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(Eagle News) — Uber Philippines has paid the government over P41 million in value added tax deficiencies to avoid suspension or closure of its operations. In a statement, the Bureau of Internal Revenue said the P41.15 million the company paid represents arrears accumulated from July 1 to December 31, 2016. The BIR said this came about after an audit found that while Uber had been paying on time, it declared its sales of P413.85 million as […]
(Eagle News) – Iminungkahi ni Bayan Muna Rep. Carlos Isagani Zarate na ipasa muna ang adjustment sa income tax bago pagdebatehan kung kailangan pang magpatupad ng panibagong buwis sa ilalim ng Tax Reform Bill ng Kamara. Sinabi ni Zarate na hindi siya boboto sa House Bill No. 5636 o Tax Reform for Acceleration and Inclusion dahil lalo lamang itong magpapahirap sa mga mahihirap, na kabaliktaran aniya sa kaniyang isinusulong. Umatras aniya siya bilang co-author ng panukala […]
QUEZON City, Philippines (Eagle News) — Persons with disabilities (PWDs) can now avail exemptions on the value-added tax. According to RA 10754, PWDs are exempted from 12% VAT in transportation, doctors’ professional fees, and medicine. Other VAT-exempt services include funeral and burial expenses, hotels and restaurants and concert halls.
MANILA, Philippines (Eagle News) — Presidential Spokesman Ernesto Abella said, there is nothing final yet regarding proposals to remove value added tax (VAT) exemptions of persons with disabilities (PWDs) and senior citizens The finance department wants to lift certain vat exemptions to make up for revenue losses that would result from the lowering of corporate and individual income tax rates. Some lawmakers are against the proposal, which they described as difficult and “too ambitious.” Abella […]
QUEZON City, Philippines – The Department of Finance, through outgoing Secretary Cesar Purisima, recommended to the incoming Duterte administration to lower the income tax and to increase the value-added tax or VAT. Specifically, the individual and corporate income tax should be lowered from 32% to 25% and to exempt from income tax a total of 11 million wage-earners as well as fiscal incentive rationalization and index excise taxes on gas and diesel. Regarding VAT, the […]
MANILA, Philippines – According to Presidential Communication Secretary Sonny Coloma, President Benigno S. Aquino III signed the Republic Act 10754 or the Exemption of Person with Disability from Value-Added Tax, which was authored by Senator Ralph Recto and Leyte Representative Martin Romualdez. Said act provides that PWDs are now exempted from paying VAT on medical and dental fees, funeral and burial services as well as cinemas and amusement parks. (Eagle News Service Described by Jay […]
MANILA, Philippines, September 15 (Eagle News) — President Banigno S. Aquino III on Monday, September 15 said that lowering prevailing income tax rates will lead to fewer government revenues and will only expand tax collection deficit. The president said that by lowering the income tax rates this might affect the country’s credit ratings. He also bucked calls to increase value-added tax (VAT) to compensate for the expected government revenue loss due to income rate cuts. […]
