Taxes

BIR tightens watch over POGOs

Published by rudy Date posted on December 4, 2021

Elijah Felice Rosales – The by Philippine Star, 4 Dec 2021 MANILA, Philippines — The Bureau of Internal Revenue (BIR) will start looking into the tax compliance of offshore gaming licensees (OGLs) and will begin closing down firms found violating the new regulations.

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Philippines risks capital flight over wealth tax plan

Published by rudy Date posted on November 22, 2021

by Elijah Felice Rosales – The Philippine Star, 22 Nov 2021 MANILA, Philippines — The Department of Finance (DOF) said while it expects additional P57 billion revenue yearly from the imposition of wealth taxes, it warned that the legislation of such a measure could provoke capital flight and tax avoidance.

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G20 leaders endorse creation of new global minimum corporate tax

Published by rudy Date posted on November 2, 2021

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Agriculture groups urge suspension of excise tax on oil products

Published by rudy Date posted on October 30, 2021

by The Philippine Star, 30 Oct 2021 MANILA, Philippines — A broad coalition of 33 agricultural groups has urged President Duterte to issue an executive order (EO) suspending the excise tax on petroleum products for one year, citing the negative impact of the continued increase in oil prices on rice, corn and vegetable farmers, hog…

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House leader pushes for 4-year suspension of excise tax on fuel

Published by rudy Date posted on October 29, 2021

by Xave Gregorio – Philstar.com, 29 Oct 2021 MANILA, Philippines — House Deputy Speaker Rufus Rodriguez filed Thursday a bill seeking to suspend from 2022 to 2025 the imposition of excise taxes on fuel based on the Tax Reform for Acceleration and Inclusion (TRAIN) law.

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BIR registers nearly 2.3K online sellers, 100 influencers

Published by rudy Date posted on October 11, 2021

by Elijah Felice Rosales – The Philippine Star, 11 Oct 2021 MANILA, Philippines — The Bureau of Internal Revenue (BIR) has registered nearly 2,300 online sellers and more than 100 social media influencers as part of its efforts to capture the digital economy.

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Swiss cautious about new OECD tax deal

Published by rudy Date posted on October 8, 2021

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Forgone revenue from CIT reduction may reach P480 billion

Published by rudy Date posted on October 3, 2021

by Elijah Felice Rosales – The Philippine Star, 3 Oct 2021 MANILA, Philippines — Forgone revenue of the government may reach P480 billion until 2024 as a result of a decision to cut the corporate income tax (CIT) rates.

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DOF offers compromise on proposed wealth tax

Published by rudy Date posted on September 23, 2021

by Elijah Felice Rosales – The Philippine Star, 23 Sep 2021 MANILA, Philippines — The Department of Finance (DOF) said a proposal in Congress to slap a wealth tax of up to three percent should only cover fixed assets like buildings, land and vehicles

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DOF cautions vs wealth tax

Published by rudy Date posted on September 22, 2021

by Elijah Felice Rosales – The Philippine Star, 22 Sep 2021 MANILA, Philippines — The Department of Finance (DOF) has warned that the imposition of a wealth tax may force investments out of the country, even as multilateral lending institutions back such a measure to generate more revenue.

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House panel OKs seniors’ income tax exemption bill

Published by rudy Date posted on September 22, 2021

by Delon Porcalla – The Philippine Star, 22 Sep 2021 MANILA, Philippines — A committee of the House of Representatives approved yesterday a measure that will exempt working senior citizens from income tax payments being deducted by the Bureau of Internal Revenue from their monthly salaries.

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IMF supports digital tax

Published by rudy Date posted on September 15, 2021

by Lawrence Agcaoili – The Philippine Star, 15 Sep 2021 To boost revenue collections MANILA, Philippines — Expanding value-added tax (VAT) regimes to include imported digital services on digital transactions could help boost the Philippines’ revenue collections, according to the International Monetary Fund (IMF).

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Transitioning into CREATE incentives entitlement

Published by rudy Date posted on September 7, 2021

by Erika Jane F. Manguin – The Philippine Star, 7 Sep 2021 The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act is the latest installment of the government’s efforts to reform the Philippine tax system. Apart from codifying the updated incentives for qualifying enterprises (such as income tax holiday (ITH), special corporate income tax…

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‘Influencers, digital workers need dialogue with BIR’

Published by rudy Date posted on August 28, 2021

by Artemio Dumlao – The Philippine Star, 28 Aug 2021 MANILA, Philippines — The Bureau of Internal Revenue is being urged to hold a dialogue with influencers and other digital workers, such as Axie players, before imposing another tax burden.

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BIR halts order hiking tax on private schools

Published by rudy Date posted on July 30, 2021

By Ben O. de Vera, 30 Jul 2021 After receiving flak for an alleged erroneous interpretation of tax rules, the Bureau of Internal Revenue (BIR) has stopped the implementation of a regulation which would have jacked up the income taxes paid by private schools by 150 percent.

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BIR suspends 12% VAT on exporters’ transactions

Published by rudy Date posted on July 30, 2021

By Ben O. de Vera, 30 Jul 2021 The Bureau of Internal Revenue (BIR) has suspended the implementation of a regulation that slapped a 12-percent value-added tax (VAT) on some previously zero-rated transactions of exporters.

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BIR suspends 12% VAT on exporters’ purchases

Published by rudy Date posted on July 22, 2021

by Louella Desiderio, Elijah Felice Rosales (The Philippine Star), 22 Jul 2021 MANILA, Philippines — The Bureau of Internal Revenue (BIR) has agreed to suspend the imposition of the 12 percent value-added tax (VAT) on local purchases of raw materials and packaging products of exporters, according to the Philippine Economic Zone Authority (PEZA) and House…

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Zero to 12

Published by rudy Date posted on July 20, 2021

by Alvin G. Jacobo (The Philippine Star), 20 Jul 2021 Heraclitus was quoted saying that the only constant in life is change. Many of us fear change as it causes worries and uncertainties in all aspects of life, whether it be big or small, happy or sad, life-changing or mundane, welcome or unwelcome. The worries…

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Business groups: Repeal 12% VAT on exporters’ local purchases

Published by rudy Date posted on July 15, 2021

by Louella Desiderio (The Philippine Star), 15 Jul 2021 MANILA, Philippines — Business groups want the Bureau of Internal Revenue (BIR) to repeal the imposition of 12 percent value-added tax (VAT) on local purchases of exporters and indirect exports, saying its implementation may lead to job losses and discourage investments in the country.

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Global tax deal backed by 130 nations

Published by rudy Date posted on July 2, 2021

(Agence France-Presse), 2 Jul 2021 PARIS, France — A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.

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Philexport raises concerns on VAT on indirect exports

Published by rudy Date posted on June 27, 2021

(The Philippine Star), 27 Jun 2021 MANILA, Philippines — The Philippine Exporters Confederation Inc. (Philexport) has urged government to ensure that the implementation of the 12 percent VAT on indirect exports do not become another burden for exporters and micro, small and medium enterprises (MSMEs).

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BIR ends VAT exemption for exporters, ecozone firms

Published by rudy Date posted on June 26, 2021

by Elijah Felice Rosales (The Philippine Star), 26 Jun 2021 MANILA, Philippines — The Bureau of Internal Revenue (BIR) will no longer accept applications for VAT exemption from exporters for the purchase of goods and services as part of the lifting of fiscal incentives under the new tax law.

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Firms allowed to deduct direct costs from taxes

Published by rudy Date posted on June 26, 2021

by Elijah Felice Rosales (The Philippine Star), 26 Jun 2021 MANILA, Philippines — The government has identified 11 direct costs that firms can deduct from their taxes for a period of 10 years under the implementing rules and regulations (IRR) of the new fiscal law.

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House bill seeks amendment to tax code for private schools

Published by rudy Date posted on June 10, 2021

(Philstar.com), 10 Jun 2021 MANILA, Philippines — Rep. Joey Salceda (Albay) on Thursday proposed an amendment to the National Internal Revenue Code in a bid to resolve private schools’ woes on a new policy that would hike its tax rate to 25%.

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Palace supports tax rate hike on private schools amid group’s plea

Published by rudy Date posted on June 10, 2021

by Christian Deiparine (Philstar.com), 10 Jun 2021 MANILA, Philippines — The Duterte administration on Thursday backed a new policy that would hike private schools’ tax rate to 25% amid the pandemic, despite a group appealing for the president’s help.

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‘BIR regulation raising private school taxes illegal’

Published by rudy Date posted on June 10, 2021

by Edu Punay, Delon Porcalla (The Philippine Star), 10 Jun 2021 MANILA, Philippines — The government’s new revenue regulation which increases the tax on private schools under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law is illegal, a House leader said yesterday.

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G7 agreement on a global minimum corporate tax

Published by rudy Date posted on June 9, 2021

by Gerardo P. Sicat (The Philippine Star) 9 Jun 2021 The G7 finance ministers of the most economically advanced countries met in London last weekend. They agreed to resolve the thorny issues on the taxation of big multinational firms that has bothered tax authorities of many nations for decades.

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Private schools seek court order to stop tax hike

Published by rudy Date posted on June 9, 2021

by Czeriza Valencia (The Philippine Star), 9 Jun 2021 MANILA, Philippines — Private schools have asked the Court of Tax Appeals to review and stop the implementation of a revenue regulation that can significantly raise the tax take from proprietary or private educational institutions.

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8 June 2021 – Drop tax rule, save private schools, House official urges BIR

Published by rudy Date posted on June 8, 2021

By: Nestor Corrales, Philippine Daily Inquirer, 8 Jun 2021 MANILA, Philippines — The Bureau of Internal Revenue (BIR) should rescind its new regulation raising the income tax on private schools by 150 percent and prevent more private education institutions from closing down, according to House Deputy Speaker Rufus Rodriguez.

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Dominguez supports tax amendments

Published by rudy Date posted on June 7, 2021

by Czeriza Valencia (The Philippine Star), 7 Jun 2021 MANILA, Philippines — Finance Secretary Carlos Dominguez supports the amendment of a section of the Tax Code pertaining to tax treatment of proprietary educational institutions.

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