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Move to bring in initial P11.7 billion revenue in 2023 alone (Eagle News) – President Ferdinand “Bongbong” Marcos Jr., said he would implement “tax administration reforms” to increase revenue collections and “implement a sound fiscal management” to improve the country’s economy. In his first State of the Nation Address (SONA), Marcos Jr., explained his blueprint to uplift the Philippine economy and “immediately address the economic scarring” brought about by the Covid-19 pandemic. One of […]
(Eagle News) – The Department of Finance has met with the outgoing Russian ambassador H.E. Igor Khovaev to discuss the continued strengthened economic cooperation between the Philippines and Russia, including a possible agreement on cooperation regarding customs and help in setting up a more efficient tax collection system. Finance Secretary Carlos Dominguez III met last week with Ambassador Khovaev when the diplomat made a farewell courtesy call to the DOF. The ambassador also discussed […]
(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 […]
https://www.youtube.com/watch?v=BZWTXT8pD2Q (Eagle News) –The Department of Finance (DOF) said Thursday the government loses more than P300 billion annually from the implementation of income tax holidays and other incentives being enjoyed by big corporations. This, according to Finance Undersecretary Karl Kendrick T. Chua, means there is a need for the rationalization of incentives for investors under the second tax reform package that the DOF will submit to Congress before the end of January. Based on […]
MANILA, Philippines (Eagle News) — Persons With Disabilities (PWD) can now enjoy their expanded benefits and privileges this coming year in light of the implementation of Republic Act 10754. Under the law, PWDs will be entitled to the following benefits and privileges such as: at least twenty percent (20%) discount and exemption from the value-added tax (VAT) in various commodities like land, sea and air transportation, medical and dental fees, medicines, funeral and burial services and […]
QUEZON City, Philippines, Sept. 1 (Eagle News) — The administration and independent minority bloc in the House of Representatives joined forces to protest the proposed increase in the value-added tax by the Department of Finance, saying that it makes no sense to lower the income tax of laborers then subject them to high VAT rates. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)
The average retail price of sugar has increased during the second week of April due to the increase in demand and speculations that traders will increase prices in preparation for they payment of the 12% Value Added Tax (VAT) next month. According to the Sugar Regulatory Administration (SRA), the average retail price of raw sugar in Metro Manila markets have increased by P1.00 per kilo. From P43.50, the current price is now at P44.50 per […]
