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January 9, 2019 7:00 AM #AskTheTaxWhiz: Annual submissions to the BIR

The Philippine Tax Whiz discusses the documents you need to submit to the Bureau of Internal Revenue this January Yes. First, you have to submit an Inventory List of finished goods, work in progress, raw materials, supplies, and stock-in trade. The Inventory List is due every January 30. Furthermore, the self-employed and professionals (SEPs) will need to submit 115

September 19, 2018 6:17 AM Supreme Court rules BIR can't collect P3-B tax from Petron, Shell

Dubbed as the tax refund scam of the 1990s, Petron and Shell win big in the Supreme Court A TCC is a company's claim for tax credits, granted either to companies that manufacture exports or companies with tax refunds. The TCC can be used in lieu of paying taxes. uncovered a fraud in the 1990s, involing companies that illegally transferred TCCs to another 75

August 29, 2018 2:45 AM #AskTheTaxWhiz: Top questions of the self-employed, professionals

The Philippine Tax Whiz answers the frequently asked questions of self-employed individuals and professionals Self-employed and professionals (SEPs) who are not VAT-registered can also avail of an 8% income tax based on gross sales or gross receipts, provided it is indicated in the first tax return for the year. Mixed income earners may also avail of the 8% rate, but only on income 69

August 21, 2018 3:42 AM MRT-7 construction delays due to right of way issues: DOTr

MANILA – Completion of the MRT-7 project was moved to August 2020 from August 2019 after hitting another roadblock in the acquisition of the 33-hectare depot in San Jose Del Monte in Bulacan, a transport official said Tuesday. The 33.2 hectare property will be used for the San Jose Station and an inter-model transport terminal, Asec. Giovanni Lopez for Procurement 60

August 7, 2018 11:04 AM BIR denies failure to remit collection from employees

THE Bureau of Internal Revenue (BIR) yesterday clarifed it has remitted the withholding taxes and social contributions of its employees on time as mandated by law. In a statement, the BIR explained that the alleged P80.914 million unremitted amount in the Commission on Audit (COA) report includes withholding taxes and deductions for the month of December 20

July 19, 2018 2:04 PM Zubiri releases highlights of Bangsamoro Organic Law

Senate Majority Leader Juan Miguel Zubiri on Thursday released the highlights of the Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) or the Bangsamoro Organic Law. On Wednesday night, the bicameral conference committee approved the reconciled version of the proposed measure that will create the Bangsamoro Autonomous Region 43

July 19, 2018 10:51 AM SMEs get big TRAIN tax breaks

Small and medium enterprises (SMEs) received tax breaks amounting to billions of pesos for the first six months of 2018 alone under the Tax Reform for Acceleration and Inclusion (TRAIN) Act as they are now covered by a higher value-added tax (VAT) threshold and can now choose from two options to be able to pay lower income taxes, Finance Secretary Carlos 38

July 10, 2018 9:25 AM BIR collection up 13% to P967.4B in first half of 2018, exceeds target

The higher and new taxes slapped on so-called sin products and sugary drinks under the Tax Reform for Acceleration and Inclusion (TRAIN) Act helped the Bureau of Internal Revenue (BIR) exceed its target collections in the first half of 2018, Commissioner Caesar B. Dulay said Tuesday. In a telephone interview, Dulay said the BIR collected P967.4 billion 25

June 24, 2018 8:18 AM Court of Tax Appeals grants P50-M refund to San Miguel

The Court of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue (BIR) to refund San Miguel Holdings Corp. (SMHC) the P50.62-million it paid for surcharges on its documentary stamp tax liabilities for the year 2011. In a 28-page decision dated June 5, the court’s Second Division partially granted the petition of SMHC—the infrastructure arm of the Ramon 29

June 13, 2018 11:02 AM BIR posts P828B tax collection

THE Bureau of Internal Revenue (BIR) collected P827.91 billion for the first five months of the year. This is P24.91 billion more or 3.10% higher than the goal of P803.00 billion set for the period. Likewise, the BIR posted a growth rate of 14.76% or an increase of P106.51 billion compared to the 2017 collection for the first five months of P721.40 billion 21