“Proposed climate-related taxes should not burden taxpayers,” says tax expert

The need to create a climate-resilient Philippines is bound to open new opportunities for businesses. Mon Abrea, Co-Chair of the Paying Taxes – EODB Task Force, notes that there is a laundry list of proposed taxes related to climate change. Among these are carbon tax, congestion tax, energy tax, air pollution tax, and more. Climate …

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Tax expert proposes changes to tax laws, teaches CEOs how to adapt to present tax administration.

“Congress must revisit its definition of what constitutes marginal businesses as the present threshold is still too low,” urges Asian Consulting Group’s Founding Chairman and Chief Tax Advisor Mon Abrea. In an article published with the Inquirer, the tax expert noted that the present threshold for marginal businesses includes only those with annual gross sales of …

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Simplified Tax Regime for Micro and Small Enterprises

Based on the March 2022 Labor Force Survey of the Philippine Statistics Authority, there are more than 17 million informal workers, including tiangge, ambulant and street vendors, plus over 1.3 million sari-sari stores that remain unregistered with the Bureau of Internal Revenue (BIR). Generally, they fall under the category of micro enterprises. However, under Revenue …

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The tax challenges and opportunities for the next administration

About 24 million out of 110 million Filipinos are registered taxpayers. That is only 22 percent of the population or 50 percent of the total labor force in 2021. Around 20 million are employees or compensation income earners and at least 6 million are earning P250,000 and below who are exempted from personal income tax. …

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[Ask the Tax Whiz] What is benchmarking?

The Philippine Tax Whiz clarifies the scope and limitations of a benchmarking notice from the Bureau of Internal Revenue, and how taxpayers should respond to it What is benchmarking? Does the benchmarking notice from the Bureau of Internal Revenue (BIR) constitute a valid assessment? Benchmarking is the process of setting a standard to determine the …

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