Page 63 - Tax Code News Today

THE Department of Finance (DOF) has confirmed the dismissal of an erring personnel of the Bureau of Internal Revenue (BIR) who was tagged in the tampering and altering of the Point of Sales-Cash Register Machine (POS-CRM), read a statement issued by the BIR last Monday.  The statement quoted Internal Revenue…

ONE of the authors of House Bill (HB) 9277 cited the windfall for the medical assistance provided by the Philippine Charity Sweepstakes Office (PCSO) if the proposed Capital Markets Efficiency Promotion Act (Cmepa) is enacted. According to AnaKalusugan Party-list Rep. Ray T. Reyes, halving the documentary stamp tax (DST) on…

In tax circles, considerable attention has been focused on employers' claims for entitlement to the Employee Retention Credit ("ERC"), sometimes...

It was his longest state-of-the-nation speech, coming just two weeks before Russians vote in an election in which he is set to win a new six-year term. Putin's address was heavy on domestic policy concerns, with ample saber-rattling and bellicose threats sprinkled in.

Building a good pension takes a lifetime of hard work, so ensuring you are making the most of every pound is essential. But an unfortunate quirk of HM Revenue & Customs’ (HMRC) system means pensioners are frequently overtaxed – since 2015, retirees have overpaid more than £1bn in income tax alone.

Sec. 4 (a) (7) of RA 9994 does not apply to membership dues because such dues are not payment for the sale of a service

In December 2023, the Supreme Court considered the fundamental question: “How is income defined?” Moore v. United States centered on the question of taxation of unrealized income....

Maruti Probe Over Wrong Tax Code: According to the DRI inquiry, Maruti Suzuki imported the Shaft Assy Propeller under an incorrect HSN code, as per the World Customs Organisations explanatory notes. The investigation also found that Integrated Goods and Services Tax (IGST) had been paid on certain automobile parts at a rate of 18%, while the correct rate should have been 28%.

MEMBERS of the House Committee on Ways and Means have proposed to the Department of Trade and Industry (DTI) and the Bureau of Internal Revenue (BIR) the revocation of the business permit and manufacturing license of a well-known vape brand, along with legal action for tax code violations, as estimated…

IN a recent development under Revenue Regulations 16-2023, the Department of Finance amended the provisions of RR 2-98 to impose a creditable withholding tax (CWT) on gross remittances made by electronic marketplace (e-marketplace) operators and digital financial services providers to sellers/merchants for goods and services sold/paid through the former’s platform/facility.…