Taxes

MANILA, Philippines – Local government units (LGUs) are set to receive an internal revenue allotment (IRA) in 2013 that’s highest in the last 3 years, and the first to be generated under the current administration.

The European Union continued to express its objection to the Philippines’ “unfair” sin tax bill, as it warned it would be forced to “retaliate” through the World Trade Organization (WTO) if both houses of Congress fail to amend the measure.

ORIGINAL revenue and health targets under planned “sin” tax reforms should be restored, the Department of Finance (DoF) yesterday said, as it prepares to push amendments at the Senate where legislators have also come out to criticize a committee-sponsored measure. Palace to back changes to ‘sin’ tax billSenate ‘sin’ tax open to amendmentsAt odds over…

Senators will ask the stakeholders in the tobacco industry on the government proposal to restructure excise taxes on tobacco and alcohol despite the admission made by Finance Secretary Cesar Purisima that the tax incrase did not lead to a reduction in the number of smokers.

THE Bureau of Internal Revenue’s (BIR) program to run after self-employed and professional tax-evaders has resulted to an increase in its tax collections in 2011.

Most businesses and individuals who avoid paying taxes are based not in Metro Manila but outside the National Capital Region (NCR), according to the National Statistical Coordination Board (NSCB).

A labor leader has warned that increasing tax rates on tobacco and alcohol excessively will exacerbate problems on unemployment, poverty, and crime incidence in the country.

STRATEGIC AREAS for reforms this year have been identified by the Bureau of Internal Revenue (BIR) under the aim of modernizing tax administration to make it more convenient, efficient and transparent.

he Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular No. 03-2012 (RMC 03-12) to remind BIR officials and taxpayers alike of the proper tax treatment of income payments made to General Professional Partnerships (GPP), as well as the distributive shares of net profits received by the partners from such GPPs.

In the wake of new reports the government lost P1 billion in taxes due to undervaluation of rice importation, House Minority Leader Quezon Rep. Danilo Suarez yesterday called on the administration to strengthen its campaign against the unabated smuggling which is taking its toll on the government revenue collection target.

THE Bureau of Internal Revenue (BIR) would go after public market vendors and smaller business establishments to ensure that they are complying with the mandatory issuance of official receipt.

The Bureau of Internal Revenue (BIR) has shelved its plan to increase the rate on the expanded creditable withholding tax that is levied on self-employed individuals. Kim Jacinto-Henares, BIR commissioner said that based on a public hearing last month, affected taxpayers warned that to increase the creditable withholding tax (CWT) rate might result in the…

MANILA, Philippines – The Bureau of Internal Revenue (BIR) is aiming to increase to P95 billion a year the tax collections from self-employed individuals from only P9-billion annual tax take from this sector, its top official said.

MANILA, Philippines – The House committee on ways and means will look into another controversial issuance of the Bureau of Internal Revenue (BIR), which imposes tax on contributions to state pension and insurance institutions like the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corp. (PhilHealth) and the Pag-Ibig Fund.

MANILA, Philippines – When President Aquino was elected into office, the nation wrapped itself in euphoria. Filipinos were filled with hope as Aquino promised that he would finally be that leader the country needed.

Dear PAO, The company where I previously worked did not withhold tax on my salary. Will I be punished for this? Dex

Six major business organizations have supported moves by a House body calling for the withdrawal of the controversial Revenue Memorandum Circular 40-2011 issued last September 5 by the Bureau of Internal Revenue (BIR), requiring the disclosure of additional detailed income information of taxpayers.

MANILA, Philippines — The Bureau of Internal Revenue (BIR) stood firm Wednesday on its decision to tax extra or voluntary contributions made by government and private employees to state pension and insurance firms like the Pag-IBIG, Social Security System, Government Service Insurance Corporations and PhilHealth despite strong opposition from members of Congress and other sectors.

Malacaang is standing by earlier plans of revenue officials to impose taxes on Pag-IBIG and Social Security System (SSS) contributions and insists the scheme needs only to be explained adequately in the face of growing opposition from Filipino workers abroad.

Finance Secretary Cesar Purisima and Revenue Commissioner Kim Jacinto-Henares have been subpoenaed to explain before a congressional inquiry their alleged deceptive efforts to impose additional requirements on taxpayers.

MANILA, Philippines – Decrying alleged harassment by “tax enforcers” of its members, the Philippine Medical Association (PMA) is partnering with the Bureau of Internal Revenue (BIR) to ensure that doctors pay the right taxes.

THE Philippine Medical Association on Friday slammed the “Gestapo tactics being used by tax enforcers against its members when checking if they were paying the correct taxes.

THE Philippines is seeking financial assistance from international donors to craft a new taxation structure for the country, which will be ready when all revenue leakages are plugged under the present system.

THE controversial expanded Annual Income Return, or AIR, that was supposed to have been suspended is back and will be enforced in next year’s filing season.

Tax evasion charges were filed against a list of prominent doctors and lawyers in what could be the start of a Bureau of Internal Revenue (BIR) crackdown on professionals who have long been misdeclaring their incomes for tax purposes.

MANILA, Philippines – The government will target the country’s 1.7 million professionals like lawyers and doctors in its tax examination and revenue generation campaign next year, Finance Secretary Cesar Purisima said yesterday.

A study by the Asian Development Bank found that the Philippines has one of the highest tax rates in Asia, but the country’s untaxed underground economy is also among the largest in the world.

THE GOVERNMENT needs new taxes in order to increase its tax effort to achieve its medium-term fiscal program, a former socioeconomic planning secretary said in a professorial lecture yesterday.

NEW TAX LAWS will be pursued by the Aquino administration based on the draft 2011-2016 Philippine development plan, with officials saying a pledge not to push adjustments could be dropped by next year.

The International Monetary Fund (IMF) will send a resident advisor to the Bureau of Internal Revenue (BIR) and other short-term technical assistance missions to the Philippines in support of capacity-building for reforms and upgrades in tax administration.