The Bureau of Internal Revenue (BIR) is expecting to lose P55 billion and even more annually if the income tax (IT) rates for individual and corporation are reduced to a uniform schedule of 25 percent from the current 32 percent.
The Bureau of Internal Revenue (BIR) will have to raise some P175 billion for the remaining two months of the year to hit its P940-billion collection target, a job considered by insiders as “mission impossible.”Continue reading …
MANILA, Philippines (Tempo) – Banks and insurance companies are the most honest taxpayers while electric and local water cooperatives are the worst. This was how the International Monetary Fund (IMF) analyzed and rated the said businesses based on the data furnished by the Bureau of Internal Revenue (BIR). Thirteen major industries were rated by the […]Continue reading …