Taxes

The Supreme Court (SC) has issued a temporary restraining order (TRO) enjoining the Bureau of Internal Revenue (BIR) from enforcing regulations mandating lawyers and other self-employed professionals to disclose their standard service fees to the tax authorities.

The Supreme Court (SC) yesterday stopped the Bureau of Internal Revenue (BIR) from implementing its new regulation imposing additional requirements for registration of self-employed professionals, including doctors and lawyers.

Today being the last day for filing income tax returns, and given the pinch (bite?) that comes with this annual ritual, perhaps a great many of us would readily answer the above question in the affirmative. Interestingly, even our tax authorities may actually agree, as Internal Revenue Commissioner Kim Henares has recently been quoted as…

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MANILA, Philippines – Only a fifth of the country’s petroleum and gasoline importers made it to the list of top taxpayers in 2012, according to the government’s latest Tax Watch advertisement.

MANILA, Philippines – The Department of Finance (DOF) on Wednesday said the government lost at least 1.5 percent of gross domestic product in 2011 due to revenue loss from granting income tax holidays, reduced income tax rates and duty to investments.

MANILA, Philippines – Less than half of the 100 biggest corporations in the country made it to the Bureau of Internal Revenue’s (BIR) prestigious taxpayers list.

MANILA, Philippines – The Bureau of Internal Revenue (BIR) is continuing its shame campaign against doctors.

As we get closer to the April 15 deadline, taxpayers should be wary of changes in the preparation and filing of annual income tax returns (ITR). On Jan. 24, 2014, the BIR issued Revenue Regulations (RR) No. 2-2014 which revamped the forms to be used by individual taxpayers for the filing of ITR for taxable…

To effectively perform its collection of taxes for nation-building, the Bureau of Internal Revenue (BIR) recommends to the Department of Finance (DOF) the issuances of Revenue Regulations (RR) which specify, prescribe or define rules and regulations for the enforcement of the provisions of the National Internal Revenue Code of 1997, as amended (Tax Code) and…

MANILA – Taxpayers are no longer required to disclose their passive incomes when they file income tax returns in April. The Bureau of Internal Revenue on February 11 issued Revenue Memorandum Circular No. 9-2014, making optional the disclosure of information pertaining to taxpayers’ passive income for calendar year 2013.

MANILA, Philippines—Congress and several business groups have described as an attack on an individual’s constitutional right to privacy the unilateral move by the Bureau of Internal Revenue (BIR) requiring taxpayers to reveal more details about their bank deposits in their income tax returns beginning this year.

MANILA, Philippines – The Bureau of Internal Revenue has issued a new regulation, making the filing of the annual information return (AIR), which asks for information on taxpayers’ extra income, optional this year.

In administrative law, rulemaking is the process that executive agencies use to promulgate regulations. While the Legislative Department first sets broad policies and mandates by passing statutes/laws, it is upon these agencies to implement these laws and create a more detailed regulation through rulemaking.

SALES INVOICES can also serve as principal evidence of the sale of goods or properties for audit purposes, the Bureau of Internal Revenue (BIR) clarified.

Retirement laws aim to assist retirees in their old age, and hopefully not to punish them for having survived. This has been one of the underlying principles in granting significant benefits and income tax exemptions to retirees.

PROFESSIONALS were the latest to turn up in the Finance department’s radar as it compared official registry data with the Bureau of Internal Revenue’s (BIR) list of last year’s biggest individual taxpayers. “Which professionals are top income taxpayers?,” the department asked in its latest Tax Watch ad where it noted that just a few out…

BUSINESSMEN and celebrities have again topped the Bureau of Internal Revenue’s (BIR) list of biggest individual taxpayers, although with significant ranking change for 2012.

MANILA, Philippines – Tightening its grip on homeowners associations, the Bureau of Internal Revenues stressed that all gifts, donations and other contributions received by these non-profit corporations are subject to the payment of donor’s tax as required under the Tax Code.

There were around 1.7 million self-employed professionals in the country who paid a total of P9.8 billion in taxes in 2010, or an average of only P5,764, according to Revenue Commissioner Kim Jacinto-Henares.

MANILA, Philippines—Two public school teachers’ groups have called on the Bureau of Internal Revenue to change “outdated” tax exemption levels that have made them lose a large part of their salaries to taxes.

Public school teachers were not happy that they were made the poster boys and girls of the Department of Finance (DOF), which ran a print ad Wednesday showing that they were making more money than half of the lawyers and doctors in Makati City as what their tax returns showed.

MANILA, Philippines – The Department of Finance (DoF) expects a 16.6-percent hike in individual income tax collections this year as the Bureau of Internal Revenue (BIR) steps up efforts to crack down on tax avoidance.

MANILA, Philippines – Individuals whose taxes are automatically deducted from their salaries are increasingly paying a larger share of income taxes than the self-employed and professionals, according to the Department of Finance (DOF).

The disclosure by the Bureau of Internal Revenue of the list of top individual income tax payers only served to mislead ordinary citizens on the behavior of the rich and famous insofar as paying the correct taxes is concerned. The list did not capture the true amounts that individuals—tycoons and business executives in particular—actually paid…

Mayors planning to extend VAT-exemption to subdivisions on their association dues, consider this as fair warning. BIR Commissioner Kim Jacinto-Henares has said she would not hesitate to publish the names of mayors who succumb to popular calls from homeowners’ associations to exempt their monthly dues from the expanded value-added taxation.

MANILA, Philippines – Talk show host Kris Aquino emerged as the country’s top individual taxpayer in 2011, outdoing the big names in the local corporate world, according to data released by the Bureau of Internal Revenue (BIR) yesterday.

MANILA, Philippines – Filipinos employed by foreign governments, embassies, diplomatic missions and several international organizations are not exempted from paying income taxes, the Bureau of Internal Revenue (BIR) said in a memorandum circular.

DESPITE CLAIMS to the contrary, the Philippines’ fiscal space is narrow and will continue to tighten unless steady, sustainable sources of revenues are generated. For a country that is on a catch-up mode, the Philippines has large and increasing public expenditure needs for education, health, public infrastructure and military pension.

MANILA – Teachers pay more taxes than doctors or lawyers in some areas, fiscal authorities on Monday said, adding that this discrepancy raises the absurd conclusion that those practicing medicine or law are minimum wage earners.