Chinese-Filipino traders may stop school program after tax evasion allegations
By Gil C. Cabacungan Jr.
Chinese-Filipino businessmen are still smarting from President Aquino’s allegations that some of its members have been evading taxes.
Chinese-Filipino businessmen are still smarting from President Aquino’s allegations that some of its members have been evading taxes.
The Bureau of International Revenue reported collecting P110.8 billion in taxes in November, exceeding by 8 percent its target of P103 billion.
Central Mindanao is the country’s second-top revenue generator as of the end of October, the regional office of the Bureau of Internal Revenue reported here Monday as it claimed to have surpassed its collection target thus far this year.
Senator Ralph Recto on Tuesday proposed that more than half of the P40 billion additional revenue that is expected to be collected from increased “sin” taxes should be released directly to the Philippine Health Insurance Corp., or PhilHealth).
Collections of the Bureau of Internal Revenue for October amounted to P86.1 billion, up 22 percent from P70.5 billion in the same month last year but still short of the P86.18-billion target for the month.
IMF managing director Christine Lagarde, who according to reports is in the Asean region on a three-country swing, has this to say about good taxation: One, the tax must have a broad base and, two, it must only be a small rate.
A group of businessmen and professionals has warned that the government would lose, instead of generate more, revenues if it implements the proposal to slap much higher taxes on cigarettes. In the end, government might resort to increasing income taxes, the group warned.
MANILA, Philippines—The Bureau of Internal Revenue is confident its tax collection this year will, for the first time, surpass the P1-trillion mark. Revenue Commissioner Kim Henares told reporters Thursday that preliminary estimates had shown that the agency was on track to generating more than P1 trillion in taxes this year. “We will exceed [...]
Gold sellers are actually paying less taxes than they should, according to chief revenue commissioner Kim Henares.
The Bangko Sentral ng Pilipinas (BSP) has joined the clamor for a review of the 7-percent tax on gold sales, believing that the smuggling of the precious metal out of the country could become even more rampant if the tax issue remained unresolved.
State health agencies might not be able to immediately absorb the expected incremental revenues from the proposed sin tax reform bill, a Cabinet official said on Thursday.
Finance Secretary Cesar Purisima and Bureau of Internal Revenue Commissioner Kim Henares denied on Wednesday that they favored the House of Representatives’ version of the sin tax bill that imposed much less taxes on beer and alcohol, as alleged by Sen. Ralph Recto.
