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THE House Ways and Means Committee on Wednesday approved a measure that would impose a 12% value-added tax (VAT) on digital services, particularly those offered by foreign technology companies such as Facebook, Netflix, Inc., Alibaba’s Lazada and Alphabet’s Google.
THE Philippines has signed on to an international system that will allow temporary and tax-free imports of goods for use in trade shows and exhibitions.
WASHINGTON/BERLIN — Finance officials from the Group of 20 (G20) major economies on Saturday vowed to resolve major differences over taxing big tech companies and reach a broad, consensus-based solution on international taxation this year.
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.
BUSINESS GROUPS and exporters are asking Congress to consider a longer transition period from the current tax incentives system and to accelerate the corporate income tax cut, in an effort to restore fiscal certainty to investors amid the pandemic.
TAXING the digital economy could yield up to P17 billion in fresh value-added tax (VAT) revenue in the first year of implementation, the Department of Finance (DoF) said.
THE HOUSE Committee on Ways and Means “sees no need” to suspend the fuel excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) Law despite the ongoing tensions between the United States and Iran, according to its chairman.
A MEASURE gradually increasing the road users’ tax filed in the House of Representatives is expected to generate P8.12 billion worth of revenue in the first year of implementation, a key legislator said.
By Bjorn Biel M. Beltran, Special Features Writer Technology has already made itself integral to modern business. From fields of health care, to automobiles, to agriculture,...
THE Quezon City Council has passed on third and final reading an ordinance extending the deadline for payment of business taxes in the city to Feb. 3.
THE NATIONAL TAX Research Center (NTRC) said failure to harmonize regulation of financial instruments has led to arbitrage to take advantage of favorable tax regimes, resulting in foregone revenue for the government.
THE HOUSE ways and means committee on Tuesday, Sept. 4, approved the substitute bill granting an amnesty on estate taxes, general unpaid taxes, and...
The Bureau of Internal Revenue filed tax evasion charges before the Department of Justice against four individuals for failure to pay taxes. Slapped with charges...
TAX incentives are only one issue considered by potential investors, and the Philippine market may have other disadvantages that need to be addressed urgently, like high taxes or corruption, a former socioeconomic planning secretary said.
THE DEPARTMENT of Finance (DoF) touted the effectiveness of lower personal income tax (PIT) rates under the Tax Reform and Acceleration and Inclusion (TRAIN)...
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.
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.
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.
THE DEPARTMENT of Finance (DoF) is seeking the support of local and international economists from the academe, private sector, government and international organizations, for...
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
President Rodrigo R. Duterte on Sunday, June 3, said he is leaving the fate the controversial Tax Reform for Acceleration and Inclusion (TRAIN) amidst...
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....