IN its mandate to enforce tax laws and improve tax collection, the Bureau of Internal Revenue (BIR) is empowered to conduct the Tax Compliance Verification Drive (TCVD), more commonly known as tax mapping. Lately, the agency has been very aggressive in its tax mapping drive.
IN its mandate to enforce tax laws and improve tax collection, the Bureau of Internal Revenue is empowered to conduct the Tax Compliance Verification Drive , more commonly known as tax mapping. Lately, the agency has been very aggressive in its tax mapping drive.TCVD allows the BIR to conduct physical inspections of business establishments to ensure compliance with basic tax requirements, prescribed under Title IX of the Tax Code, specifically Sections 232 to 246 of the Code.
During the inspection, the ROs verify the taxpayer's compliance with tax laws and regulations. As a standard part of compliance, the RO will check if the business establishment has the Certificate of Registration , notice to issue invoices, authority to print or ATP, proper invoicing and issuance of receipts, registration of sales machines , and proper maintenance and registration of books of accounts.
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.
Philippines Considers 2-Year Moratorium on Tobacco Excise TaxThe Department of Finance (DOF) supports a proposed 2-year suspension of annual increases to the tobacco excise tax to stabilize tax collection. Lawmakers are leaning toward recommending the moratorium due to a significant decline in tobacco excise tax revenue, attributed to the surge in illicit cigarette trade. The DOF and the Bureau of Internal Revenue (BIR) highlight a 29 percent revenue downfall in 2024, translating to P54.4 billion against target. Representatives argue that the moratorium would allow legitimate cigarettes to compete more effectively against illicit and electronic alternatives, preventing further price disparities.
Read more »
Tax Collections in Philippines Surge in 2024 Driven by Digitalization and EnforcementThe Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have achieved significant tax collection growth in 2024, propelled by enhanced digitalization initiatives and stricter enforcement measures.
Read more »
Philippines to Exceed Revenue Target Despite Tax ShortfallsDespite tax revenues falling short of their target, the Philippines is projected to exceed its overall revenue collection goal for the year thanks to strong non-tax revenue performance. Finance Secretary Ralph Recto attributed the shortfall to the non-passage of all anticipated tax measures and a lower GDP growth rate. However, he highlighted the significant double-digit growth in tax collections and emphasized the government's success in securing additional resources for the 2024 budget through privatization, increased GOCC dividend remittances, and reallocation of idle funds.
Read more »
Illicit Tobacco Trade, Vape Misdeclaration to Cost PH Government Billions in Tax RevenueThe rampant illicit tobacco trade and misdeclaration of vape products are projected to cost the Philippine government P240.3 billion in excise tax leakages over the next three years. The government is facing significant revenue losses due to both cigarette smuggling and the underreporting of vape products.
Read more »
BOC Revenue Target Challenge Amid Tariff ReductionsWhile the Department of Finance (DOF) expects both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to meet their revenue targets in 2025, the BOC faces a greater challenge due to reduced tariffs on rice and electric vehicles. The BOC aims to collect P1.064 trillion in 2025, a 13.22% increase from 2024, but has already fallen short of its 2024 target. Despite this, the BOC is confident in its ability to meet the target through a combination of strategies, including focusing on other industries and non-traditional revenue sources.
Read more »
Philippines Revenue Agencies Likely Hit 2024 Targets, 2025 Aims HighThe Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are projected to meet their 2024 revenue targets, according to Finance Secretary Ralph Recto. The government plans to increase revenue collection in 2025, with the BIR and BOC playing crucial roles.
Read more »