Here’s the warning from the BIR to social media influencers BIR vs SOCMED INFLUENCERS – The Bureau of Internal Revenue has issued a reminder to social media influencers who are avoiding paying their taxes. According to the BIR, there could be consequences for the influencers who engage in such tax evasion. In a statement, BIR … Read more
Finance Secretary Benjamin Diokno: “Yung tax on digital services, it is only fair na ita-tax natin ‘yon.” BENJAMIN DIOKNO — On Wednesday, the Finance Secretary said that taxes on digital services was based on the principle of “fairness”. Diokno said that the administration of President Ferdinand “Bongbong” Marcos Jr. will look to tax digital services. He was quoted … Read more
Benjamin Diokno: “We have room for better tax collection using technology.” BENJAMIN DIOKNO — On Monday, the incoming Finance Secretary said that digitalization can improve the Philippines’ tax collections and can generate more revenues. Diokno, who is also the outgoing Bangko Sentral ng Pilipinas (BSP) governor, told ANC that making tax payments user-friendly will help … Read more
The BIR will strengthen tex regulations as fintech usage grows, according to DOF. DOF — The Department of Finance said on Friday that the Bureau of Internal Revenue (BIR) will strengthen tax regulations for the financial technology (fintech) industry as online transactions continued to gain traction during the pandemic. Revenue Deputy Commissioner Marissa Cabreros recently … Read more
The BIR encouraged fintech companies to register and pay taxes. BIR — The Bureau of Internal Revenue encouraged financial technology (fintech) companies to register and pay their taxes in order to avoid tax evasion charges. BIR Commissioner Caesar R. Dulay recently made the appeal following reports that many of those financial technology companies have yet … Read more
The BIR has formed a special task force that will focus on social media influencers and online merchants. BIR — The Bureau of Internal Revenue has ordered the creation of a special task force that will focus on social media influencers and online merchants. The tax bureau has ordered the creation of a special task … Read more
Taxing online sellers ‘started during Aquino administration’, according to the Palace. The Palace on Monday said that the policy of requiring online sellers in the Philippines to register with the Bureau of Internal Revenue (BIR) and pay taxes already started during the Aquino administration. This, as Presidential Spokesperson Harry Roque on Monday said in a televised briefing … Read more
BIR extended the deadline for filing taxpayers’ income tax returns to June 14. The Bureau of Internal Revenue extended the deadline for filing taxpayers’ income tax returns as the enhanced community quarantine (ECQ) in some areas in the Philippines continued until May 15, 2020. Under Revenue Regulations 11-2020 of the Bureau of Internal Revenue, taxpayers … Read more
BIR released a Revenue Memorandum Circular that will waive penalties for ITR amendments to taxpayers who settled their payments on or before June 15, 2020. The Bureau of Internal Revenue (BIR) announced that it will waive penalties for income tax return (ITR) amendments to taxpayers who settled their payments on or before June 15, 2020. … Read more
Japan suffered its worst economic drop in five years, with a tax hike and a deadly typhoon. Japan already suffered its worst quarterly GDP contraction in more than five years — with an increase in tax and a deadly typhoon. According to an official data that was published on Monday, Japan’s gross domestic product (GDP) … Read more