World Bank urges building broad consensus for ‘health tax’ measures

THE WORLD Bank said countries resorting to “health taxes” like those imposed on tobacco and alcoholic beverages must achieve broad-based partnerships that generate a strong consensus supporting such measures, and not just deploy straightforward arguments like raising revenue and improving public health. “Health taxes should not be viewed solely through the lenses of health or […]

Vape industry urged to improve tax compliance after lobbying for permissive regulation

THE vape industry must improve its tax compliance after having seeking a “loose” regulatory regime, a legislator said, claiming a shift in public opinion that now favors stricter handling of the industry. “They asked for looser regulations, through the Vape Regulation Law, which supplanted many of the stricter conditions under the Tax Code, but they […]

BEPS 2.0: A Philippine perspective

More than a year since the OECD/G20 Inclusive Framework proposed the two-pillar approach, we have heard much about BEPS 2.0 from a global standpoint. In this article, we now look at the Philippine perspective, what MNEs in the Philippines should start considering and what’s at stake once it is implemented. LOOKING BACK ON BEPS 1.0 […]

Ease of Paying Taxes bill approved in House

The digitalization of the tax agencies finds Congress eager “to modernize the labyrinthine tax administration procedures by simplifying tax compliance, removing redundant and obsolete tax requirements, and lifting restrictions that prevent taxpayers from complying with tax laws remotely.” With a vote of 250 “yes,” zero “no,” and zero abstentions, the 19th Congress approved on Sept. […]

OECD profit-shifting rules seen reducing incentive for tax avoidance in PHL

By Diego Gabriel C. Robles RULES seeking to deter multinationals from shifting profits to low-tax jurisdictions are expected to benefit high-tax countries like the Philippines, by reducing the rewards for moving profits out of the reach of domestic tax authorities, a senior legislator said. The Organization for Economic Co-operation and Development’s (OECD) base erosion and profit […]

Marcos asked if he plans to raise taxes to fund priority programs

THE ADMINISTRATION has been asked for its funding plan for the priority programs spelled out by President Ferdinand R. Marcos, Jr. during his address to Congress delivered on Monday, particularly whether new taxes are to be imposed. “The President has presented a very compelling vision of which the country should unite around,” Senator Francis Joseph G. Escudero said […]

Why we resist the suspension of fuel taxes and the reversal of other hard reforms

The latest Pulse Asia Survey poll on the public’s most pressing concerns reveals that inflation is the most urgent issue among Filipinos (57%), followed by other economic issues such as workers’ incomes (46%), poverty (33%), and jobs (29%)1. The data show how highly concerned most of us are about the uncertainties of post-COVID recovery and […]

House approves ease of paying taxes bill on 2nd reading

HOUSE LEGISLATORS approved a measure on second reading Monday that would ease the process of filing taxes in order to encourage taxpayers to pay their dues. House Bill 8942 or the Ease of Paying Taxes Act seeks to simplify rules and processes in filing and paying taxes, such as removing venue restrictions and introducing a medium taxpayer classification. The measure would also remove the […]

LGUs urged to seize chance of greater autonomy with property valuation reform

THE REFORM of the real property valuation system will create new revenue sources for local government units and make them more autonomous by reducing their dependence on funding from the National Government, according to the Bureau of Local Government and Finance (BLGF). BLGF Executive Director Niño Raymond B. Alvina made the statement before the Senate […]

City collects P7.37B in taxes in 2020

THE Cebu City government collected P7.37 billion in taxes in 2020 despite the Covid-19 pandemic. Cebu City Mayor Edgardo Labella made the disclosure during his first day back in office on Tuesday, March 9, 2021. The City’s efficient tax collection in 2020 resulted in Cebu being recognized by the national government as one of 10 […]

Tax Notes: Deadline extension for filing, submission of BIR Forms 1604-C and 1604-F

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 dated Jan. 26, 2021 to inform all concerned taxpayers that the deadline of filing and submission of the following returns and attachments are extended from Jan. 31, 2021 to Feb. 28, 2021: Annual Information Return of Income Taxes Withheld on Compensation (BIR […]