Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. has issued Revenue Regulation No. 1-2024, increasing the value-added tax (VAT) exemption threshold for the sale of houses and lots and other residential dwellings. The revised threshold now stands at P3.6 million, up from the previous P3.2 million. This revision aligns with Section 109 (P) of the National Internal Revenue Cod...
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THE Bureau of Immigration (BI) is calling on condominium and building owners to report foreigners who are involved in illegal activities, especially those who are into cryptocurrency scam operations. In a statement Thursday, Immigration Commissioner Norman Tansingco reminded property owners that fighting crime is a shared responsibility of every Filipino. The Immigration chief's appeal s...
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MANILA, Philippines – The Philippine government’s total outstanding debt went up to P13.5 trillion as of end-September, primarily due to the peso’s depreciation against the US dollar and the net issuance of government securities. The Bureau of the Treasury said on Thursday, November 3, that the latest figure is 3.8% or P495.5 billion more than the level in August. From end-Dec...
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A tech company has teamed up with the Bureau of Internal Revenue (BIR) to ease the payment of taxes. In a statement on Monday, Sept. 30, mobile wallet app PayMaya said account holders will soon be able to transmit income tax payments through the app’s Pay Bills feature. The feature will initially benefit individuals that handle their own tax payments, like business owners and self-empl...
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