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National Internal Revenue Code of 1997 5th Edition
In my little over a year of experience as a tax professional, I have noted the peculiarities of the taxation of Philippine Economic Zone Authority (PEZA) registered businesses.
Revenue Regulation No. 9-2023 detailed the following pertinent points on excise tax rate for perfumes and toilet waters:
As very well known to the taxpayers, the tax audits conducted by the Bureau of Internal Revenue (BIR) involve tedious and long process. Taxpayers dedicate plenty of time and effort in retrieving documents and presenting reconciliations to address the alleged BIR’s findings.
The power to tax is an incidental power of the state which is unlimited in scope. It is an incidental power of the state as it emanates from the necessity to defray the necessary expenses of the government to fulfill its duties and responsibilities and promote the general welfare and well-being of its constituents. As
“I have the duty to hope.” These are the words of Ms. Nanette Medved-Po, founder of Plastic Credit Exchange (PCX), when asked what keeps her inspired and enlightened to continue the fight against plastic pollution during her interview with the veteran CNN broadcast journalist, Mr. Rico Hizon.
The Bureau of Internal Revenue (BIR) is actively conducting audit of taxpayers. Recently, we have been seeing astronomical deficiency tax assessments from the BIR. One finding that the taxpayers always have trouble understanding is the deficiency assessment coming from third party information (TPI).
Over the weekend, my nephew was watching a certain movie on Netflix which caught my attention. The story revolves around the Once-ler who arrives in a lush land and begins chopping down Truffula trees to make “Thneeds” for his business.
As we recall, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 3-2023, which removes the requirement for local suppliers of goods and services to Registered Export Enterprises (REEs) and other entities to secure prior approval for VAT zero-rate with the BIR.
