The National Government’s budget deficit for the month of October stands at P11.2 billion, well within the P152.7 billion government program for the period, bringing the total January to October deficit to P112.5 billion. Netting out interest payments, NG achieved a P9.2 billion primary surplus for October 2013, bringing the year-to-date primary surplus to P166.1 billion and exceeding the P132.3 billion target for the period.
Following the resignation of Rozzano Rufino “Ruffy” Biazon as Commissioner of Customs, President Benigno S. Aquino has tapped Finance Undersecretary John P. “Sunny” Sevilla to be detailed as Officer-in-Charge of the Bureau of Customs (BOC).
Right after super typhoon Yolanda left the country greatly devastated, the Insurance Commission, together with industry stakeholders, immediately approved and implemented the program, “Agarang Proseso, Benepisyo ay Sigurado” to address the victims’ urgent need of any relief available.
The Bureau of Internal Revenue (BIR) today filed a criminal complaint with the Department of Justice against Bella C. Tiotangco for Willful Attempt to Evade or Defeat Tax and Willful Failure to Supply Correct and Accurate Information in her Income Tax Return (ITR) and 2nd, 3rd and 4th Quarterly Value-Added Tax (VAT) Returns for taxable year 2008, all in violation of Sections 254 and 255 of the National InternalRevenue Code of 1997, as amended (Tax Code).
The Philippine economy grew 7% for Q3 2013. This solid growth demonstrates the continuing resilience of the economy in the face of global economic challenges and natural calamities, bringing growth to 7.4% for the first three quarters of 2013. This is also the 5th straight quarter of 7% or higher growth rate. The main drivers were household consumption and robust government infrastructure expenditure, which was 34% higher than the same three quarters in 2012.
This is the latest Tax Watch ad from the Department of Finance and the Bureau of Internal Revenue. The goal of this campaign is to increase transparency on tax payments and to encourage people to be conscientious in paying the right taxes. Featured today is the list of top car companies and distributors.
Donated relief goods are exempted from import duties provided they are properly consigned to DSWD or to any DSWD-accredited organization. In addition, the exemption is granted through a documentation and recording process. It is the mandate of the Bureau of Customs to record all items imported into the Philippines.
The Bureau of Customs joins forces with the Department of Finance (DOF), Department of Social Welfare and Development (DSWD) and other regulatory agencies of the government to man One-Stop-Shops (OSS) for round-the-clock processing of relief goods and other aid-related equipment donated by the international community. The OSS are located at entry points in Tacloban and Cebu, as well as the Ninoy Aquino International Airport (NAIA).
The Bureau of Internal Revenue (BIR) today padlocked a registered trading corporation and its four branches located in Quezon City and Caloocan City for violating the provisions of the National Internal Revenue Code of 1997, as amended (Tax Code) on Value Added Tax (VAT).
Revenue collections by the Bureau of Customs (BOC) maintains double-digit growth for the third month in a row despite on-going changes at the agency. For the month of September alone, revenues generated by the BOC reached P25.841 billion, up 11.3% versus the same month in 2012.