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By: Elaine Anne Bernardino on October 14, 2021 Our National Internal Revenue Code (“Tax Code”) mandates that interest and a 25-percent surcharge (50 percent in case of bad faith) are due when a taxpayer is late in the payment of taxes. However, there have been instances where interest and surcharge...

By Euney Marie Mata-Perez on October 11, 2021 We have seen significant progress in the Comprehensive Tax Reform Program, which is an offshoot of President Rodrigo Duterte’s campaign promise to improve the income tax system and make it progressive. Republic Act 10963 or the Tax Reform for Acceleration and Inclusion...

By Mark Anthony Tamayo on October 7, 2021 The dutiable value of imported goods is the value (or duty base) upon which the applicable duty rate is multiplied to arrive at the customs duty payable. To determine the correct duty base, importers (and their customs brokers) should not focus mainly...

By Euney Marie Mata-Perez on September 30, 2021 Foreign investments thrive in a fairly predictable and reasonable international investment climate, and the protection against double taxation is crucial in creating such a climate. Income tax treaties are among the tools against international double taxation. In Commissioner of Internal Revenue v....

By Euney Marie Mata-Perez on September 23, 2021 Clarity of tax rules and regulations is key to an efficient tax system. One of the areas that tax authorities have to clarify is the zero-rating of sales to enterprises operating in and registered under existing economic zones. The Corporate Recovery and...

By Aziza Hannah Bacay on September 16, 2021 The Bureau of Internal Revenue (BIR) has the power to ascertain the correctness of the returns filed by the taxpayers and to determine any liability for internal revenue tax. Corollary to such power, the BIR is empowered and has the authority to...

By Euney Marie Mata-Perez on September 9, 2021 RECENTLY, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 97-2021, reminding social influencers about their tax obligations. It reminded them to register as taxpayers and report their income properly, as well as provided illustrative examples on how they should...

By Aziza Hannah Bacay on September 2, 2021 As part of its collection efforts, the Bureau of Internal Revenue (BIR) can use summary administrative remedies such as warrants of distraint and/or levy (WDLs) against delinquent taxpayers. Implementation of these presupposes that the taxpayer failed to pay the assessment despite the...

By Mark Anthony Tamayo on August 26, 2021 It is the basic duty and responsibility of every taxpayer and importer to provide truthful tax returns and import declarations. Taxpayers are responsible for accurately determining their taxable incomes, computing their tax liabilities and submitting their tax returns in accordance with the...