February is well-known for being the month of love. Usually, it is associated only with romantic love, but it can also be about platonic love, filial love, or even self-love. It can even be associated with patriotic love. As citizens, we can show our love by paying our taxes and helping our government function. As …
Show your love to your country in this month of love! Read More »
The Executive Tax Management Program was held at the Tax Hub last May 25, 2022, for the first time after a series of virtual sessions. During the course of the program, the Founding Chairman and Chief Tax Advisor of ACG, Mon Abrea highlighted the importance of the issues that trigger tax audits and strategies to …
The culmination of CEOs for game-changing tax strategies under the new administration Read More »
What common violations do taxpayers make that may get them into trouble with the Bureau of Internal Revenue? Unless they are exempted, everyone who generates income has the obligation to the country to be responsible for their taxes. Here are five common mistakes that taxpayers often make: Failure to register to BIR The first step …
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 …
To Tax The Rich or not to? As Shakespearean as it sounds, that is the question—at least on the part of the lawmakers. “Tax The Rich” has been the battle cry of the representatives from the Makabayan bloc during late September. Members of the said alliance have filed House Bill No. 10253 on September 20, …
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 …
House passes the proposed Ease of Paying Taxes Act Read More »
At the height of two pharmaceutical companies being under fire for allegations of overpriced medical goods, one of the factors that would be taken into consideration is whether they were compliant with their tax obligations. While the year-on-year profit margin markup would always put in question, the legalities that lie beneath the surface of the …
As the news about the Bureau of Internal Revenue (BIR) going after content creators and social media influencers for the tax continues, the issue about ‘informer’s reward’ for reporting alleged tax evaders suddenly enters into the picture. This program comes in according to Section 282 of the National Internal Revenue Code (NIRC) of 1997, wherein “persons instrumental …
BIR explains the need of and reasons behind ‘informant’s reward’ Read More »
Following the gifts and rewards that the Olympians were given after they were placed during the 2020 Tokyo Olympics, the House of Representatives has recently approved the third and final reading of the bill that further guarantees a tax-free rewards program for the winning athletes and coaches in major international competitions. Dubbed as the ‘Hidilyn Diaz …
Winning PH athletes can now avail of tax exemptions courtesy of Hidilyn Diaz Act. Read More »
