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SPECIAL REPORT | All eyes on Supreme Court justices as they hear petitioners vs Anti-Terror Law
Illustration by DEE AYROSO
On February 2, the 15 justices of the Supreme Court will hear the oral arguments on the much-contested Anti-Terror Law.
The law is a priority of President Rodrigo Duterte, the reason why it was earmarked as urgent in Congress, and being fast-tracked, took only less than a year to be signed into law.
It was introduced in the Senate on September 30, 2019 and in the House of Representatives on May 30, 2020. It was signed into law July 3 with its Implementing Rules and Regulations approved on October 14 of last year.
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Metro Manila (CNN Philippines, January 29) President Rodrigo Duterte signed the measure amending the Anti-Money Laundering Act on Friday, just days before an international financial watchdog reviews the country s policies and decide on possible sanctions.
The new law, Republic Act No. 11521, expands the coverage of activities and persons subject to scrutiny by the Anti-Money Laundering Council.
It now covers Philippine Offshore Gaming Operators, particularly transactions exceeding ₱500,000, as well as real estate developers and brokers engaging in single cash transactions worth more than ₱7.5 million.
The AMLC is also granted the authority to investigate, and in doing so apply for a search and seizure order or subpoena with any competent court. It also has the power to preserve, manage, or dispose assets pursuant to a freeze order, preservation order, or judgment of forfeiture.
BIR exceeds 2020 tax collection goal By TED CORDERO, GMA News
Published January 26, 2021 2:00pm The Bureau of Internal Revenue (BIR) has exceeded its tax collection target for 2020 despite the challenges brought by the COVID-19 pandemic. In a statement, BIR Commissioner Caesar Dulay said the taxman collected a total of P1.94 trillion last year, surpassing its goal of P1.69 trillion by P255.19 billion. The BIR exceeded its target by 15.14% in January to December 2020 the highest percentage ever recorded in the bureau’s history for the past two decades. “It’s the first time that BIR went above its goal by 15%. The last time the BIR hit its goal was in 2001 and 2003, that was 17 years ago,” Dulay said.
January 27, 2021 | 12:31 am Font Size
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THE Bureau of Internal Revenue collected P7.18 billion in taxes from Philippine Offshore Gaming Operators in 2020. PHILIPPINE STAR/MICHAEL VARCAS
THE Bureau of Internal Revenue (BIR) collected P7.18 billion in taxes from Philippine Offshore Gaming Operators (POGOs) last year, even as some offshore companies reportedly left due to the tighter tax rules.
In a statement, BIR Commissioner Caesar R. Dulay said taxes from POGOs were 12% higher than the collection in 2019, although he did not provide the exact figure.
In 2018, the BIR collected P2.8 billion in taxes from POGOs.
BIR Deputy Commissioner for Operations Arnel SD. Guballa attributed the higher POGO tax collections last year compared with 2019 to the additional revenues generated through the 5% franchise tax.
GGRAsia – Philippines to add POGOs to AML law to avoid FATF grey list ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.