The chairman of the House Committee on Ways and Means has assured the passage of the Ease of Paying Taxes bill—expected to boost the country’s exports and trade—before New Year’s Day.
THE chairman of the House Committee on Ways and Means has assured the passage of the Ease of Paying Taxes bill—expected to boost the country’s exports and trade—before New Year’s Day.
“[The] Train [Tax Reform for Acceleration and Inclusion law or Republic Act 10963] is cutting personal income taxes across the board by around 5 percent by January 1, 2023. So, we hope to couple that with a few other provisions,” the lawmaker was quoted in a statement as saying. The lawmaker doing so would “reduce the documentary discrepancies and make electronic invoicing easier.”Under the current system, indirect exporters are liable to VAT but are expected to pass this on to direct exporters who, in turn, can recoup their VAT costs through the 90-day VAT refund system.
The proposal gives power to the Bureau of Internal Revenue to create taxpayer classifications relative to the following: capacity to comply with tax rules and regulations; amount and type of tax paid; gross sales and/or receipts as well as inflation; volume of business, wage and employment levels; and similar economic and financial factors.THE EOPT bill also calls for the implementation of simplified tax rules and regulations for ease of compliance.
The EOPT bill also proposes to allow the payment of the taxes before they are due. This impliedly allows payment of tax not necessarily simultaneously with the filing of the return.
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