taxation – Page 2 – Author Carlo Carrasco

Barangay PWD associations receive computers from Las Piñas City Government

December 31, 2024December 20, 2024carlocarrasco

Recently in the City of Las Piñas, twenty barangay associations of Persons with Disabilities (PWDs) received desktop computers from the City Government and Vice Mayor April Aguilar witnessed the distribution, according to the social media announcement of the local government unit (LGU).

To put things in perspective, posted below is an excerpt from the City Government’s social media announcement. Some parts in boldface…

The City of Las Piñas, through the City Social Welfare and Development Office, distributed desktop computers to 20 Barangay Associations of Persons with Disabilities on Monday, December 2, at the Verdant Covered Court in Pamplona Tres to enhance the operational capabilities of these associations.

Each barangay association received a desktop computer to support their programs and improve their administrative processes. This effort underscores the city government’s commitment to empowering PWD groups through the provision of essential resources.

Vice Mayor April Aguilar, CSWDO head Lowefe Romulo, and Alelee Aguilar attended the event, personally handing over the computers to the beneficiaries. Their participation highlights the local government’s dedication to inclusivity and community development.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Is the PWD association of your barangay actively working? Are there many PWDs in your local community?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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More cancer, diabetes and mental illness medicines exempted by BIR from Value-Added Tax (VAT)

December 26, 2024December 16, 2024carlocarrasco

Some good news for those who need medicine but have limited financial resources. The Bureau of Internal Revenue (BIR) announced that several more medicines for cancer, diabetes and mental illness have officially been declared exempted from the Value-Added Tax (VAT), according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…

The Bureau of Internal Revenue (BIR) has exempted 16 more medicines for cancer, diabetes, and mental illness from value-added tax (VAT).

Under Revenue Memorandum Circular (RMC) 131-2004, the BIR updated the list of VAT-exempt medicines to include those for cancer — Degarelix freeze-dried powder with 80 milligrams (mg) and 120 mg, and Tremelimumab concentrates with 25 mg and 300 mg dosages.

It also exempted more medicines for diabetes including Sitagliptin and Linagliptin film-coated tablets.

Also included in the VAT-free medicines are those for mental illnesses such as Clomipramine Hydrochloride tablets, and Midazolam film-coated tablets.

The BIR said the additional exemptions were made in response to the updated list of VAT-exempt products from the Food and Drug Administration.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you happy to hear that the BIR declared VAT-exempt more medicines of diabetes, mental illness and cancer?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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10% discount for property owners in Las Piñas City in effect until March 2025

December 23, 2024December 12, 2024carlocarrasco

Good news for those who own properties in Las Piñas City! The City Government announced that property owners will be granted a 10% discount on their 2025 annual real property tax (RPT) once they pay their taxes specifically from December 1, 2024 up to March 21, 2025, according to a Manila Standard news report. Be aware that the City Government launched its official app to make payments easier to do.

To put things in perspective, posted below is an excerpt from the news report of the Manila Standard. Some parts in boldface…

Las Piñas City real property tax payers will get a 10-percent discount on their 2025 annual real property tax (RPT) when they pay their taxes from Dec. 1, 2024 to March 31, 2025.

Property owners can opt to pay for their real property taxes in full or through quarterly installments, the city government said.

It encourages taxpayers to take advantage of the discount by paying via Las Piñas Smart City mobile app where they can input the tax declaration number and property identification number or PIN and select the quarters that they want to pay.

The city government launched the web app to reduce the movement of taxpayers, ensuring their safety, and allowing payments to be made in the comfort of their homes.

Las Piñas Mayor Imelda Aguilar also appealed to the new real property owners in the city to put their records with city hall in order, “so that they will be able to receive official notices and pay the correct taxes on time.”

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Are you happy with the discount being offered for your upcoming real property tax payment?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Las Piñas City Councilor Santos asks COMELEC to consider city an election hotspot

December 12, 2024December 4, 2024carlocarrasco

In light of the May 2025 local elections and the recent local controversy that happened, Las Piñas City Councilor Mark Santos asked the Commission on Elections (COMELEC) to consider the city an election hotspot, according to a Remate On-Line news report.

For the newcomers reading this, Councilor Santos is running for the lone congressional seat of Las Piñas. This puts him against outgoing Senator Cynthia Villar who happens to be running for the same post.

To put things in perspective, posted below is an excerpt from new report of the Remate On-Line. Some parts in boldface…

AFTER being ‘bullied’ by his opponent, veteran Las Piñas Councilor Mark Anthony Santos, a congressional candidate, has asked the Commission on Elections to include the city in the list of potential areas of concern in the May 2025 midterm elections.

He also requested the city police to investigate the death threats he received after he filed his certificate of candidacy last October 7, 2024 against graduating lawmaker Sen. Cynthia Villar.

”Comelec should now consider Las Piñas as among the election hotspots in Metro Manila due to the recent ’life-threatening’ developments,” he told Good Riddance.

Santos reiterated that the poll body must consider Las Piñas under election hotspot after Villar allegedly acted repeatedly in an unparliamentary manner and used offensive, derogatory and improper language against her political leaders, neighbors as well as homeowner’s association officers and security personnel.

“The Villars are being considered as the most powerful politicians not only in Las Piñas but in the entire country aside from being the richest family in the Philippines.”

Santos said he’d rather die fighting than withdraw from the congressional race.

A former chief of staff of late mayor Vergel Aguilar, he’s an advocate of socialized housing and in-city relocation, supporting the Marcos administration housing projects nationwide.

During a council privilege speech, he exposed the P213 million in accumulated taxes and penalties the Villar Group of Companies has only paid P151-million in real property taxes.

He believed that the death threats against his life were also connected to his exposes involving irregularities allegedly committed by a politician.

In recent viral video clips uploaded in Tiktok, Villar ‘attacked’ her congressional opponent, Santos, while sitting in an opposite pew minutes before the start of the mass at the city’s Our Lady of Fatima Church.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? In light of the controversy, would you consider voting for Mark Santos to represent Las Piñas in the House of Representatives?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Residents of Las Piñas City urged to avail of discounts by paying real property taxes (RPT) early

December 8, 2024December 4, 2024carlocarrasco

Recently in the City of Las Piñas, residents who own properties were advised to take advantage of discounts offered to them when paying their respective real property taxes (RPT) early enough starting this month, according to a Manila Times news report.

To put things in perspective, posted below is an excerpt from new report the Manila Times. Some parts in boldface…

Real property owners in Las Piñas City are reminded to settle their real property taxes early and take advantage of discounts offered for prompt payment in 2025.

Las Piñas Councilor Mark Anthony Santos announced that the advance tax payment period runs until Dec. 15, 2024. Taxpayers who settle their dues by this date will receive a 20 percent discount. Payments made from December 16 to 31 will qualify for a 16 percent discount, while payments completed between Jan. 1 and 31, 2025, will be granted a 10 percent discount.

To be eligible for these discounts, taxpayers must pay their taxes for the entire year and ensure there are no outstanding delinquencies, Santos emphasized.

He said failure to pay on time would result in penalties. A 10 percent surcharge will be applied to delinquent payments, along with a one-time administrative fee for late second installment payments. As stipulated in Sections 260 and 263 of Republic Act 7160, the Local Government Code of 1991, unpaid taxes could lead to further actions, including the auctioning of delinquent properties.

“If the real property tax is not paid, the city government will avail of remedies through administrative action or judicial proceedings,” Santos warned.

The city treasurer’s office also reminded new property owners to update their records at the city assessor’s office to ensure they receive official notices and avoid tax issues.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? If you are a local property owner, are you ready to settle your real property tax with the City Government this month? Are the discounts for early payments enticing enough to you? How many property owners in your local community are aware of the discounts offered?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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CREATE MORE bill signed into law

November 17, 2024November 11, 2024carlocarrasco

In a move to make the Philippines a prime investment destination, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Monday signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to promote the Philippines as a prime investment destination.

CREATE MORE Act or Republic Act (RA) 12066, signed by Marcos in a ceremony at Malacañan Palace in Manila, builds on the game-changing economic reforms introduced under the CREATE law by making the country’s tax incentives regime more globally competitive, investment-friendly, predictable and accountable.

Marcos said the signing of RA 12066 signifies his administration’s unwavering commitment to empowering the business sector and enhancing their growth prospects.

“We cannot emphasize enough the important role of the business sector in shaping this law. Your feedback has been essential in our efforts to craft policies that make our country truly competitive on the global stage,” Marcos said.

“As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations,” he added.

Marcos said the new law is a reflection of the government’s resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy.

“By establishing clear timelines and deadlines and by limiting compliance requirements to those mandated by law, we are promoting transparency and predictability. And in so doing, we create a more reliable process that instills confidence in investors and in partners alike,” he said.

“To our investors and development partners, let this be our pledge: The Bagong Pilipinas (New Philippines) continues to foster an economy where businesses and investments remain at the heart of our progressive development.”

Under the CREATE MORE Act, the maximum duration of tax incentives availment is extended by 10 years to 27 years from 17 years, to attract strategic and high-quality investments.

Registered business enterprises (RBEs) under the enhanced deductions regime will benefit from a reduced corporate income tax rate of 20 percent.

The new law also grants a 100-percent additional deduction on power expenses to cut the costs for the manufacturing sector.

It also further streamlines the value-added tax (VAT) refund process by limiting the documentary requirements and addressing the VAT concerns raised by export-oriented enterprises.

RA 12066 also introduces various reforms such as the rationalization and streamlining of incentives-related processes to address investors’ pain points and cultivate an investment-friendly climate.

It likewise simplifies local taxation by imposing a local tax on RBEs in lieu of all other local taxes, fees, and charges.

The CREATE MORE law also strengthens the respective mandates of the Fiscal Incentives Review Board (FIRB) and the investment promotion agencies (IPAs).

It institutionalizes the adoption of flexible work arrangements as a business model for RBEs operating inside economic zones and freeports, without disruption in the enjoyment of their tax incentives.

Marcos said the Filipino people would benefit from the passage of the CREATE MORE Act through more and better economic opportunities that uplift their lives, such as high-quality jobs.

The signing of CREATE MORE law is consistent with the Marcos administration’s 8-point socioeconomic agenda.

Lawmakers lauded President Marcos for signing the measure, saying it would stimulate economic growth by attracting foreign direct investments (FDIs).

“With more foreign direct investments that CREATE MORE is expected to generate, more Filipinos will have better employment opportunities that will, in turn, redound to stronger domestic consumption, one of the major drivers of the local economy,” Senator Sherwin Gatchalian said in a statement.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the CREATE MORE law will succeed in attracting more foreign investments into the Philippines? Do you expect to see results related to the new law over the next eighteen months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines achieved double-digit tax collection growth in first 9 months of 2024

October 23, 2024October 11, 2024carlocarrasco

Recently the Department of Finance (DOF) announced that the Philippines achieved double-digit growth in the January-September stretch of 2024, according to a Manila Bulletin business news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin report. Some parts in boldface…

The Department of Finance (DOF) reported that collections from the government’s two main tax agencies showed strong double-digit growth in the first nine months of the year.

The Bureau of Internal Revenue (BIR) and the Bureau of Customs collectively gathered P2.771 trillion from January to September 2024, a 10 percent increase from P2.518 trillion in the same period last year.

Of this total, the BIR, which is responsible for nearly 70 percent of the government’s annual revenue, collected P2.08 trillion by the end of September—a 12 percent increase compared to P1.858 trillion the previous year.

This nine-month collection accounted for 73 percent of the BIR’s full-year target of P2.842 trillion.

In contrast, the Customs bureau raised P690.8 billion as of September, a modest 4.6 percent increase from P660.39 billion in the previous year. This amount represents 73.5 percent of its annual target of P939.7 billion.

In May, the Development Budget Coordination Committee (DBCC) revised its tax collection projections for the BIR and Customs downward, citing expectations of slower economic growth this year.

According to the DBCC’s 2024 Quarterly Fiscal Program, approved on May 23, the BIR and Customs are now expected to collect P3.788 trillion this year, a reduction of 5.6 percent from the original target of P4.014 trillion.

The BIR’s full-year collection target was adjusted down by 6.7 percent from the previous goal of P3.055 trillion, while the Customs bureau’s target was lowered by 2 percent from the earlier estimate of P959 billion.

Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, explained to the Manila Bulletin that these adjustments were primarily driven by a lower-than-expected economic growth outlook, among other factors.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the BIR will be able to collect P3 trillion by the end of the year? Do you think the recent tax collection reports suggest that the national economy will grow stronger in the next two years?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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President Marcos signs into law VAT on foreign digital services

October 10, 2024October 2, 2024carlocarrasco

Foreign entities that provide digital services to their customers here in the Philippines will have to pay their fair share of taxes as President Ferdinand “Bongbong” Marcos, Jr., recently signed into law Republic Act Number 12023 (RA12023) which imposes the 12% value-added tax (VAT) on foreign digital service providers (DSPs), according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. signed into law on Wednesday a measure imposing a value-added tax (VAT) on foreign digital services providers (DSPs).

A priority measure of the administration, Republic Act (RA) 12023 imposes a 12 percent VAT on foreign DSPs, such as Netflix, Disney, and HBO, to generate additional revenue for the government.

In his message, Marcos said the new law would level the playing field for local providers.

“If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth. After all, whether you are a small tech startup or a global tech giant based halfway around the world, if you are making money here in the Philippines, you’re a part of our community, and with that comes a shared responsibility,” Marcos said.

According to the President, about PHP105 billion in revenue is expected to be collected in the next five years due to RA 12023.

The amount is enough to build 42,000 classrooms, more than 6,000 rural health units, and 7,000 km of farm-to-market roads, the Chief Executive noted.

Additionally, 5 percent of the revenues generated by the law will be allocated to the local creative industry.

“This means our artists, filmmakers, musicians, the very people who fill our platforms with storage and the content, will directly benefit. It ensures that our creative talents are not just surviving in a competitive digital market, but will be allowed by fairness and progress,” Marcos said.

The President thanked the legislators for passing the measure even as he called on companies covered by the law to support and heed the rules of the Act.

‘Fair and square’ tax policies – Senator Sherwin Gatchalian, meanwhile, said the new law is expected to address revenue losses by clarifying the taxability of non-resident digital service providers and addressing the ambiguity in the previous law.

“We believe in the importance of creating an environment where our digital services providers, whether they are nonresident or local, operate under fair and square tax policies,” Gatchalian said in a statement. He said the new measure does not mean a new tax imposition.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the new law will be good for the economy of the Philippines? Do you think that the foreign digital service providers will somehow raise the subscription rates and fees for their customers here in the Philippines in response to the new law?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR confirms that more medicines have been exempted from VAT

September 5, 2024August 28, 2024carlocarrasco

In case you missed the news, the Bureau of Internal Revenue (BIR) recently announced that several more medicines have been exempted from the value-added tax (VAT), according to a Philippine News Agency (PNA) news article. The newly exempted medicines cover those related to cancer, high cholesterol, hypertension, and mental illness.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) said 15 more medicines for cancer, high cholesterol, hypertension, and mental illness are now exempted from value-added tax (VAT).

In a statement on Wednesday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 93-2024 last Aug. 27, exempting from VAT certain medicines for cancer, high cholesterol, hypertension, and mental illness.

“The BIR is now a service-oriented agency, this includes the regular update of medicines that will fall under VAT-Exempt products. The BIR supports the government’s thrust in helping the public have access to more affordable healthcare and medicine,” Lumagui said.

The bureau said the circular was made in response to the updated list of VAT-Exempt Products from the Food and Drug Administration, under Republic Act (RA) 10963 and RA 11534.

Let me end this piece by asking you readers: What is your reaction to this recent development? Did you notice any changes in the prices of medicines you bought recently? Are many members of your local community aware of this new development?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR task force raids vape festival in Las Piñas City, seizes over 5,000 illicit vape products

August 27, 2024August 19, 2024carlocarrasco

Recently in the City of Las Piñas, a task force of the Bureau of Internal Revenue’s (BIR) raided a vape festival and seized more than five thousand illicit vape products, according a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue’s (BIR) Illicit Trade Task Force raided Sunday the Philippine Vape Festival 2024 in Las Piñas City and confiscated illicit vape products.

In a statement, BIR Commissioner Romeo Lumagui Jr. said surveillance of the event confirmed that there were vape products without internal revenue stamps.

“The illicit vape being displayed in this festival shows the brazen attitude of the vape industry against the proper taxation of vape products. They even organized a festival filled with illicit vape. The full strength of the BIR Illicit Trade Task Force will be deployed against this industry,” Lumagui said.

About 5,385 illicit vape products have been seized. The inventory of the illicit vape products confiscated during the festival is still ongoing but the BIR said the initial estimate of tax liabilities is at least PHP7 million.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Are you concerned that there could be more illicit vape products being sold in local stores? Are many members of your local community involved in the vape trade? Do you think the vape festival organizers will be held accountable for the presence of illicit vape products?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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