Bureau of Internal Revenue Issuances
REVENUE REGULATIONS
RR No. 17-2025
July 18, 2025
Amending Sections 3 and 4 of Revenue Regulations (RR) No. 16-2024 on the Updated Floor Price of Cigarette, Heated Tobacco and Vapor Products.
REVENUE MEMORANDUM CIRCULAR
RMC No. 72-2025
July 14, 2025
Clarification on the Expiration of Certificates of Accreditation of Cash Register Machines (CRMs), Point-of-Sale (POS) and Other Similar Sales Machines/Software Generating Invoices/Receipts Including Electronic Invoicing ot Electronic Receipting System/Software Used under a Subscription-Based Agreement
TAX LAW
REPUBLIC ACT No. 12214 – Capital Markets Efficiency Promotion Act (CMEPA)
BIR Website / signed May 29, 2025
AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 32, 34, 38, 39, 42, 51, 52, 56, 57, 127, 149, 174, 176, 179, 190, 199, AND 258 OF REPUBLIC ACT NO. 8424, ОТHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
REPUBLIC ACT No. 12079 – A VAT Refund for Non- Resident Tourists
Official Gazette / December 9, 2024
AN ACT CREATING A VAT REFUND MECHANISM FOR NON-RESIDENT TOURISTS, ADDING A NEW SECTION 112-A TO THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, FOR THE PURPOSE
REPUBLIC ACT No. 12066 – CREATE MORE
Official Gazette / November 13, 2024
AN ACT AMENDING SECTIONS 27, 28, 32, 34, 57, 106, 108, 109, 112, 135, 237, 237-A, 269, 292, 293, 294, 295, 296, 297, 300, 301, 308, 309, 310, AND 311, AND ADDING NEW SECTIONS 135-A, 295-A, 296-A, AND 297-A OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES.
REPUBLIC ACT No. 12023 – VAT on Digital Services
Official Gazette / October 2, 2024
AN ACT AMENDING SECTIONS 105, 108, 109, 110, 113, 114, 115, 128, 236, AND 288 AND ADDING NEW SECTIONS 108-A AND 108-B OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
REPUBLIC ACT No. 11976 – Ease of Paying Taxes (EOPT)
Official Gazette / January 5, 2024
AN ACT INTRODUCING ADMINISTRATIVE TAX REFORMS, AMENDING SECTIONS 21, 22, 51, 56, 57, 58, 76, 77, 81, 90, 91, 103, 106, 108, 109, 110, 112, 113, 114, 115, 116, 117, 118, 119, 120, 128, 200, 204, 229, 235, 236, 237, 238, 241, 242, 243, 245, 248, AND 269; AND REPEALING SECTION 34(K) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
TAX AND BUSINESS RELATED NEWS
BIR WEEKENDER BRIEFS
Volume No. 16 Issue No 29 Week ending July 18, 2025 – (BIR Website)
On July 14, Oplan Kandado Operation BIR enforcement teams led by RDO temporary closures. Filling of case and Apprehension of Illicit Whites on July 14, led by RDO. And Tax Enforcement Activities on July 9 to 15, 2025.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/v16n29%20web.pdf
BIR Commissioner Lumagui obtains Harvard Kennedy School Executive Certificate in Public Leadership
BIR Website / July 16, 2025
The Bureau of Internal Revenue (BIR) proudly announces that Commissioner Romeo D. Lumagui, Jr. has successfully obtained his Executive Certificate in Public Leadership from the prestigious Harvard Kennedy School (HKS) – marking a significant achievement in his commitment to continuous learning and principled public service. HKS is also known as the John F. Kennedy School of Government.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/PR33JUL1625.pdf
BIR applauds DOJ filing of criminal charges against 2 big corporations found using Ghost Receipts
BIR Website / July 11, 2025
The Bureau of Internal Revenue (BIR) welcomed the recent action of the Department of Justice (DOJ) in filing eighteen (18) criminal Information before the Court of Tax Appeals against two (2) business enterprises and their corporate officers for their involvement in fraudulent transactions using ghost receipts. On April 10, 2025, Secretary of Justice Jesus Crispin Remulla filed charges against E.D. Buenviaje Builders, Inc. (E.D. Buenviaje) and Synergy Sales International Corporation (SSIC), as well as their responsible officers, for multiple violations of Sections 254 (Attempt to Evade or Defeat Tax) and 255 (Failure to Supply Correct and Accurate Information) of the National Internal Revenue Code (NIRC) of 1997, as amended.
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https://bir-cdn.bir.gov.ph/BIR/pdf/PR32JUL1125.pdf
DOJ files P73M tax evasion raps vs. 2 firms
Philippine News Agency / Benjamin Pulta / July 11, 2025 – MANILA
The Department of Justice (DOJ) on Friday announced the filing of 18 criminal charges before the Court of Tax Appeals (CTA) against a construction company and a trading corporation for tax evasion. In a statement, the DOJ said the cases were filed against Buenviaje Builders, Inc. (E.D.Buenviaje) and Synergy Sales International Corporation (SSIC) and their responsible officers after a preliminary investigation of the complaints submitted by the Bureau of Internal Revenue (BIR). The BIR accused the two firms of transacting with ghost companies Buildforce Trading, Inc., and Decarich Supertrade Inc., which were created to issue fraudulent official receipts “to substantiate fictitious claims and expense deductions to unlawfully reduce tax liabilities.”
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https://www.pna.gov.ph/articles/1254130
Philippines’ president to discuss tariffs in Trump meeting this month, top diplomat says
Business World / Reuters / July 11, 2025 – KUALA LUMPUR
Philippine President Ferdinand Marcos Jr will meet U.S. President Donald Trump in Washington this month, Manila’s top diplomat said on Friday, with an increased trade tariff on one of Washington’s top defence allies set to be discussed. Philippine foreign minister Theresa Lazaro, in an interview during a regional summit in Malaysia, confirmed the arrangement of what will be the first meeting between Trump and Marcos, whose nations have stepped up military engagements significantly of late. “The issue of tariffs will be discussed among others…it’s also very important to us. We have already sent negotiators to discuss this issue,” Ms. Lazaro told Reuters on Friday. A White House official earlier told Reuters the meeting was set for July 22, while the office of Mr. Marcos said he will visit the U.S. from July 20-22. The Philippines is concerned over a 20% tariff rate announced this week by Mr. Trump, which was increased from 17% threatened in April, without explanation. The U.S. goods trade deficit with the Philippines widened to $4.9 billion in 2024, a 21.8% increase from 2023. The Philippines has said it remains committed to continue negotiations and a delegation will travel to Washington next week to pursue a trade deal.
Click the link below to read the full news from the source:
https://www.bworldonline.com/top-stories/2025/07/11/684704/philippines-president-to-discuss-tariffs-in-trump-meeting-this-month-top-diplomat-says/
BIR, LANDBANK offer easier foreign DSP VAT payments
Business World / Aubrey Rose A. Inosante / July 13, 2025
THE Bureau of Internal Revenue (BIR) and the Land Bank of the Philippines (LANDBANK) said they signed an agreement to streamline the payment of value-added tax (VAT) by foreign digital service providers (DSPs). “This Memorandum of Agreement (MoA) outlines the agreement between two government agencies to collaborate in the collection of Value-Added Tax on Digital Services (VDS) through a dedicated portal,” the BIR said in a statement over the weekend. The MoA was signed on July 8. The BIR previously extended the registration of all non-resident digital service providers to July 1 due to the unavailability of the VDS portal and the online registration and update system. President Ferdinand R. Marcos, Jr. signed the law imposing VAT on DSPs in October.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/07/13/684913/bir-landbank-offer-easier-foreign-dsp-vat-payments/
Transforming the role of accountants ‘Suits The C-Suite’
Business World / Cyril Jasmin B. Valencia / July 13, 2025
IN BRIEF: • Accountants are transitioning from traditional roles to strategic partners within organizations, offering insights into business strategy and risk management. • The demand for specialized skills is on the rise, particularly in areas such as environmental, social, and governance (ESG) reporting and data analytics, requiring strong communication and relationship-building abilities. • Artificial intelligence (AI) and digital technologies are automating routine tasks, enabling accountants to focus on higher-value activities and enhancing their long-term career prospects. The accountancy profession is undergoing a significant transformation. A recent report from the Institute of Singapore Chartered Accountants (ISCA) emphasizes that various factors, including shifts in the business landscape, technological advancements, and an expanding scope of responsibilities for accounting professionals, have intensified the need for the profession to adapt and innovate. As the landscape evolves, accountants must embrace new technologies and skill sets to remain relevant and valuable in their organizations. This transformation is not merely a reaction to change; it is an opportunity for accountants to proactively shape the future of their profession.
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https://www.bworldonline.com/economy/2025/07/13/684908/transforming-the-role-of-accountants/
Banks slap uniform 20% tax on interest income
The Philippine Star / Keisha Ta-Asan / July 14, 2025 – MANILA, Philippines
Major banks have started implementing new tax rates on interest income from deposit products following the effectivity of Republic Act 12214 or the Capital Markets Efficiency Promotion Act (CMEPA) on July 1. Metropolitan Bank & Trust Co., Union Bank of the Philippines and Security Bank Corp. confirmed that interest income earned from both peso and foreign currency accounts is now subject to a uniform 20 percent final withholding tax (FWT), regardless of term or currency denomination. The law aims to create a more inclusive and efficient financial system by simplifying the tax treatment of passive income and capital market transactions, while aligning the country’s policies with global standards. The tax on foreign currency deposit accounts, including time deposits issued to residents, also increased to 20 percent from the previous 15 percent. UnionBank likewise confirmed the implementation of the flat 20 percent tax rate on all peso long-term deposits and investments placed starting July. This replaced the previous tiered tax system, which imposed rates of zero to 20 percent depending on the holding period.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2025/07/14/2457715/banks-slap-uniform-20-tax-interest-income
Firm loses bid to nullify P2.8-M tax assessments for filing petition a day late
Manila Bulletin / Czarina Nicole Ong Ki / July 14, 2025
For filing its petition to dismiss a day late, Keys Realty and Development Corporation lost its bid before the Court of Tax Appeals (CTA) to nullify the alleged P2.8 million in deficiency income and value-added taxes for taxable year 2007 assessed by the Bureau of Internal Revenue (BIR). The amended petition filed by Keys Realty on July 15, 2021 sought to nullify the Final Decision on Disputed Assessment (FDDA) dated Oct. 12, 2020 assessing the amount of P2,468,057.07 for deficiency income tax and P420,381.61 for deficiency value added tax (VAT) or a total assessment of P2,888,438.68. Despite Keys Realty’s arguments, the CTA said it has no jurisdiction to entertain the case since Keys Realty filed the petition a day late. The CTA explained: “Here, the Petition for Review was filed on July 15, 2021, praying, among others, for the nullification or cancellation of the WDL, which petitioner received on June 14, 2021. Counting 30 days from the latter date, petitioner had until July 14, 2021 to file the Petition for Review.
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https://mb.com.ph/2025/07/14/firm-loses-bid-to-nullify-p28-m-tax-assessments-for-filing-petition-a-day-late
Projects with tax perks under CREATE hit P1.5 trillion
The Philippine Star / Louise Maureen Simeon / July 14, 2025 – MANILA, Philippines
The government has approved 1,500 projects worth P1.5 trillion since the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. Based on the annual report of the Cabinet-level Fiscal Incentives Review Board (FIRB), total investment capital from approved priority activities with incentives under the CREATE Law reached P1.49 trillion as of end-2024. CREATE cut the corporate income tax rates to make them comparable with the ASEAN region. The law also adopted a simpler and more effective fiscal incentives system, ensuring that incentives are performance-based, time-bound, targeted and transparent.
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https://www.philstar.com/business/2025/07/14/2457693/projects-tax-perks-under-create-hit-p15-trillion
Real estate prospects clouded by new US tax on remittances
Business World / Beatriz D. Cruz / July 14, 2025
THE US decision to impose a 1% remittance tax could serve to dampen property investing activity by overseas Filipino workers (OFWs), industry analysts said. The remittance tax, a component of the Trump administration’s “One Big Beautiful Bill,” will crowd out any OFW funds earmarked for investing and shift priorities towards essentials, they said.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/07/14/685181/real-estate-prospects-clouded-by-new-us-tax-on-remittances/
RR 15-2025: Clarifying tax rules for private retirement plans ‘TOP OF MIND’
The Philippine Star / Dennice Clyte Ramirez / July 15, 2025
The Bureau of Internal Revenue (BIR) released Revenue Regulation (RR) 15-2025 on April 29, 2025, clarifying and updating the tax rules applicable to qualified employee private retirement benefit plans. This RR aims to assist employers in understanding the terms, conditions and tax responsibilities associated with maintaining retirement plans that are eligible for tax exemptions – ensuring that employees receive fair and tax-free retirement benefits if certain conditions are met.
Definition of a reasonable private retirement benefit plan – A reasonable private retirement benefit plan is one maintained by an employer for some or all of its officials or employees. Contributions are made by the employer, or by both the employer and employees, to accumulate a fund whose earnings and principal will be distributed at a later time, typically upon the employee’s retirement or separation from service. The plan must ensure that no part of the fund’s corpus or income is used for any purpose other than the exclusive benefit of the employees.
Tax incentives for qualified plans – A Tax-Qualified Plan, approved by the BIR and issued a certificate of qualification, is entitled to the following tax benefits: Employees aged 50 or older with at least 10 years of service can receive retirement benefits exempt from income and withholding taxes. Income earned by the retirement fund is tax-exempt, except for stock transaction tax. Employer contributions are deductible from taxable income, including excess contributions, which may be amortized over 10 years.
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https://www.philstar.com/business/2025/07/15/2457953/rr-15-2025-clarifying-tax-rules-private-retirement-plans
Exec says taxing online gambling not BSP task
Philippine News Agency / Joann Villanueva / July 15, 2025 – MANILA
Taxing electronic wallet providers for online gambling is not within the tasks of the Bangko Sentral ng Pilipinas (BSP) but a policy is now under study to regulate the digital marketplace, an official said Tuesday. “This is something for DOF (Department of Finance) to determine. Taxation matters are not within the purview of the BSP,” BSP Deputy Governor Chuchi Fonacier told reporters on the sidelines of the Chamber of Thrift Banks (CTB) convention in Makati City. Fonacier said they are currently “still evaluating internally” a draft policy on digital marketplace guidelines, which has been exposed to stakeholders to get their insights.
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https://www.pna.gov.ph/articles/1254306
Furniture makers bat for support if tariff negotiations with US fail
Business World / Justine Irish D. Tabile / July 15, 2025
FURNITURE EXPORTERS are seeking substantial government support in light of the 20% US tariff on Philippine goods. “We really need the government to back us up (with) drastic export policies and funding support,” Chamber of Furniture Industries of the Philippines Director General Ajun L. Valenzuela told BusinessWorld. The latest US position is that Philippine goods will be charged a 20% tariff starting Aug. 1, though a Philippine delegation will be in Washington to negotiate a lower rate or even a free trade agreement. President Ferdinand R. Marcos, Jr. is also due to visit Washington later this month. The new rate is higher than the 17% tariff announced in April and level with the 20% that Vietnam is set to pay.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/07/15/685474/furniture-makers-bat-for-support-if-tariff-negotiations-with-us-fail/
VAT on digital services: Unraveling recharges and allocated costs ‘Taxwise Or Otherwise’
Business World / Ron Jacob Abaday / July 16, 2025
Digital services have become essential in today’s fast-paced world. For businesses, companies increasingly rely on cloud-based tools or enterprise software to enhance efficiency and aid in data-driven decision making, despite the significant investment these technologies often require. Multinational companies (MNCs) often contract with digital service providers (DSPs) at a global level, through their parent entities or regional headquarters and allocate or recharge the corresponding costs to their subsidiaries or affiliates based on consumption, including those in the Philippines. This leverages purchasing power to secure better deals, reduce costs, and maintain consistent service quality across all members of the group, even those located in other countries. With the signing of Republic Act No. 12023, or the VAT on Digital Services Act, digital services provided by non-resident digital service providers (NDSPs) for Philippine consumers are now subject to 12% VAT. “Digital service” is defined as any service that is supplied over the internet or other electronic network with the use of information technology and where the supply of the service is essentially automated. The answer to the first question is quite straightforward since the VAT is imposed on consumption by a Philippine customer. In Q&A No. 30 of Revenue Memorandum Circular (RMC) No. 47-2025, the Bureau of Internal Revenue (BIR) confirmed that if the contracting party of the NDSP is outside the Philippines, for instance a non-resident parent or affiliate, and the costs are shared with different markets including Philippine subsidiaries, the allocated costs or recharges are to be subject to 12% VAT if these pertain to digital services consumed in the Philippines. The RMC reiterated that the VAT on Digital Services is based on consumption, not on the physical presence of the service provider in the Philippines. Accordingly, in these Business-to-Business (B2B) transactions, the Philippine subsidiary is responsible for withholding and remitting the VAT on the allocated costs attributable to the digital services it utilizes locally.
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https://www.bworldonline.com/economy/2025/07/16/685707/vat-on-digital-services-unraveling-recharges-and-allocated-costs/
PhilHealth rules out contribution rate hike after loss of subsidies
Business World / Katherine K Chan / July 16, 2025
THE Philippine Health Insurance Corp. (PhilHealth) said on Wednesday that member contribution rates will not rise because they are fixed by law, adding that it will seek to offset the loss of government subsidies through operational efficiencies. PhilHealth President and Chief Executive Officer Edwin M. Mercado said the efficiencies will come in the form of streamlined collections. “Right now, (rates are) set by law. The maximum (premium contribution rate) is 5% of basic pay. At this point, it’s more about our efficiency in collecting from the paying sectors and direct members,” Mr. Mercado told reporters on the sidelines of the Management Association of the Philippines (MAP) general membership meeting. Under the Universal Health Care Act, PhilHealth charges its members a premium of 5% of their monthly basic salary or declared income, subject to a P10,000 salary floor and a P100,000 ceiling.
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https://www.bworldonline.com/economy/2025/07/16/685715/philhealth-rules-out-contribution-rate-hike-after-loss-of-subsidies/
Vapes push excise tax collection to P135 billion in H1
The Philippine Star / Louise Maureen Simeon / July 16, 2025 – MANILA, Philippines
Vape products are slowly making significant tax contributions as they push excise tax collection 10 percent higher to P135 billion in the first half following the government’s move to include them in the stamps system. Last year, the BIR mandated the fourth generation internal revenue stamps for all imported and locally manufactured vape products. Lack of internal revenue stamps means non-payment of excise taxes, which would result in the seizure of vape products and the possible filing of tax evasion cases.
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https://www.philstar.com/business/2025/07/16/2458209/vapes-push-excise-tax-collection-p135-billion-h1
CLO finds property tax scheme anomalies
The Freeman / Irish Hazel Mascardo / July 16, 2025 – CEBU, Philippines
Calling it a violation of the Local Government Code, the Cebu City Legal Office (CLO) has reported uncovering an illegal and “large-scale” surge of tax rates scheme, and named appointees of the previous administration as behind the instructions committed under “pressure”. It was during the regular session yesterday where the investigative report from the CLO, signed by lawyer Luigine Christi Chan, and approved by then CLO Officer Santiago Ortiz, was transmitted to the council. The report dated May 21, 2025 was titled “Investigative Report on the Gross Illegality on the Large-Scale Increase of Market Value of Real Property on Tax Declaration”. In their introduction, the CLO said they cannot turn a blind eye to the scheme they discovered and leaving it hidden and unresolved would undermine accountability. In line with this, the CLO recommended immediate information campaigns and help desks to assist affected taxpayers, executive action to protect those who missed the appeal window, reassessment based on legal values to take effect 90 days after invalidation of the illegal assessments, and legislation to declare override-based assessments void from the beginning. The CLO urged the mayor, city treasurer, assessor, and legislative body to coordinate in correcting the illegal valuations, protecting taxpayer rights, and restoring credibility to the city’s fiscal governance.
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https://www.philstar.com/the-freeman/cebu-news/2025/07/16/2458382/clo-finds-property-tax-scheme-anomalies
DOF: No new tax under CMEPA
Philippine News Agency / Anna Leah Gonzales / July 17, 2025 – MANILA
The Department of Finance (DOF) on Thursday clarified that the Capital Markets Efficiency Promotion Act (CMEPA) does not impose a new tax but standardizes the tax rate on interest income to correct an unfair system that favored the wealthy. In a statement, the DOF said under CMEPA, the tax on interest income was set at 20 percent to simplify compliance, eliminate confusion, and level the playing field for all Filipinos. Prior to the law’s passage, the National Internal Revenue Code of 1997 imposes a 20 percent final tax on interest earned from bank deposits with a maturity of less than three years. The DOF, citing data from the Bangko Sentral ng Pilipinas (BSP), said more than 99.6 percent of total deposits were already subject to the 20 percent tax rate, while only 0.4 percent enjoyed preferential rates.
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https://www.pna.gov.ph/articles/1254503
CMEPA tax rules not applicable to SSS, GSIS, Pag-IBIG savings — DoF
Business World / Aubrey Rose A. Inosante / July 17, 2025
THE Department of Finance (DoF) said government-backed savings schemes are exempt from the tax provisions of the new Capital Markets Efficiency Promotion Act (CMEPA). “The unified rate does not apply to provident savings programs under the Social Security System (SSS), Government Service Insurance System (GSIS), and Pag-IBIG (such as MP2). These savings programs remain exempt from tax,” the DoF said in a statement on Thursday. CMEPA, which sets a flat 20% tax rate on interest income, is not a new levy but rather “corrects an unfair system that favored the wealthy,” it said. The DoF also noted that before the law was signed, the National Internal Revenue Code of 1997 had imposed a 20% final tax on interest earned from bank deposits with a maturity of less than three years. The rate for deposits with maturities of between four years and under five years was 5%, and those with maturities of between three years and under 4 years had been 12%.
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https://www.bworldonline.com/economy/2025/07/17/685958/cmepa-tax-rules-not-applicable-to-sss-gsis-pag-ibig-savings-dof/#google_vignette
CMEPA and the 20% tax: What it means for your bank savings
Philstar.com / Jean Mangaluz / July 17, 2025 – MANILA, Philippines
Netizens were in an uproar when banks implemented new tax rates on savings interest, prompting many to ask: “What’s going to happen to my savings?” The changes stem from the Capital Markets Efficiency Promotion Act (CMEPA), a new law signed by President Ferdinand Marcos Jr. in May and enacted in July. It aims to introduce key reforms to level the playing field in trade and investment. One such reform is the reduction of the Stock Transaction Tax (STT) from 0.6% to 0.1%. However, what triggered the uproar is the uniform 20% tax rate on interest income.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2025/07/17/2458654/cmepa-and-20-tax-what-it-means-your-bank-savings
Explainer: 20% tax on interest income from bank deposits under CMEPA
Philippine Daily Inquirer / Ian Nicolas P. Cigaral / July 17, 2025 – MANILA, Philippines
Public backlash is growing over parts of the Capital Market Efficiency Promotion Act (CMEPA), particularly provisions on taxing interest from bank deposits.
Are savings taxed at 20 percent? – To be clear, the tax only applies to interest earned from deposits — not to the entire amount that a depositor keeps in a bank. For example, if you deposited P100,000 with a bank that offers an annual interest rate of 2 percent, your interest income will be P2,000. But deducting 20 percent or P400, your net interest income after one year will be P1,600. And the 20 percent tax on interest earnings from bank deposits is not new. It has been in place since 1998, long before CMEPA became a law.
Click the link below to read the full news from the source:
https://business.inquirer.net/536175/explainer-20-tax-on-interest-income-from-bank-deposits-under-cmepa
BIR beats H1 target, sees strong growth in small taxpayers
Philippine News Agency / July 17, 2025 – MANILA
The Bureau of Internal Revenue (BIR) has exceeded its revenue collection target for the first half of 2025, reflecting the agency’s momentum amid a trimmed full-year goal prompted by slower-than-expected economic growth. “We are proud to say that we have achieved that PHP1.5 trillion [target] for the first half of the year. So, the BIR is really doing well for the first semester,” BIR Commissioner Romeo Lumagui Jr. said in a news release on Thursday. He said the figure is 0.5 percent higher than the first-half target, the result of the BIR’s continued drive to boost compliance and widen the tax base.
Click the link below to read the full news from the source:
https://www.pna.gov.ph/articles/1254565
Savings tax clarified: Recto says law only targets the wealthy
Manila Bulletin / Derco Rosal / July 17, 2025
The Department of Finance (DOF) has clarified that a new law will not tax the savings of ordinary Filipinos, as it only standardizes the tax rate on interest income, eliminating the unfair preferential treatment previously enjoyed by the wealthy. Finance Secretary Ralph G. Recto said the passage of the Capital Markets Efficiency Promotion Act (CMEPA) would only remove preferential or lower taxes for wealthy depositors, setting a uniform 20-percent rate on interest income across the board. “CMEPA does not impose a new tax, instead standardized the tax rate on interest income to correct an unfair system that favored the wealthy,” Recto said in a statement on Thursday, July 17, countering the false reports circulating online.
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https://mb.com.ph/2025/07/17/savings-tax-clarified-recto-says-law-only-targets-the-wealthy
Recto argues against online gambling ban, favors higher taxes 10% levy can generate ₱20 billion yearly
Manila Bulletin / DErco Rosal / July 17, 2025
Finance Secretary Ralph G. Recto said slapping the online gaming industry with a 10-percent tax could generate at least an additional ₱20 billion in revenues annually. Recto told reporters during an informal press chat that taxing each gamer per bet is more challenging to implement. He said it would be more practical to base taxes on gross gaming revenue (GGR)—the total amount that gambling operators earn after paying out winnings.
Click the link below to read the full news from the source:
https://mb.com.ph/2025/07/17/recto-argues-against-online-gambling-ban-favors-higher-taxes
Nov. 7 declared working holiday
Business World / Chloe Mari A. Hufana / July 17, 2025
PRESIDENT Ferdinand R. Marcos, Jr., signed Republic Act No. 12228 on July 9, declaring every Nov. 7 a special national working holiday in honor of the establishment of the Philippines’ first mosque and the arrival of Islam in the country. The day, now called Sheikh Karim’ul Makhdum Day, will commemorate the establishment of the Philippines’ first mosque and the introduction of Islam in the country. The first mosque was built in Tawi-Tawi following the arrival of Shariff Karim’ul Makhdum, an Arab missionary who played a pivotal role in spreading Islam in the region.
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https://www.bworldonline.com/the-nation/2025/07/17/685991/nov-7-declared-working-holiday/
SEC cuts filing fees for MSMEs by up to 50%
Business World / Revin Mikhael / July 18, 2025
THE Securities and Exchange Commission (SEC) is slashing rates on certain filing fees for micro, small, and medium enterprises (MSMEs) to support their growth. The corporate regulator issued Memorandum Circular (MC) No. 8 on July 16, which provides for lower rates on certain transactions involving MSMEs, with discounts ranging from 20% to 50%. “MSMEs are the backbone of our business sector, accounting for more than 99% of all businesses in the country and generating millions of jobs for our fellow Filipinos,” SEC Chairperson Francisco Ed. Lim said in an e-mail statement on Thursday.
Click the link below to read the full news from the source:
https://www.bworldonline.com/corporate/2025/07/18/686029/sec-cuts-filing-fees-for-msmes-by-up-to-50/
Ex-BIR exec to serve year in prison after Sandigan denies bail, appeal
Inquirere.Net / Renz Palalimpa / July 18, 2025 – MANILA, Philippines
A former Bureau of Internal Revenue (BIR) official will serve one year in prison after the Sandiganbayan rejected her appeal and plea for bail, citing her failure to appear for trial and ruling that her arguments had already been resolved. In a resolution promulgated on July 15, the antigraft court’s Fourth Division junked the motion for reconsideration and to post bail filed by Veronica Carpio, former Taxpayers Service Division chief at the revenue district office of northern Quezon City. She said the Sandiganbayan erred in its May 26 decision upholding her estafa conviction by the Quezon City Regional Trial Court (RTC) Branch 87.
Click the link below to read the full news from the source:
https://newsinfo.inquirer.net/2083803/ex-bir-official-to-serve-year-in-jail-after-sandigan-denies-bail-appeal
Raking it in: BIR tops first half tax goal on rising small taxpayer base
Bilyonaryo.com / July 18, 2025
The Bureau of Internal Revenue (BIR) exceeded its revenue collection target for the first half of 2025, even as the government revised its full-year fiscal goals in response to slower-than-expected economic growth. BIR Commissioner Romeo Lumagui Jr. said on Thursday that the agency collected ₱1.5 trillion from January to June, 0.5% higher than its target for the period. The increase was driven by improved tax compliance and a broader taxpayer base.
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