Tag: BIR
BIR, BoC beat lowered collection goals for 2020
THE TWO biggest tax collection agencies generated P2.4 trillion in revenues in 2020, exceeding the downscaled targets but still 15% lower than the previous year.
BIR collects P582M in back taxes from firms shut down temporarily
THE Bureau of Internal Revenue (BIR) said it collected P582.5 million in the 11 months to November worth of taxes and fees owed by establishments it ordered temporarily closed.
BIR says 86% of taxes collected via online channels
SOME 86% of tax payments were made online after the Bureau of Internal Revenue’s (BIR) on-site operations were hampered by the quarantine, the Department of Finance (DoF) said.
BIR collects P548M from firms shut down for tax violations
THE Bureau of Internal Revenue (BIR) said it collected P548 million in the nine months to September from establishments temporarily closed down for failing to register or pay taxes in arrears, the Department of Finance (DoF) said in a statement Wednesday.
Land registry agrees to share data with BIR
THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.
BIR issues tax incentive guidelines for donors of devices
THE Bureau of Internal Revenue (BIR) said it issued the guidelines for donors of devices for use in remote learning in public schools to avail of tax incentives.
BoC, BIR exceed nine-month collection target
THE two major revenue-generating government agencies surpassed their downward-revised collection targets in the nine months to September, Finance Secretary Carlos G. Dominguez III said.
Exiting POGOs to face BIR audit — Dominguez
THE Bureau of Internal Revenue (BIR) will still conduct an audit of Philippine Offshore Gaming Operators (POGOs) that are leaving the country to check their tax compliance and collect any back taxes, Finance Secretary Carlos G. Dominguez III said.
BIR’s notice of discrepancy reinstated
THE Bureau of Internal Revenue (BIR) will now issue a notice of discrepancy to inform taxpayers of their tax deficiencies as part of an audit, replacing the notice of informal conference (NIC).
BIR extends deadlines for related party transactions
THE Bureau of Internal Revenue (BIR) said it extended the deadlines for filing the new related party transactions (RPT) form, acknowledging possible difficulties in compiling the needed information due to the coronavirus disease 2019 (COVID-19) pandemic.
BIR, Customs beat downward-revised targets for eight months to August
THE two major revenue-collecting agencies surpassed their reduced targets for the eight months to August with business activity picking up, though they both remain behind the year-earlier pace because of the damage to the economy caused by the pandemic.
BIR launches voluntary assessment program as it cuts audits amid pandemic
THE Bureau of Internal Revenue (BIR) is offering a program to allow taxpayers to voluntarily settle their tax arrears, as the agency seeks to reduce its audit investigations amid the coronavirus disease 2019 (COVID-19) pandemic.
2020 targets for BIR, BoC slashed anew
THIS YEAR’S collection targets of the government’s main revenue-generating agencies have been slashed once again, as economic activity remains sluggish due to the pandemic.
Tax court maintains decision ordering BIR to pay back Consunji energy...
A COURT upheld its decision to order the Bureau of Internal Revenue (BIR) to pay back P27.34 million to Semirara Mining and Power Corp....
BIR sets unlisted shares’ fair market value
THE Bureau of Internal Revenue (BIR) has revised the rules on the imposition of tax on the sale, barter or other disposition of shares of stocks that are not listed in the local bourse to clarify how the fair market value (FMV) of shares will be determined.
Foreign workers stranded in Philippines not subject to income tax —...
NON-RESIDENTS stranded in the Philippines due to the coronavirus travel bans are not liable for income tax in the Philippines, subject to certain conditions, according to the Bureau of Internal Revenue (BIR).
BIR sees big drop in cigarette tax stamps
THE Bureau of Internal Revenue (BIR) saw a decline in the issuance of cigarette tax stamps during one of the world’s longest and strictest lockdowns to curb the spread of the coronavirus disease 2019 (COVID-19).
BIR issues rules on tax treatment of Islamic banks
THE BUREAU of Internal Revenue (BIR) has issued the guidelines to implement the neutral tax treatment of equivalent transactions between Islamic banks and conventional banks.
BIR registers more than 3,000 online sellers
AROUND 3,254 online sellers have registered with the Bureau of Internal Revenue (BIR) by the end of July, with the enrolment deadline extended by a month.
Sept. deadline set for reporting all related-party transactions
THE Bureau of Internal Revenue (BIR) has set the end of September as the deadline for taxpayers to report and submit documentation on related-party transactions (RPTs) of any size, with no reporting threshold determined yet.
New POS cancellation rules issued
THE Bureau of Internal Revenue (BIR) said it streamlined the process for cancelling permits to use (PTU) cash registers, point-of-sale (POS) machines and other such devices in compliance with the Ease of Doing Business Act.
BIR exempts imported diabetes drugs from VAT
THE Bureau of Internal Revenue (BIR) is exempting imports of prescription drugs to treat diabetes, high cholesterol and hypertension from value-added tax (VAT).
BIR, Customs collections rise in June
TAXES collected by the country’s two biggest revenue-generating agencies started to pick up in June, but this was not enough to help them meet collection targets for the first six months of 2020.
ABS-CBN not tax delinquent, says BIR
ABS-CBN Corp., which the regulator ordered closed after its franchise expired last month, had paid all taxes, according to the Bureau of Internal Revenue (BIR).
Online payments hit 77% of total tax collections, BIR says
AROUND 77% of all taxes collected as of mid-June were coursed through electronic payment (e-payment) channels, the Bureau of Internal Revenue (BIR) reported, after the lockdown coincided with income tax season.
Departing POGOs told to settle taxes
THE BUREAU of Internal Revenue (BIR) will still go after Philippine offshore gaming operation (POGO) companies that are leaving the country to make them pay their tax obligations, the Finance chief said.
P2.5B collected so far from tax amnesty — BIR
THE ongoing tax amnesty program has yielded more than P2.5 billion in collections so far, according to the Bureau of Internal Revenue (BIR), which expects more taxpayers to avail themselves of the program after the cut-off date was extended to end-2020.
BIR collection target reduced a further 23%
THE Bureau of Internal Revenue’s (BIR) tax collection target for 2020 has been reduced further by 23%, with the collection goal for excise taxes nearly halved on expectations of a severe economic slowdown.
BIR preparing to tax streaming services, online merchants
THE Bureau of Internal Revenue (BIR) said Wednesday it is laying the groundwork for taxing online service platforms and merchants including streaming services like Netflix.
BIR eyes higher tax take from online sellers
ALL ONLINE businesses are given until July 31 to register for tax compliance with the Bureau of Internal Revenue (BIR), as the government seeks to plug tax leakages and raise revenues.
BIR streamlines registration of new businesses
THE Bureau of Internal Revenue (BIR) is streamlining the process for registering a new business, by removing the mayor’s permit as one of the requirements.
BIR cites gov’t cash crunch in rejecting further extensions
THE Bureau of Internal Revenue (BIR) said the government’s urgent need for funds rules out any further extensions of tax deadlines, though it will consider extending the availment period for the tax amnesty on delinquencies.
BIR extends other tax deadlines
THE BUREAU of Internal Revenue (BIR) has also extended deadlines of other tax returns for 30 days due to the Luzon-wide lockdown.
BIR goes after cockfighting group for P1.30-B in unpaid taxes
THE Bureau of Internal Revenue (BIR) has temporarily halted the operations of the Manila Cockers Club, Inc. (MCCI) for not paying proper taxes. It also sealed some of MCCI’s unregistered ticket-dispensing machines on Thursday.
BIR clarifies central bank’s income tax exemption
THE BUREAU OF Internal Revenue (BIR) has clarified that the Bangko Sentral ng Pilipinas’ (BSP) tax exemption only applies to the income generated from its governmental functions, as the rest of its earnings are considered proprietary income.
BIR catches errant online casino on second try
PHILIPPINE authorities trooped to an office building in the capital to shut an online casino for tax evasion, only to be surprised to find the company wasn’t there.
BIR adds PayMaya to online payment platforms
THE Bureau of Internal Revenue (BIR) said Friday it expects to grow the volume of taxes paid online after launching a seventh electronic channel through e-wallet service PayMaya.
BIR sues seven taxpayers for P825-M liabilities
THE Bureau of Internal Revenue (BIR) sued seven taxpayers over alleged tax liabilities amounting to P825 million.
BIR suspends tax deadline in Batangas due to Taal eruption
THE Bureau of Internal Revenue (BIR) has suspended the deadlines of filing and payment of tax returns in Batangas to provide relief to the residents affected by the eruption of Taal Volcano, until the situation returns to normal.
BIR issues rules on BSP’s tax exemption
THE BUREAU OF Internal Revenue (BIR) has issued the implementing rules and regulations (IRR) for the central bank’s tax exemption from all national taxes under its amended charter.
Suspect charged for selling fake tax cards
THE Bureau of Internal Revenue (BIR) filed charges against a suspect who illegally sold more than 100 fake tax identification number (TIN) cards to Chinese workers.
BIR orders shops to post new receipt notices
THE Bureau of Internal Revenue (BIR) has ordered commercial establishments to adopt a new format of notice informing their customers about the shops’ duty to issue receipts.
Lumber firm faces P118M suit for tax evasion, fake cigarette tax...
TIMBER WOOD Development Corp., registered as a lumber products trader based in Tagoloan, Misamis Oriental, is facing a P118 million criminal complaint for engaging in plywood manufacturing as well as possessing cigarettes and chewable tobacco products with fake tax stamps.
BIR padlocks another POGO for evading taxes
ANOTHER Philippine Offshore Gaming Operator (POGO) service provider has been padlocked amid the government’s crackdown on the sector.
Salary differential tax-free under new maternity leave law
THE SALARY differential under the Expanded Maternity Leave Law (EMLL) Law is now tax-free since it is considered as a benefit, according to the Bureau of Internal Revenue (BIR).
