The Fiscal Incentives Review Board (FIRB) has put up its Fiscal Incentives Registration and Monitoring System (FIRMS) as one of the major accomplishments of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act since it was signed into law last year by President Duterte, according to Finance Assistant Secretary and FIRB Secretariat Head Juvy Danofrata.
Read MoreCollections by the Bureau of Internal Revenue (BIR) from its operations amounted to P485.4 billion in the first quarter, about P47.2 billion or 8.9-percent short of the goal set by the Development Budget Coordination Committee (DBCC) as businesses avail of the provision allowing outright crediting of their input value-added tax on capital goods under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Read Morepon orders of the Department of Finance (DOF), the Bureau of Internal Revenue (BIR) has suspended Revenue Special Orders (RSOs) and Operations Memoranda (OMs) creating special audit task forces to prevent duplication of functions of BIR offices and avoid confusion among taxpayers.
Read MoreThe National Government (NG) paid in full its outstanding P300 billion provisional advances to the Bangko Sentral ng Pilipinas (BSP) earlier today, well in advance of the 11 June 2022 actual maturity date.
Read MoreIn the first three years of its implementation, the law liberalizing rice trading has earned a total of P46.6 billion in rice import duties, which directly benefited palay farmers through a P10-billion annual fund created to finance programs that will sharpen their global competitiveness by way of farm mechanization, high-quality seeds, access to credit and training.
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