BIR hopes TRAIN law will encourage more small businesses to pay proper taxes
by UNTV News | Posted on Friday, January 12th, 2018
MANILA, Philippines – The Bureau of Internal Revenue (BIR) admits having difficulty in determining if small and medium enterprises are paying proper taxes.
According to the BIR, they can ensure that employees are paying proper taxes as it can be done automatically, unlike those who are self-employed or those with businesses.
“But the self-employed pay voluntarily, we relied on voluntary filing and payment,” BIR Asst. Commissioner Atty. Marissa Cabreros said.
However, with the implementation of the tax reform law, the BIR is confident that many self-employed will pay their taxes.
Based on the TRAIN law, small medium enterprise owner and the self-employed have the liberty to choose the manner in which they pay their taxes.
Under the tax reform, all self-employed and businesses earning below P300-million yearly should pay an 8 % tax, or through a graduated income tax rate.
“Your gross receipts is 8%, it’s easier. You should file. You will not worry if you will collect it and keep your gross receipts. Another option is the gross receipts you collect, and it has deduction,” Cabreros said
The BIR said the process has been easier under the TRAIN law that’s why they are expecting more tax payments.
For Maricar Cruz, who owns a laundry shop, she is happy with the tax reform the government implements. She vows to always pay her taxes on time.
“The 8% tax is okay. I hope it could help for the progress of the country,” Cruz said.
However, Laban Konsyumer President Vic Dimagiba said although the process has been simplified, small medium enterprises cannot hugely benefit from the tax reform law.
“They should pay VAT that’s for sure. They can no longer benefit. They have additional payments. They will pass on to their customers all the increases in fuel and electricity and other hikes,” Dimagiba said.
The BIR said everyone might feel burdened because of the tax reform, but notes that many will benefit in the long run.
The agency said additional taxes collected from the tax reform will be allocated to the projects of the government that will further improve the Philippine economy. – Mon Jocson | UNTV News & Rescue
by UNTV News and Rescue | Posted on Thursday, May 31st, 2018
QUEZON CITY, Philippines – Agriculture Secretary Emmanuel “Manny” Piñol gathered on Thursday, May 31, various agriculture stakeholders to discuss reports of an increase in prices of basic goods.
Based on their discussions, Piñol said there is actually no reason for a price hike in basic crops and goods even with the implementation of the Tax Reform Acceleration and Inclusion (TRAIN) law.
Citing farm producers, Piñol said it is unreasonable for market vendors to increase their prices when they buy from farmers and producers at a cheaper price.
The Secretary added that there is no shortage of supply of fish, vegetables and basic farm products to justify a price increase. Also, based on the agency’s calculation, the TRAIN only affects the price of basic commodities by less than 1% only.
Piñol believes that some dealers or middlemen are taking advantage of the implementation of TRAIN Law to manipulate market prices.
“The movement of the prices right now in the market is more likely caused by mere speculation than anything else,” Piñol said.
DA will form a technical working group to study and create a list of suggested retail prices (SRP) for agricultural products such as rice, fish, and crops.
Piñol said the SRP will give the government the authority to penalize those who violate its implementation.
“The intention of the President is first, protect our consumers and second is to protect the producers,” he said.
Whoever is found guilty of profiteering shall be penalized with P1,000 to P1-million pesos fine. — Rey Pelayo / Marje Pelayo
by UNTV News and Rescue | Posted on Monday, May 28th, 2018
People flocking to a gasoline station in Calape, Bohol to stock up on fuel. (ROMALDO MICO SOLON / Photoville International)
QUEZON CITY, Philippines – A consumer group on Monday, May 28, said that the public has the right to know how oil firms adjust their prices.
Given this, Vic Dimagiba of the “Laban Konsyumer” urged the Department of Energy (DOE) to issue a policy on unbundling or detailing of petroleum prices to give consumers a sense of transparency.
“Kayang magbigay ng ganyang kalaking discount, at kumikita pa sila…at least give us the data. Justified ba o makatwiran ang presyo ng mga petroleum products?” Dimagiba said.
In response, DOE Assistant. Director for Oil Industry Management Bureau Rodela Romero said they are set to issue a circular requiring oil firms and stations to report their computation breakdown on costs of product, refining, import, haulers’ fee and fuel excise tax.
The Energy Department will also ask the oil companies to provide data for unbundling their base price in a mandatory price display board when adjusting prices.
“Kapag nakita natin iyong detalye ng cost malalaman natin kung saan tayo makakagawa pa ng paraan para mapababa ang (presyo) Kasi iyon ngang international cost hindi na natin mako-kontrol. At least iyong within the area baka mayroon tayong maitulong, ang pamahalaan together with the private sector,” Romero said.
DOE eyes finalizing and releasing the circular as soon as possible.
The agency also noted the probable increase in Russia’s and Saudi Arabia’s oil production which will expectedly help in stabilizing fuel prices in the world market.— Mon Jocson | UNTV News & Rescue
UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.