new revenue issuances,...
The Philippines is working with the International Monetary Fund (IMF) in conducting a study aimed at addressing the low value-added tax (VAT) efficiency in the country. DOF Secretary Benjamin Diokno (Noel B. Pabalate) Finance Secretary Benjamin Diokno disclosed this on Tuesday, May 30, following a...
Senator Jinggoy Ejercito Estrada has called on lawmakers to consider legislating a value-added tax (VAT) refund mechanism for foreign tourists to boost visitor arrivals in the Philippines. Estrada said granting a rebate of the 12 percent VAT on goods they bought from the country, similar to...
Exporters and the Philippine Economic Zone Authority (PEZA) said the revised rules on value added tax (VAT) zero rating on the local purchases of goods and services of exporters are expected to boost investor confidence in the country. PEZA Director General Tereso O. Panga said following the release...
The Value-Added Tax (VAT) Refund Program for foreign tourists, which was recently approved by President Ferdinand R. Marcos Jr., is a welcome development. The program, which is set for implementation in 2024, is among the proposals the Private Sector Advisory Council (PSAC) presented to Marcos to...
