To acquire juridical personality, a partnership and a corporation must register first with the Securities and Exchange Commission (SEC) before registering with the Bureau of Internal Revenue, the Local Government Unit having jurisdiction over the place where the entity intends to operate and locate, and the mandated social agencies such as the Social Security System, Pag-IBIG and PhilHealth.
DAVAO CITY — The launch of the Bureau of Internal Revenue’s (BIR) Large Taxpayers Service (LTS) office in the city yesterday is expected to help the agency meet its target collection of P1.829 trillion for 2017, which if accomplished would represent a gain of 16% year on year.
HOUSE Speaker Pantaleon D. Alvarez has filed his own version of a bill seeking to remove the Bureau of Internal Revenue from the coverage of Salary Standardization Law in order to allow the agency to formulate its own compensation and position classification system.
It is axiomatic in a democratic society that no one should be deprived of life, liberty or property without due process of law, i.e., to be given a chance to heard and present a case according to the rules set forth by the authorities before any action can be taken. Failing this, any action of the government to take one’s life, liberty or property is void and of no effect. In a recent decision promulgated by the Court of Tax Appeals (CTA) in Mannasoft Technology Corp. vs. Commissioner of Internal Revenue, CTA Case no. 8745 dated Jan. 13, 2017, the CTA Third Division reiterated the importance of strictly adhering to the rules set by the Bureau of Internal Revenue (BIR) in conducting tax assessments.
(Second of three parts)In the first part of this series, we discussed the difference in the procedures for processing refund claims for unutilized input Value-Added Tax (VAT) on account of zero- or effectively zero-rated sales prior to and after the issuance of Revenue Memorandum Circular (RMC) 54-2014; given the Bureau of Internal Revenue’s (BIR) mandate to increase tax collection, it needs every peso it can collect from, and not refund to, taxpayers; and the maintenance of the status quo under the current administration insofar as the application of the circular.
With appointment of the new Bureau of Internal Revenue (BIR) Commissioner, Atty. Cesar R. Dulay, everyone is expecting significant changes to happen in the BIR. Atty. Dulay is joining an organization cited by President Duterte as one of the most corrupt government agencies. Certainly, changing such an organization will be one gargantuan task. Stakeholders like the local and foreign business organizations, tax practitioners, individual taxpayers, and foreign investors are eagerly observing the changes that are being introduced. It is worthwhile to examine the BIR issuances released by the new Commissioner for the first two weeks after he assumed his post last July 1. These issuances give the stakeholders and observers a clear insight of the changes what we will expect and the priorities of this new administration.
PROPOSALS to lower income tax rates could be fast-tracked if Congress enacts two measures that will strengthen the Bureau of Internal Revenue’s (BIR) power to examine taxpayer accounts, senior Finance officials told lawmakers.
THE NATIONAL government expects its key revenue-generating agencies to reach for double-digit growth in collections in 2016, even as both the Internal Revenue and Customs bureaus continue to fall short of targets this year.
THE COMMISSIONER of Internal Revenue yesterday rejected a request from tax managers to defer penalties on taxpayers who fail to submit returns electronically, saying sufficient time has been given to comply with the rules.
“THUS, as a matter of efficiency, the government forgoes taxes which should have been spent to address public needs, because certain private entities already assume a part of the burden. This is the rationale for the tax exemption of charitable institutions. The loss of taxes by the government is compensated by its relief from doing public works which would have been funded by appropriations from the Treasury (The Rationale for Exempting Nonprofit Organizations from Corporate Income Taxation by H. Hansmann, as cited by the Supreme Court in the case of the Commissioner of Internal Revenue vs. St. Luke’s Medical Center, 2012).”