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BIR suspends 12% VAT on exporters’ purchases

The Bureau of Internal Revenue has agreed to suspend the imposition of the 12 percent value-added tax on local purchases of raw materials and packaging products of exporters, according to the Philippine Economic Zone Authority and House ways and means committee chairman Rep. Joey Salceda......»»

Category: financeSource: philstar philstarJul 22nd, 2021

BIR defers VAT collection from exporters& rsquo; purchases

Economic zone locators found relief after the Department of Finance and the Bureau of Internal Revenue temporarily deferred the collection of value added tax on local purchases of exporting companies......»»

Category: newsSource:  inquirerRelated NewsJul 22nd, 2021

Exporters laud suspension of 12% VAT on purchases

The Philippine Exporters Confederation welcomes the government’s move to suspend the imposition of the 12 percent value added tax on exporters’ local purchases, saying this will provide relief to the sector amid the pandemic......»»

Category: financeSource:  philstarRelated NewsJul 25th, 2021

Forgone VAT revenues hit P283 billion in 2019

As industry groups clamor to regain their VAT exemption on local purchases, the Department of Finance has reported that the government lost nearly P283 billion in revenue from extending the tax perk to exporters......»»

Category: financeSource:  philstarRelated NewsJul 19th, 2021

Export targets in peril due to higher shipping costs

The umbrella organization of exporters in the country warns it may now be difficult to meet export targets as the sector faces twin challenges of rising shipping costs and the imposition of the 12 percent value-added tax on their local purchases......»»

Category: financeSource:  philstarRelated NewsJul 19th, 2021

Business groups: Repeal 12% VAT on exporters’ local purchases

Business groups want the Bureau of Internal Revenue to repeal the imposition of 12 percent value-added tax on local purchases of exporters and indirect exports, saying its implementation may lead to job losses and discourage investments in the country......»»

Category: financeSource:  philstarRelated NewsJul 14th, 2021

Duterte eyes reassignment of ABS-CBN’s radio frequencies; again accuses firm of unpaid taxes

MANILA, Philippines — President Rodrigo Duterte said Monday that he would reassign radio frequencies that were held by ABS-CBN Corp. while again accusing the former television giant of owing the government “billions in taxes,” contrary to the assessment of the Bureau of Internal Revenue (BIR). During his final State of the Nation Address, the President continued […] The post Duterte eyes reassignment of ABS-CBN’s radio frequencies; again accuses firm of unpaid taxes appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 27th, 2021

Big business groups ask Duterte to endorse key economic reforms

Three major business groups asked President Rodrigo Duterte to endorse the fast approval of key economic policies and address issues confronting exporters, employers and the business community on the eve of his final State of the National Address Monday......»»

Category: financeSource:  thestandardRelated NewsJul 26th, 2021

BIR collections breach P1 trillion, surpass target

The Bureau of Internal Revenue collected more than P1 trillion in taxes as of end-June, surpassing its target by over P16 billion, as the agency improves its performance to beef up the government’s resources for pandemic response......»»

Category: financeSource:  philstarRelated NewsJul 16th, 2021

Electronics manufacturers seek DTI& rsquo;s help on VAT issue

Electronics and semiconductor companies asked the Department of Trade and Industry to help clarify the issue of value added tax collection on previously non-VATable local purchases of exporting companies, after an unsuccessful attempt to get an audience with the Bureau of Internal Revenue......»»

Category: financeSource:  thestandardRelated NewsJul 13th, 2021

Saudi suspends UAE flights due to virus variant

Saudi Arabia has suspended flights to three countries, including the neighbouring United Arab Emirates, to protect against a coronavirus variant, the interior ministry said Saturday......»»

Category: newsSource:  thestandardRelated NewsJul 5th, 2021

Exporters lament lack of vessel space for shipments

Over 80 percent of exporting firms cannot ship out their products due to lack of vessel space, according to a survey of the Philippine Exporters Confederation Inc......»»

Category: financeSource:  philstarRelated NewsJul 3rd, 2021

Valenzuela City suspends permit of factory that paid worker in coins

Valenzuela City has suspended the business permit of the factory that paid one of its workers in five and 10-centavo coins......»»

Category: newsSource:  philstarRelated NewsJun 30th, 2021

Philexport raises concerns on VAT on indirect exports

The Philippine Exporters Confederation Inc. has urged government to ensure that the implementation of the 12 percent VAT on indirect exports do not become another burden for exporters and micro, small and medium enterprises......»»

Category: financeSource:  philstarRelated NewsJun 27th, 2021

BIR ends VAT exemption for exporters, ecozone firms

The Bureau of Internal Revenue will no longer accept applications for VAT exemption from exporters for the purchase of goods and services as part of the lifting of fiscal incentives under the new tax law......»»

Category: financeSource:  philstarRelated NewsJun 26th, 2021

‘Philippines herd immunity most likely in 2023’

The Philippines will likely achieve herd immunity by early 2023 even as the government ramps up its purchases of COVID-19 vaccines, an international think tank said......»»

Category: financeSource:  philstarRelated NewsJun 21st, 2021

Online shopping discount for seniors, PWDs pushed

The 20-percent discount privilege of senior citizens and persons with disabilities should apply to online purchases, based on a measure filed before the House of Representatives......»»

Category: newsSource:  philstarRelated NewsJun 19th, 2021

Comelec suspends voter registration in Makati

The voter registration in Barangay Rizal, Makati will be suspended tomorrow until Saturday amid the reported cases of COVID-19 in the area, the Commission on Elections announced yesterday......»»

Category: newsSource:  philstarRelated NewsJun 17th, 2021

Philippine exporters incur losses due to global shipping disruptions

Local exporters are incurring higher costs and losses due to disruptions in the global container shipping industry......»»

Category: financeSource:  philstarRelated NewsJun 15th, 2021

Imports allowed as replacement for US sugar quota

The Sugar Regulatory Administration is allowing sugar exporters who have already made shipments to the US in the current crop year to import sugar in a bid to address the gap in the local supply......»»

Category: newsSource:  philstarRelated NewsJun 5th, 2021

Philippines suspends erring Saudi recruitment agencies

Close to a hundred recruitment agencies, companies and employers in Saudi Arabia have been barred from hiring Filipino workers......»»

Category: newsSource:  philstarRelated NewsMay 30th, 2021