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[Ask the Tax Whiz] Can I still amend my ITR after the April 18 deadline?

The Philippine Tax Whiz explains the Bureau of Internal Revenue’s guidelines for filing the annual income tax return for 2021, which is due on April 18, 2022 Is there a new deadline for filing the annual income tax return (ITR)? Would there be a penalty if I amend the filed return and it results in …

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Criminal Violations of the Tax Code

“Always file and pay the correct taxes and ensure all reported information is accurate” is wisdom that bears repeating because non-compliance may have dire consequences. While some tax violations may be settled with a fine, serious ones may be considered criminal offenses which could lead to imprisonment. The latest article of our Chairman and CEO …

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Criminal violations of the tax code

Originally published in The Philippine Daily Inquirer on March 07, 2022 “Always file and pay the correct taxes and ensure all reported information are accurate” is wisdom that bears repeating because noncompliance may have dire consequences. According to Section 253 of the Tax Code, any person who violates the provisions of the Code or causes …

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 Good Governance and Tax Collections

Amidst the controversial dismissal of the DQ case against presidential candidate Marcos, Jr. (BBM), we remind our taxpaying public of our basic civic duty to pay our taxes correctly and on time. Watch the interview of ACG Chairman and CEO on ANC: https://youtu.be/oHjIDeG202A Before the May 9 national election when we will elect a new President, …

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Are tech giants subject to 12% VAT?

The Philippine Tax Whiz explains House Bill No. 7425, which imposes value-added tax on digital transactions Undoubtedly, e-commerce in the country is growing exponentially. Due to this undeniable growth in the number of digital transactions and as part of the development of the Philippines’ digital taxation, Congress has approved House Bill (HB) No. 7425, which …

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Why is there a need for a Letter of Authority?

In the process of facing your cases concerning your taxes, the Bureau of Internal Revenue (BIR) should send you one crucial document to start its operation. Other than that, both auditing and investigation will not be considered the rightful activity.  This insight comes after the Supreme Court has made a statement on the disturbing trend …

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BIR looks after 250 top social media influencers

The Bureau of Internal Revenue (BIR) has conducted an investigation on 250 of the top social media personalities in regards to their tax compliances. In a report released last Thursday, BIR’s probe took place to check whether they are registered taxpayers and are paying correct taxes.  This comes following the BIR revenue memorandum circular (97-2021) …

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House passes the proposed Ease of Paying Taxes Act

Last week’s plenary session saw the passage of a bill on its third reading about modernizing tax administration and improving tax compliance. Over 193 lawmakers voted in favor of House Bill 8942 — or the proposed Ease of Paying Taxes Act — that introduces administrative tax reforms by amending several sections in the National Internal …

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