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Interest income from a depository bank under the expanded foreign currency deposit system is taxed at the rate of 15%. [3] Income from long-term deposits and investments, when pre-terminated in less than three years after making such deposit or investment, is taxed at the rate of 20%; less than four years, 12%; and, less than five years, 5%. [2]
The Bureau of Internal Revenue [2] (BIR; Filipino: Kawanihan ng Rentas Internas) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government. It is an agency of the Department of Finance and it is led by a Commissioner.
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public ...
Departments that saw immediate benefits from Package 1 include the Bureau of Internal Revenue and Bureau of Customs, both with a 14.2% and 24.7% increase in revenue. This translates to ₱423.1 billion and ₱129.8 for both departments respectively.
BIR – Bureau of Internal Revenue; BJMP – Bureau of Jail Management and Penology; BLE – Bureau of Local Employment [4] BLGF – Bureau of Local Government Finance [5] BLR – Bureau of Labor Relations [6] BMB – Biodiversity Management Bureau [7] BOC – Bureau of Customs; BON – Philippine Board of Nursing; BPI – Bureau of Plant Industry
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
The IBP was established as an official organization for the legal profession by Republic Act No. 6397. The law confirmed the constitutional power of the Philippine Supreme Court to adopt rules for the integration of the Philippine Bar. Consequently, Presidential Decree 189 constituted the IBP into a corporate body in 1973.
' Central Bank of the Philippines '; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 [ 2 ] as amended by Republic Act 11211 or the New ...