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Coca-Cola open to refranchising PHL operations

ATLANTA-BASED The Coca-Cola Co. said it is open to potential partners for its bottling operations in the Philippines, after Mexico’s Coca-Cola FEMSA S.A.B de C.V. exited the local market.

DoF projects P61.3B in collections from higher sin taxes in 2020

THE DEPARTMENT of Finance (DoF) said that the government may raise an additional P61.3 billion worth of revenue in the second round of increased “sin” taxes proposed under its comprehensive tax reform program.

Charter must spell out regions’ financial responsibilities — DoF

THE DEPARTMENT of Finance (DoF) wants the draft federal constitution to compel federated regions to practice fiscal discipline, and clearly identify spending responsibilities between the central government and regional authorities.

Tax academy certified for CPA continuing education

THE PHILIPPINE Tax Academy (PTA) has obtained accreditation from the Professional Regulation Commission (PRC) as a professional development program provider, the Department of Finance (DoF) said yesterday.

Inflation seen to pick up further this month

The central bank says inflation could pick up further in July as most commodities saw prices rise. In a statement, the Bangko Sentral ng Pilipinas said...

Finance dep’t seeks support from economists for pushing second tax reform...

THE DEPARTMENT of Finance (DoF) is seeking the support of local and international economists from the academe, private sector, government and international organizations, for...

DoF sees tax amnesty raising collections, clearing backlog

THE DEPARTMENT of Finance (DoF) said its version of the planned tax amnesty offer scheduled for 2019 will increase collections and clear the case backlog for unpaid property tax.

‘Better-than-expected’ tax gains cited

“IMPRESSIVE” gains from tax reform bode well for the Philippines’ credit rating, Moody’s Investors Service said, even as local political noise and tighter global financial conditions pose risks for the economy.

Tax bureau extends deadline for processing VAT refunds

THE BUREAU of Internal Revenue (BIR) has extended the deadline for processing value-added tax (VAT) refund claims affected by a 2014 rule that had initially denied many of them.

Finance dep’t eyes April 2019 for tax amnesty

THE GOVERNMENT is looking at offering its planned one-time tax amnesty program in April next year, coinciding with the deadline for filing income tax returns, the Department of Finance (DoF) said.

Electronics firms brace for higher tax cost

ELECTRONICS companies in the country -- a key driver of merchandise exports -- are bracing for bigger costs once planned changes to current fiscal incentives are implemented.

Unregistered cigarette-making machinery seized in BIR raids

THE BUREAU of Internal Revenue (BIR) has seized unregistered cigarette-making machinery in various locations as part of a broader crackdown on tax evasion in the tobacco industry, the Department of Finance (DoF) said.

Planned tax amnesty gaining ground in House Ways and Means committee

A TECHNICAL working group (TWG) of the House of Representatives’ Ways and Means committee hopes to finalize the general tax amnesty bill this week, before it is presented to the entire panel for approval when Congress resumes session late next month.

DoF seeks to improve carriers’ tax

THE GOVERNMENT is reviewing the common carriers tax imposed on international air and sea cargo vessels in hopes of ensuring a level playing field and improving the country’s competitiveness in the sector, the Department of Finance (DoF) said in a statement on Monday.

DBM’s Diokno says not yet time to lower value-added tax rates

THE GOVERNMENT will let the comprehensive tax reform proposals run their course first before studying the possibility of a lower value-added tax (VAT) rate, the Budget secretary said.

BIR ordered to return P50 million in excess taxes to San...

THE Court of Tax Appeals (CTA) has granted San Miguel Holdings Corp. (SMHC) a partial tax refund of P50.61 million for “excessive” taxes collected by the Bureau of Internal Revenue (BIR).

Wage boards briefed on impact of TRAIN law

THE National Wages and Productivity Commission (NWPC) said regional wage boards have been briefed about the impact of tax reform by key government agencies, which provided data that the boards are expected to consider when they rule on wage petitions.

Finance dep’t touts sustained fiscal performance as of May

THE GOVERNMENT’S “impressive” fiscal performance was sustained in May, the Finance chief said, adding that this showed successful implementation of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Q2 GDP growth likely on target — Budget chief

ECONOMIC growth likely picked up this quarter to fall within the 7-8% official full-year 2018 target, the Budget chief said on Tuesday, as the Philippine Statistics Authority (PSA) reported that factory output began those three months with its biggest improvement in eight years.

Duterte leaves the fate of tax reform law to Congress

President Rodrigo R. Duterte on Sunday, June 3, said he is leaving the fate the controversial Tax Reform for Acceleration and Inclusion (TRAIN) amidst...

BIR creates a ‘fast lane’ for one-time transactions

THE BUREAU of Internal Revenue (BIR) issued new measures last week to streamline its processes. Revenue Memorandum Circular 43-2018 signed by BIR Commissioner Caesar R....

Around half of establishments with productivity schemes in 2015 availed of...

OF THE 2,448 establishments that set up productivity schemes in 2015, around half availed themselves of tax incentives under the Productivity Incentives Act of 1990 (Republic Act 6971), according to the latest biennial Integrated Survey on Labor and Employment conducted by the Philippine Statistics Authority (PSA).

ECCP to keep urging government to retain fiscal incentives under TRAIN...

By Arjay L. Balinbin, Reporter The European Union (EU) business community in the Philippines on Tuesday, May 29, vowed that they will “continue to strongly...

House panel mulls local tax shield for firms in line with...

THE HOUSE committee on ways and means will look into how businesses in the Philippines can be shielded from dealing with varying tax schemes among local government units while still rationalizing fiscal incentives under the second package of the tax reform program.

Five metrics to watch as Italy turmoil sweeps global markets

As populist parties in Rome mobilize for an early election, Italian assets are once again being scrutinized for stresses that undermine the euro project. The...

Senate panel recommends suspension of fuel excise tax

The Senate committee on public services has moved to recommend the suspension of excise taxes on fuel amid rising prices in the wage of...

BIR warns LGUs that their fundraising activities are not tax-exempt

THE BUREAU of Internal Revenue (BIR) warned local government units (LGUs) conducting commercial activities to pay the corresponding taxes. "There are many local government units...

LGU share of internal revenue allotment up by 7% — DBM

THE BUDGET department has fully released local government units' (LGUs) share in national government taxes as of mid-April. According to the Department of Budget and...

Q1 tax effort hits record high

By Melissa Luz T. Lopez, Senior Reporter TAXES collected in the first quarter took a larger share relative to the economy to log a fresh...

First-quarter tax collections hit fresh record high

The government's tax effort saw a substantial improvement relative to the Philippine economy in the first quarter, with collections hitting a fresh record high,...

10 companies and proprietors face tax raps

By Dane Angelo M. Enerio THE Bureau of Internal Revenue (BIR) in separate statements on Thursday said it has filed with the Department of Justice...

More taxes needed for gov’t reforms

By Melissa Luz T. Lopez Senior Reporter THE PHILIPPINES needs to collect more taxes to address the “urgent task” of traffic congestion and efficient public transport,...

Consumer group calls for regulation of price hikes after TRAIN

A consumer group has called on government to regulate the continuous increase in the prices of goods and services partly brought about by the...

DivinaLaw: Upholding dynamic lawyering

By Mark Louis F. Ferrolino, Special Features Writer In a span of more than a decade, full-service law firm DivinaLaw has grown exponentially and has become...

Navarro Amper & Co.: Offering unparalleled tax services

In navigating the infamously complicated tax system in the Philippines, businesses, especially those with large operations, turn to professional services firms for guidance and...

SGV & Co.: Decades of exceptional tax expertise

With a company history that dates back to 1946, SyCip, Gorres, Velayo & Co. (SGV & Co.), has long been considered as the Philippines’...

Comparison-shopping site says interest in car loans stable despite TRAIN

Moneyguru Philippines Corp., the company that operates financial comparison website MoneyMax.ph, said interest in car loans remained steady after the implementation of the tax...

BIR collects P6 billion from excise tax on sugary drinks

THE BUREAU of Internal Revenue (BIR) collected about P6 billion from the new sugary drinks tax in the first quarter. "Sa (for) sugar-sweetened (beverages), P6 billion...

BIR slaps tax evasion raps vs six firms

THE BUREAU of Internal Revenue (BIR) filed separate tax evasion charges before the Justice departments against six firms on Friday ahead of the deadline...

BIR ordered to refund nearly P900M to PAL

THE Court of Tax Appeals (CTA) ordered the Bureau of Internal Revenue (BIR) to refund Philippine Airlines, Inc. (PAL) nearly P900 million in taxes...

Amendments on compensation tax

My employed friend recently requested me to compute her annual income tax due for the prior year 2017. Her gross compensation from her lone...

Customs beats March revenue target

THE BUREAU of Customs (BoC) revenues grew by a fifth in March to beat its target with the help of the majority of its...

Excise tax take surges, beats target on increased rates

EXCISE TAX collections surged by nearly three-fourths in the first two months of the year, driven by bigger taxes on cars, tobacco, alcohol and...

Excise tax collections exceed January-February goal

EXCISE TAX collections rose 74.23% in the first two months of the year driven by "sin taxes" after higher levies were imposed this year,...

DoF expects remaining tax reform packages approved this year

THE DEPARTMENT of Finance (DoF) is confident that Congress will stick to the planned 2018 approval of all of its succeeding tax reform proposals,...