HOLDERS of value-added tax (VAT) tax credit certificates (TCCs) will be given an option to wait for the end of their validity and monetize them in full or convert them to cash earlier at a discount under government rules on TCC monetization.
Read More“The Bureau of Internal Revenue is in the midst of crucial major reforms. We are completing the evaluation of our various core processes, such as those of registration, filing and payment, auditing and collection, and have started and needs to complete the reengineering of these processes. In addition, we are enhancing our Information Taxpayer Systems, built during the 1990s, with the assistance of the grant from the Compact Program of the Millennium Challenge Corporation. These major efforts are being undertaken to enable us to meet the ever-increasing challenge of reaching revenue collection targets given to us annually. The Government’s tax collection efforts provide the government with the funds needed to spur economic development and fund social programs to ensure that the benefit of economic growth will trickle down to the less fortunate members of our society.
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