The Senate has given its approval to Senate Bill (SB) 2219, granting a two-year extension to the estate tax amnesty period until June 14, 2025. The decision was made in response to the concerns of taxpayers who were unable to utilize the initial extension due to the pandemic. According to the Senate, House Bill 7907… Continue reading Senate Approves Extension of Estate Tax Amnesty until June 14, 2025
The Bureau of Internal Revenue (BIR) has invalidated the accreditation of an accountant who was involved in a syndicate specializing in fake receipts. Commissioner Romeo Lumagui Jr. announced that Jennifer Cunanan Roncesvalles, an external auditor, has had her certified public accountant (CPA) certificate revoked. This action comes in light of her connection to companies that… Continue reading BIR Revokes Accountant’s Accreditation in Crackdown on Fake Receipt Syndicate
The House of Representatives Committee on Ways and Means in the Philippines has recently given its approval to a bill that extends the amnesty for the payment of estate taxes until June 15, 2025. The bill, known as House Bill (HB) No. 7409, received strong support from 31 members of the committee during a hearing.… Continue reading House panel approves extension of Estate Tax Amnesty until 2025
Although the Department of Health has released a lot of campaign information on breastfeeding, many new moms opt to bottle feed. Researchers who underscored the reason for low breastfeeding rates in the country shared their findings. The primary reason most working moms cannot exclusively breastfeed for six months is because they have to return to… Continue reading Learn More About the 105-Day Expanded Maternity Leave Law
Commissioner Romeo D. Lamagui Jr of the BIR (Bureau of Internal Revenue) is currently waging a war against users of ghost receipts as this method is a form of tax evasion. His program is called RAFT or Run After Fake Transactions, with operations based in the commissioner’s office. This is a first in the history… Continue reading BIR Endeavors to Cut Out All Forms of Ghost Receipts
The Presidential Communications Office (PCO) announced last January 29 that President Ferdinand Marcos Jr green-lighted a new Value Added Tax (VAT) program for tourists. The primary objective of this endeavor is to attract more visitors to the country. The new tax relief program for foreigners is slated to be in effect by 2024. Currently,… Continue reading Value Added Tax (VAT) Refund on the Horizon for Foreign Guests in 2024
Listen up, single parents! Those who parent their child alone can look forward to the implementation of the much-awaited Expanded Solo Parents Welfare Act. Specifically, the Bureau of Internal Revenue (BIR) is slated to implement tax reforms because of this new law. And this is just the tip of the iceberg since more benefits from… Continue reading Expanded Solo Parents Welfare Act to Provide Economic Relief This Feb
If you work on employees’ payroll, year-end and the start of the year could be a busy time for you because you have to prepare for BIR compliances. On top of that, you have to compute payroll deductions in the new year with modifications in Income Income Tax Rate, PhilHealth Contribution Rate, Withholding Tax Compensation… Continue reading Attention: Changes in SSS Contributions This 2023
Because it’s the New Year, there are updates in taxation that taxpayers must take note of to prevent mistakes and avoid costly penalties. The new sets of tax rules that taxpayers ought to take note of are the lowering of income tax rates for those earning purely compensation income of a certain bracket. At the… Continue reading Attention Taxpayers: Changes in Taxes Rules This 2023
Attention NonResident digital services providers. The House already approved the 2nd reading of House Bill 4122 which is set to impose a 12% VAT charge on all your online transactions.
