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Tag: Let’s Talk Tax
With the increasing popularity of e-gaming, foreign online casino operators have expressed keen interest in expanding their business in the Philippines. In fact, the Philippine Amusement and Gaming Corporation (PAGCOR) expects Philippine Offshore Gaming Operators (POGOs) to account for additional revenue of P6 billion this year.
Imagine driving your car on a clear sunny afternoon, when suddenly, you are blocked and signaled to pull over by an apparent traffic enforcer in civilian clothing. To your surprise, he asks for your driver’s license and hands you a ticket for an alleged violation. Not recognizing his authority as a traffic enforcer, you refuse to give your license and question his right to apprehend you. However, he insists. Fortunately, this situation is not likely to happen; but if it does, you can expect it to be unpleasant.
TWO weeks ago, I was given the opportunity to facilitate a seminar on handling Bureau of Internal Revenue (BIR) tax assessments. During the open forum, a participant shared her experience with the BIR’s “Project 2307” in which taxpayers are issued a letter to authorize BIR examiners to check the validity and completeness of creditable withholding taxes claimed in the taxpayers’ filed income tax returns (ITRs). Taxpayers normally targeted by this project are those who have resulting tax overpayment or excess creditable taxes on their ITRs. As the discussion shifted to excess creditable tax, another participant raised a question about the irrevocability rule, specifically the option ticked by the taxpayer on the annual income tax return about the preferred treatment for overpaid or excess creditable taxes.
THE buzz on the amendments to the tax laws has not wavered since last year. However, another important proposed change to our laws which deserves to be highlighted is the amendment of the Corporation Code. Senate Bill No. 1280 (SB 1280) “An Act Amending Batas Pambansa Blg. 68 or the Corporation Code of the Philippines,” has hurdled third reading at the Senate.
It always fascinates me whenever I hear my one-and-a-half-year-old daughter sings the famous children’s song “Rain, rain, go away, come again another day...” While her singing is an enchantment to my ears, it’s also sad because she cannot play outside because of the rain.
THE 50:30:20 rule is the most popular rule on how your income should be spent. According to various studies, you should reserve 50% of your income for essentials like rent, food and transportation, 30% for discretionary spending, and at least 20% for savings.
Taxation plays a vital role in the economic growth of a country. Taxes, apart from raising revenue to finance government expenditures, can influence the patterns of consumption, production and distribution. Taxes, therefore, affect the economy in various ways.
Plot 1: NEJ, the protagonist, heard unknown voices and odd footsteps. Convinced that her family’s house is haunted, she went to find a local priest, but failed. More antagonistic events ensued, and then the plot twist came: Grace and her two children are the ghosts, and the voices and odd footsteps they’ve been hearing are from living people. They only realized that they’ve been dead when they were being cast away by a séance hired by the new owners of the house.
Matters relating to death are usually not a good topic to discuss. However, what is worse is not knowing what to do when one is faced with death-related situations, such as when the family of the deceased needs to pay the hospital bills or funeral expenses, or when funds are needed to transport or repatriate the deceased.
A few years ago, the Philippine financial industry was under the media spotlight when a massive amount of stolen money entered the country and was then spent in large casinos. It cannot be denied that this incident had a negative impact on the Philippine banking system, as well as on the credibility of the implementation of anti-money laundering laws.
It has been more than six months since Republic Act (RA) No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, was passed. One of the major banners of the TRAIN law is to increase employee take-home pay. While the law has taken effect, however, many are of the view that it is anti-poor.
Congratulations! You are now on top! Welcome to the club!
As the debate on adopting federalism in the Philippines heats up, the powers and limitations of local government units (LGUs) to tax is coming to the fore.
A week ago, I was browsing through my social media feed and saw a post about kids crying and having fits on their first day at school. For a moment, I was suddenly reminded of how time flew by so quickly, so much that I almost failed to notice that we are already halfway through the year and that the school year has officially started. As I kept on browsing, I came across more posts about the school opening -- pictures of crowded or makeshift classrooms, rants on the insufficiency or absence of educational supplies and facilities -- the list goes on.
The World Bank’s Doing Business 2018 report reveals that the Philippines has slipped when it comes to the ease of doing business to 113th place from 99th place last year. 190 countries were surveyed in the report. Perhaps in response to this development, the government recently passed Republic Act (RA) No. 11032 or “The Ease of Doing Business and Efficient Government Service Delivery Act of 2018.” This new law, which aims to reduce processing time, cut bureaucratic red tape, and eliminate corrupt practices, enhances the decade-old Anti-Red Tape Act of 2007, which focused on streamlining and improving the current systems and procedures of government services.
Tax assessments by the Bureau of Internal Revenue (BIR) for alleged tax deficiencies are, in most cases, presumed correct; the taxpayer always bears the...
The legal provisions on refunding input value-added tax (VAT) upon dissolution of the company or upon the change of VAT status was unaffected by...
People today are more geared towards being entrepreneurs. With the availability and accessibility of different online platforms for business opportunities, people can have their...
The Philippine Economic Zone Authority (PEZA) director-general announced that sales of goods and services to PEZA-registered entities shall continue to be subject to 0%...
The passage of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) law is considered by many a welcome change, particularly to...
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