Taxes

By Jess Diaz (The Philippine Star), October 2, 2016 MANILA, Philippines – Workers, corporate executives and other individual taxpayers may no longer enjoy tax exemption on their annual bonuses.

By Gerardo P. Sicat (The Philippine Star), September 28, 2016 The main elements of Package I of the comprehensive tax reform program deals with personal income taxation, the value-added tax (VAT) and gasoline taxes.

By Prinz Magtulis (The Philippine Star), June 28, 2016, http://www.philstar.com/business/2016/06/28/1597213/bir-clears-tax-treatment-non-profit-firms MANILA, Philippines – There’s no stopping outgoing Internal Revenue commissioner Kim Henares. More than a week before she steps down, Henares has institutionalized regulations on tax exemptions for non-stock and non-profit corporations.

Brussels (dpa) – EU member states agreed Tuesday on measures aimed at cracking down on corporate tax cheats, but were accused of not taking firm enough action following a recent spate of tax avoidance scandals. The measures, based on proposals made by the European Commission in January, are part of a wider battle against multinationals…

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By Eva Visperas (The Philippine Star), March 8, 2016 MANILA, Philippines – Less than a third of Filipinos pay income tax, a high-ranking official of the Bureau of Internal Revenue said.

The media mogul behind Forbes Media says the growth in the Philippines will be sustainable should it continue to make reforms MANILA, Philippines – With several economies tumbling, the Philippines will continue to remain stable and strong should it reform its tax system and improve its infrastructure, said the chairman and editor-in-chief of Forbes Media.…

Come ASEAN integration by yearend, the Philippines will have the most uninviting tax system in the region MANILA, Philippines – The 19-year-old personal and corporate income tax systems of the Philippines are the “most uninviting and out of date” among the Association of the Southeast Asian Nations (ASEAN) economies, several economists said.

MANILA, Philippines – Foreign business groups in the Philippines are pressing the government to pass a bill that aims to reduce income taxes, saying it will help make the country more competitive with other economies in the region.

MANILA, Philippines – President Aquino has scolded some of his close allies in the House of Representatives for pushing for the passage of a bill that aims to reduce income taxes, despite strong opposition from the Department of Finance (DOF).

Charging for public services sometimes makes sense. Often, though, it is a racket GETTING divorced? Going to the doctor? Flushing a loo? If so, you are increasingly likely to receive a bill from the government. As cash-strapped Western countries try to balance their books without raising unpopular taxes, they are charging higher fees for everyday…

The public has always been familiar with the terms tax dodging, tax avoidance, and tax structuring. However, in today’s international tax parlance, terms have evolved into more creative and catchy phrases. One may have probably encountered the terms “Double Irish” and “Dutch Sandwich”, more often combined by tax lawyers as “Dutch Sandwiches washed down with…

Four Cabinet Secretaries, the heads of the Department of Finance (DOF), Department of Trade and Industry (DTI), Department of Budget and Management (DBM), and the National Economic and Development Authority (NEDA), sent a joint position to the House of Representatives and the Senate of the Philippines on the recent congressional amendments to the proposed Tax…

On Jan. 13, 2015, the Supreme Court, through Justice Leonen, ultimately put to rest the issue over the classification of Poverty Eradication and Alleviation Certificates (PEACe) Bonds as deposit substitutes, subject to taxations.

MANILA, Philippines – The Department of Finance is strongly urging Congress to immediately pass the Tax Incentives Management and Transparency Act (TIMTA) to bring Philippine fiscal policy into the 21st century and attract more companies to do business.

Reforming the country’s tax regime, which currently exempts the rich but overburdens ordinary citizens, will be key to sustaining high economic growth rates that promises to cut poverty significantly over the next decade.

MANILA, Philippines—After approving a higher tax exemption on bonuses, the House of Representatives will soon tackle a bill that seeks to lower personal income tax rate, which will result in a higher take-home pay.

Government will lose up to P30 billion in revenues and only 6 percent of employees or 1.5 million workers will benefit as a result of the higher tax exemption for 13th month pay and bonuses, Internal Revenue Commissioner Kim Henares said in an interview with GMA News on Tuesday.

MANILA, Philippines – The Tax Management Association of the Philippines (TMAP) has proposed the exemption of individuals earning not more than P300,000 a year from paying income tax as part of a package of reforms it plans to submit to Congress to sort out the country’s outdated and inequitable taxation system.

The Department of Trade and Industry (DTI) announced that it has reached an agreement with the Department of Finance (DOF) on the contentious measure to streamline fiscal incentives.

Trade officials want fiscal incentives rationalized The Department of Trade and Industry wants to further thresh out the details of the proposed rationalization of tax incentives as it sought to ensure better transparency in the accounting, reporting and granting of fiscal perks to investors.

An overhaul of the country’s entire tax structure may be overdue, according to Finance Secretary Cesar V. Purisima. This comes as authorities struggle to meet monthly revenue targets due to established leakages that promote inequity by sourcing most of the state’s money from fixed salary earners.

MANILA – The country’s organization of tax consultants and advisers is pushing for legislation that will index income tax brackets to inflation and reduce tax rates.

MANILA, Philippines – Filipino workers pay the highest income tax in the entire Association of Southeast Asian Nations (ASEAN) region, according to the Tax Management Association of the Philippines.

“Taxation is the rule and exemption is the exception.” This basic principle in taxation law has been sustained in a number of decided cases by no less than our Supreme Court. The highest tribunal has consistently held that the law does not look with favor on tax exemptions and that he who would seek to…

Taxpayers, specifically condominium corporations and unit owners rejoiced when the Court of Tax Appeals (CTA) came up with the recent decision in the case of Officemetro Philippines, Inc. (Formerly Regus Centres, Inc.) vs. Commissioner of Internal Revenue, CTA Case No. 8382 (Officemetro case).

MANILA, Philippines – The Bureau of Internal Revenue resumed its shame campaign against doctors who fail to pay their just share of taxes.

MANILA, Philippines – Japanese businessmen in the Philippines are opposing a circular issued by the Bureau of Internal Revenue (BIR) which provides the rules for filing of tax refunds as well as moves of local governments to impose additional taxes citing that such may deter foreign investments.

MANILA, Philippines — The country’s “outdated” and “inequitable” taxation system makes middle-income earners pay the same taxes as billionaires and needs to be updated immediately, Senator Juan Edgardo “Sonny” Angara said Thursday.

62 of 80 provinces are reportedly using outdated basis for real property tax assessment MANILA, Philippines – The Bureau of Internal Revenue (BIR) called the attention of provincial governments in the country in its latest print ad, saying many of them were losing revenues due to an “outdated” valuation system for real property tax (RPT)…