The New Year brings us lots of hopes. In the area of tax legislation, there are a number of bills pending in the legislative mills that are worthy of consideration and support. Know more:
The New Year brings us lots of hopes. In the area of tax legislation, there are a number of bills pending in the legislative mills that are worthy of consideration and support. These include the previous administration’s unfinished portion of its Comprehensive Tax Reform Program. In addition, the current administration is adding its own reforms.
In so far as the classification of taxpayers is concerned, the current system does not provide for differences in the compliance obligations of taxpayers, regardless of how large or how small a taxpayer is. The currently imposed differences—for example, on the obligation of top withholding agent versus a non-top withholding agent and the option to avail of the 8 percent tax versus the usual taxes—are not the classifications that would have impact on the compliance and tax administration.
Another important change proposed by the bill is the removal of specific venues for the filing of tax returns and payment of taxes. The current rules require taxpayers to file and pay taxes with authorized agent banks and other collection offices located within specific jurisdictions. Filing or payment outside the prescribed venue results in the imposition of a significant amount of surcharge.
The third significant change is the proposal to change the tax base, and effectively the timing for the recognition of output tax and input tax for the sale of services. The timing for the recognition of output tax and input for sale/purchase of services, which is presently based on receipts/payments, is being harmonized with the timing in the recognition of output tax/input tax on sale/purchase of goods/properties, which is based on gross selling price.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Year brings new commander to WesmincomNew Wesmincom commander, Major General Roy Galido says the actual turnover might be on the second week of January.
Read more »
LOOK: Celebrity couples ring in the new year togetherHappy New Year from your celebrity love birds! Nothing is better than welcoming the New Year surrounded by loved ones. Local celebrities then took this time to bond and spend quality time with their families and their partners as some chose to vacation abroad, while others threw parties and held reunions with their families. Have a look at some celebrity couples who celebrated the New Year together in this gallery. Julie Anne San Jose and Rayver Cruz Source: myjaps (IG) Kapuso sweethearts Julie Anne San Jose and Rayver Cruz marked a brand new year together.
Read more »
'Technical issues' halt New Year flights at NAIATOP STORY: Flights to and from Metro Manila were put on hold on New Year’s Day, Sunday, January 1, over “technical issues” with the air navigation system of the Civil Aviation Authority of the Philippines (CAAP). READ:
Read more »
DOH logs 85 more fireworks-related injuries during New Year 2023 celebrationEighty-five new cases of fireworks-related injuries were recorded during the celebration of the New Year, the Department of Health said Sunday.
Read more »
New Year revelry generally peaceful in QCThe New Year celebration in Quezon City was generally peaceful, Quezon City Police District (QCPD) Director Pol. Brig. Gen. Nicolas Torre III reported on Sunday, Jan 1.
Read more »