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National Internal Revenue Code of 1997 5th Edition
Foreign investors look at the Philippines as one of the most preferred destinations in South Asia for offshore manufacturing due to low labor cost, large and young labor pool, manufacturing capabilities, high English proficiency, and fiscal incentives, to name a few.
The Bureau of Internal Revenue issued Revenue Regulation (RR) No. 10-2023 on September 08, 2023, implementing the extension of period for availing the Estate Tax Amnesty as prescribed by Republic Act (RA) No. 11956. The regulation amends certain provisions founded on Revenue Regulation No. 6-2019 also known as the “Tax Amnesty Act”.
Are you familiar or at least aware of the Philippine Action Plan for Sustainable Consumption and Production (PAP4SCP)? Taking off from our first article on Extended Producer Responsibility (EPR) Act of 2022 (the EPR Act) last week, let us deep dive into the EPR Act and see how it aligns with PAP4SCP.
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.
