New CMEPA Law Ends Tax Breaks on Long-term Savings, Imposes 20% Flat Rate
Banks are now imposing a uniform 20% tax on all interest income from deposits, ending exemptions on long-term savings under the new CMEPA law.
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Recto: Finance Department Withdraws GROWTH Bill
Finance Secretary Recto withdrew the GROWTH Bill proposal to increase taxes, citing stronger-than-expected tax collections in the first quarter of 2025.
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BIR Implements 1% Withholding Tax to Online Sellers
BIR implements a 1% withholding tax on gross remittances by e-marketplace operators to online sellers. Exemptions for low-earning sellers.
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DOF Secretary Diokno Backs Online Seller Tax for ‘Fairness’
DOF Secretary Diokno says the creditable withholding tax on online sellers in the Philippines is about making the tax system ‘fair’.
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BIR Eyes to Collect Taxes from ‘Big Time’ Influencers, Online Sellers
Sign up with your email and never miss another crypto and NFT stories from the Philippines and beyond! The Bureau of Internal Revenue (BIR) is determined to collect taxes from “big time” social media influencers, online sellers, and online businesses, Commissioner Lilia C. Guillermo announced during the SGV Tax Symposium last August 19, 2022. “We…
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BSP: 12% VAT on Digital Services Necessary for Emerging Economies
BSP Governor Benjamin Diokno noted that taxing digital transactions is universal for both developed and emerging economies like the Philippines, adding that “taxing transactions is better than taxing income.”
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Key Takeaways: House Bill 7425 on Taxing Digital Services in the Philippines
What is included in the new House Bill No. 7425 that seeks to tax the online services Filipinos use?
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Social Media Influencers Warned to Pay Tax by the BIR
The Bureau of Internal Revenue reminds Internet celebrities and social media influencers to pay tax.
