Tag Archives: income tax

PHILIPPINE PRESIDENT AQUINO WANTS TO TAX FILIPINOS EVEN MORE, UP TO FORTY PERCENT

September 15, 2015 Pol Pinoy Leave a comment

MANILA, Philippines ( The Adobo Chronicles® ) – Philippine President Aquino is not convinced lowering income tax rates will benefit the majority of the Filipino people, saying improving tax collection — not reducing it — has been one of his administration’s greatest accomplisments.

Aquino’s statement came after he rejected a House bill seeking to lower income tax rates in the Philippines. If approved, the government is estimated to lose at least P30 billion or $641.49 million during its first year of implementation.

“Especially with the coming 2016 election year, we need to increase, not reduce, income taxes in order to sustain the many unfinished infrastructure projects of the government. Plus we need the funds to run a successful political campaign to make sure the administration’s bet, former Interior and Local Government Secretary Mar Roxas, becomes the next president,” he said.

The current personal income tax rate in the Philippines is 32 percent.

Aquino wants to immediatelty increase it to 40 percent.

Asked by reporter how he came up with the proposed figure, Aquino said, “It’s easier for the Bureau of Internal Revenue to deal with a round number.”

Economy, Government

IRS ANNOUNCES ONE-DAY SALE ON INCOME TAXES

April 11, 2015 Pol Pinoy Leave a comment

WASHINGTON, D.C. (The Adobo Chronicles) – Sometimes, it helps to procrastinate. Especially on your income tax.

In an effort to increase the number of tax filings and to help taxpayers avoid the last-minute rush to beat the April 15 tax deadline, the Internal Revenue Service (IRS) has announced an unprecedented one-day sale on income taxes.

Forget Macy’s or your favorite department store. You’re better off shopping at the IRS on Monday, April 14.

IRS is offering a 30 percent discount to taxpayers with tax due payments on their 2014 tax return. Additionally, those who expect a refund in their tax return will get a 30 percent bonus.

The IRS sale will only last from 12:01 a.m. to 11:59 p.m. on April 14. Tax returns must be filed electronically or postmarked April 14 in order to qualify for the discount or bonus.

Procrastinate no more. File your taxes now.

Law Enforcement, Sports

PHILIPPINES’ TAXWOMAN WANTS $5 MILLION FROM PACQUIAO – CASH ONLY

November 25, 2014 Pol Pinoy Leave a comment

Manila, Philippines (The Adobo Chronicles) – Fresh from successfully defending his World Boxing Welterweight crown against American Chris Algieri, Filipino boxing champion Manny Pacquiao came home to a warm welcome from his adoring fans.

Pacquiao beat Algieri in Saturday’s (Sunday, Manila time) bout which lasted the full 12 rounds, with the Filipino boxer winning by a unanimous decision. The fight was held in Macau, China.

Fans held banners and waved miniature Philippine flags as Pacquiao stepped off his chartered plane at the infamous Ninoy Aquino International Airport (NAIA) in Manila.

Among those in the excited welcoming crowd was Kim Henares, commissioner of the Philippines’ Bureau of Internal Revenue (BIR). Henares held a banner that said, “Welcome Home, Mabuhay and Congrats! Now, PAY UP!”

Pacquiao has been in hot water with the BIR in the past for failing to pay taxes on his earnings from previous fights in the U.S. This time, Henares was on hand to personally collect taxes from Pacquiao.

“Based on my calculation, Paquiao owes $5 Million to the BIR from this recent fight,” Henares said.

Pacquiao’s purse for this fight was worth more than $20 Million. The boxer reportedly already paid $1 Million in taxes to the Chinese government.

Asked by The Adobo Chronicles how she intends to collect the taxes due from Pacquiao, Henares said, “Cash only!”