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BIR keeps watch on hospitals’ tax compliance

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The Bureau of Internal Revenue is tightening its watch on hospitals that invoke tax perks, following a Supreme Court ruling that St. Luke’s Medical Center Inc. is not tax-exempt.

Posted: January 17th, 2013 in Headlines | Read More »

BIR collections breach P1T mark

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BIR logo

The Bureau of Internal Revenue on Wednesday said that it has breached the record P1-trillion mark in collection for any given year, as of Dec. 17.

Posted: December 20th, 2012 in Headlines | Read More »

Biz Buzz: Hot Cherry

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While all eyes were on the iPhone 5 last week, it was a proudly Filipino brand that truly made waves in the consumer tech industry this Christmas season.

Posted: December 19th, 2012 in Headlines | Read More »

BIR stands firm on decision to collect gold taxes

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The Bureau of Internal Revenue stands firm on its decision to collect taxes on gold sales despite growing opposition.

Posted: November 16th, 2012 in Headlines | Read More »

Proposed taxation on e-commerce needs further study, experts say

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BIR Commissioner Kim Jacinto-Henares. INQUIRER FILE PHOTO

The government should further study the proposed move to tax online sellers considering the possible adverse impact on local e-commerce, which is still in its infancy.

Posted: August 13th, 2012 in Latest Business Stories | Read More »

Running on empty (VAT on fuel)

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Being a son carries some important duties. After my eldest brother and father’s passing, I became the eldest child and the eldest son among four siblings, and such an important familial “position” carries with it quite a few responsibilities. I knew it would be up to me, with the help of my sisters of course, to look out for my mother’s well-being; since she lives in our ancestral home in Jones, Isabela, I make it a point to embark on the 10-hour drive to our hometown at least once a month, to spend some time with her and to make sure that she has everything she needs to make her life comfortable.

Posted: June 18th, 2012 in Columnists,Inquirer Columns | Read More »

Gov’t to tax all imported fuel

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In an effort to curb rampant smuggling of petroleum products in the country, the Department of Finance is set to revise taxation procedures for imported fuel, imposing a universal levy on all importers first, and subsequently reimburse those who are determined to have true tax exemption status.

Posted: January 30th, 2012 in Editor's Pick,Headlines | Read More »

BIR gets tough on erring traders

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Businessmen WHO fail to keep the value-added tax billing as a separate item in their sales invoice or official receipt are liable to a fine of up to P50,000 and a jail term of up to four years.

Posted: November 25th, 2011 in Editor's Pick,Headlines | Read More »

Bankers, brokers set meet with DoF to avert crisis

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TAX ISSUE The Department of Finance is set to meet with bankers and brokers on Monday, October 24, 2011, to try to resolve contentious taxation issues related to the PEACe bonds, which matured last week. The DoF insists on collecting a 20-percent final withholding tax on about P35 billion worth of the PEACe bonds.

Leaders of the financial community will dialogue with top officials of the Department of Finance (DoF) on Monday in a last-ditch attempt to resolve contentious taxation issues that threaten to become long drawn out legal battles and a drag on the local investment climate. Philippine Stock Exchange chairman Jose T. Pardo said the meeting would [...]

Posted: October 24th, 2011 in Headlines | Read More »

Co-op members need not be taxed

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Cooperatives are not required to withhold taxes on interest from their members’ savings and time deposits, according to the Bureau of Internal Revenue. According to Revenue Commissioner Kim S. Henares, this ruling still has to be affirmed and publicized following a Supreme Court decision issued in January 2010. In Revenue Memorandum Circular No. 47-2011, Henares [...]

Posted: October 24th, 2011 in Headlines | Read More »

SC issues TRO on BIR move to tax PEACe bonds

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NO NEW TAXES. The Aquino administration will propose no new tax measures next year but is still confident that it can lessen the budget deficit.

The Supreme Court on Tuesday issued a temporary restraining order on the implementation of a Bureau of Internal Revenue ruling that would have collected up to P5 billion in taxes on the Poverty Eradication and Alleviation Certificates, or PEACe bonds. “A TRO is being issued enjoining the implementation of BIR Ruling No. 370-2011 against the [...]

Posted: October 18th, 2011 in Editor's Pick,Headlines | Read More »

Chamber of Mines urges rethink of 5% royalty plan

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The Chamber of Mines of the Philippines has called on the government to re-evaluate its plan to collect a 5-percent royalty from mining operations. COMP president Benjamin Philip G. Romualdez said in a statement that the competitiveness of the Philippine mining industry is already hampered by high tax rates on gross revenues. The tax rates, [...]

Posted: September 18th, 2011 in Headlines | Read More »

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