THE Cebu City Government has collected more than P1 billion in business taxes since Jan. 5, 2023. City Treasurer Mare Vae “Ivy” Fernandez-Reyes said the city government collected P1.253 billion from business permit applications and business permit renewals and another P249 million from real property taxes. Payment of real property taxes (RPT) will be until […]
Tag: taxes
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 […]
Revenue bills like digital services VAT lead House priorities
THE House of Representatives will prioritize revenue measures like a 12% value-added tax (VAT) on digital transactions as well as ease of paying taxes programs, a senior legislator said on Thursday. Albay Rep. Jose Ma. Clemente S. Salceda, who heads the House Ways and Means Committee, told BusinessWorld via Viber in reply to a query […]
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 […]
Excise tax on petroleum should stay, DOF says
THE Department of Finance (DOF) has maintained that excise tax on petroleum products should stay amid mounting calls to suspend it.The DOF has cautioned the next administration against suspending excise taxes on petroleum as it is not the most efficient approach to alleviating the conditions of affected sectors.“The better and more equitable way to address […]
Property owners in Mandaue may get tax discount
THE Mandaue City Government is eyeing a 20 percent discount on real property taxes on buildings this year as part of efforts to increase tax collection.Lawyer Regal Oliva, the Mandaue City treasurer, said Mayor Jonas Cortes and the City Council want to give the 20 percent discount considering that many properties were destroyed or damaged […]
Tax compliance for year-end expenses
With Christmas just around the corner, company Christmas parties, family reunions, and other gatherings fill our calendars left and right. Even though this year many of these celebrations will be virtual due to the pandemic, we always find a way to make them memorable. The upcoming holiday season also brings the highly anticipated year-end break […]
Foreign chambers back ease of paying tax bill
THE Joint Foreign Chambers of the Philippines (JFC) said Wednesday that the Senate should immediately tackle the Ease of Paying Taxes bill, noting that government needs to find creative ways to collect revenue to fund its pandemic response. The House of Representatives on Sept. 15 approved on third and final reading House Bill No. 8942 […]
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 […]
Haul from Shell excise tax seen at P41B after Supreme Court ruling
THE GOVERNMENT is set to collect P41 billion in excise taxes from Pilipinas Shell Petroleum Corp. (PSPC), the Palace said Thursday, after the Supreme Court (SC) lifted a temporary restraining order (TRO) which had barred tax collectors from imposing charges on Shell shipments of a petroleum additive. The excise tax collections will be tapped to […]
Customs warns public against new delivery scam
THE Bureau of Customs (BOC) Port of Cebu has warned the public of a new modus tagged as “parcel delivery scam,” a fraudulent scheme of an unscrupulous syndicate texting supposed consignees that their cargoes and parcels were “ready for delivery” and “for confirmation.” Lawyer Charlito Martin Mendoza, district collector of BOC-Port of Cebu, said this […]
NAPC: Mandanas ruling to boost LGU projects
WITH the implementation of the Mandanas Ruling next year, the National Anti-Poverty Commission (NAPC) said it is expecting local government units (LGUs) to lay down projects to alleviate poverty. Noel Felongco, NAPC secretary and lead convenor, said the ruling will give a boost to the programs and initiatives of the LGUs in helping poor families […]
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 […]