Jun 222016
Even with the upcoming change in leadership, the Bureau of Internal Revenue (BIR) has not scaled back on efforts to meet its steep collection target of more than two trillion pesos. To this end, it is no coincidence that the BIR has come up with more detailed guidelines and strict control measures to plug possible loopholes in our tax system. In recent issuances, the BIR has provided guidelines covering the conduct of investigation on the capacity of parties to acquire properties and clarifying the tax treatment of gross receipts tax passed on to borrowers.