CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Philippines Revenue To Penalize Banks For Late E-Payments

Philippines Revenue To Penalize Banks For Late E-Payments

by Mary Swire, Tax-News.com, Hong Kong

20 February 2017


Philippine Department of Finance Secretary Carlos Dominguez III has approved a new revenue regulation, which would make banks, and not taxpayers, liable for late- or non-payment of taxes for electronic payments.

The move is aimed at benefiting self-employed taxpayers and owners of micro, small, and medium enterprises.

Under the new rule, the payment of taxes done via credit, debit, or automated teller machine shall already be deemed paid by the taxpayer on the date and time appearing in the system-generated confirmation receipt issued by the authorized agent bank (AAB). The AAB will then be the one held liable in case of late remittance or non-remittance of such tax payments to the BIR.

DOF Undersecretary Antonette Tionko said this system is a reasonable approach, "considering that the taxpayer has no control over the actual remittance of the payment to the BIR other than securing a valid confirmation receipt and ensuring that his/her tax payment is paid through a legitimate AAB of the BIR."

TAGS: compliance | tax | business | value added tax (VAT) | tax compliance | interest | law | employees | Philippines | ministry of finance | tax authority | agreements | multinationals | legislation | tax planning | G20 | tax reform | standards | trade

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »