MANILA - Tax inspectors in the Philippines will soon tighten tax controls for stall holders and small businesses in public markets in an effort to increase tax compliance across the country. The government of the Philippines is initiating a new project to ensure that small business owners and stall operators across the country are complying with their tax obligations. The new initiative was revealed by Commissioner of the Bureau of Internal Revenue (BIR) Kim Jacinto Henares while speaking at a press conference on ... Read More

MANILA - Tax authorities in the Philippines are keeping a close eye on the development and implementation of the mining and carbon taxes around the world, saying that similar measures could soon be implemented in the country. Following a Cabinet meeting over the weekend the Finance Secretary of the Philippines Cesar Purisima said to members of the press that the national tax authorities are currently investigating the feasibility of applying on country’s mining industry a new taxes on carbon emissions and the ... Read More

MANILA - Banks in the Philippines are standing up against a controversial new ruling by national tax authorities to impose a tax on government issued “tax free” bonds. On October 17th the eight largest banks of the Philippines submitted a petition to the country’s Supreme Court over a recent ruling which, if passed, will see taxes imposed on interest earned from government Poverty Eradication and Alleviation Certificates (PEACe). The PEACe bonds were issued in 2001, and are set to mature on October 18th. ... Read More

The Global Forum on Transparency and Exchange of Information for Tax Purposes has released several new reports on the results of recently conducted reviews of the implementation of international tax information exchange standards. The mechanism of implementation and legal frameworks for international tax transparency and information exchange in nine different countries have been reviewed by the Global Forum on Transparency and Exchange of Information for Tax Purposes, with the results being released on May 1st. The newly published reports outlined the results of ... Read More

The government of Philippines is aiming to instate tax reductions in order to make a significant positive impact in efforts to reduce the country’s levels of greenhouse gas emission and bolster public acceptance of eco products. The House of Representatives of the Philippines is one step closer to instating a new green tax measure, after having approved the first reading of a new bill which would see a 30 percent decrease in the factory price of eco-friendly automobiles. The new draft bill ... Read More