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Taxing digital economy could raise up to P17 billion in VAT...

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.

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.

No need to suspend excise tax on fuel despite US-Iran tensions

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.

Road user tax bill seen raising additional P8.12-B in first year

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.

House approves CITIRA on final reading

THE HOUSE of Representatives on Friday approved on third and final reading the second package of the government’s tax reform program, fast-tracking the administration’s plans to lower income taxes and slash the incentives of businesses.

Reyes Tacandong & Co. (RT&Co.): Trailblazing a path toward digital transformation

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,...

BIR reminds candidates of tax obligations

THE BUREAU of Internal Revenue (BIR) outlined the tax duties of candidates for the midterm elections, which covers their campaign expenses and contributions.

Important customs rules

Be it a bunch of pasalubong from a trip abroad or a package for delivery to a customer overseas, the Bureau of Customs (BoC)...

QC Council extends deadline of business taxes payment

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.

Tax think tank calls for harmonized rules on financial instruments

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.

Gov’t ready to roll out TRAIN safety net benefits

THE GOVERNMENT has completed the implementation guidelines for P83.85 billion worth of social protection programs in 2019 to cushion the impact of the Tax Reform For Acceleration and Inclusion (TRAIN) law.

Tax reforms gain ground in House

TWO TAX REFORMS — one that cuts the corporate income tax rate and removes redundant fiscal incentives, and another that provides for a general amnesty — were approved at different levels in the House of Representatives on Tuesday.

House committee approves substitute bill on tax amnesty

THE HOUSE ways and means committee on Tuesday, Sept. 4, approved the substitute bill granting an amnesty on estate taxes, general unpaid taxes, and...

Auto sales decline further in July

Automobile sales further declined in July, according to the latest report by auto and truck manufacturers. In the joint report by the Chamber of Automotive...

BIR files tax evasion raps vs Caloocan business owners

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...

Investors concerned about gov’t delivering on lower taxes — Habito

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.

Finance dep’t cites tax reform gains as retail firms report higher...

THE DEPARTMENT of Finance (DoF) touted the effectiveness of lower personal income tax (PIT) rates under the Tax Reform and Acceleration and Inclusion (TRAIN)...

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...