The Bureau of Internal Revenue (BIR) said it would lose about P28 billion if the law granting tax exemptions to minimum wage earners and middle-income employees is applied retroactively or starting January this year.
BIR Commissioner Lilian Hefti said the law should be applied starting July 2008 or after President Arroyo signed it last June.
Republic Act [...]

An International Monetary Fund (IMF) paper said businesses in the country are now among the region’s most heavily taxed after the the corporate income tax was raised last year to 35 percent from the previous 30 percent, along with the expanded value added tax.
The IMF paper “Investment Incentives and Effective Tax Rates in the Philippines: [...]

RATING and Investment Information Inc. (R&I), a Japanese credit rating company, has affirmed the Philippines’ junk or below-investment grade rating, and called on the government to broaden its tax base.
In a statement, R&I said it has affirmed the foreign currency issuer rating at BBB negative, while its rating outlook remains positive. A positive outlook means [...]

MANILA, Philippines—The Bureau of Internal Revenue (BIR) has reconsidered its plan to go after the central bank, Bangko Sentral ng Pilipinas (BSP), for alleged unpaid tax liabilities amounting to billions of pesos. The central bank contests the claim.
The tax liabilities the BIR hoped to collect from the BSP reportedly included unpaid withholding taxes and gross [...]