...the Bureau of Internal Revenue quietly changed its list of the Top 500 Individual Taxpayers of 2009. As per media colleague Inday Espina-Varona of ABS-CBN's Boto Mo Patrol Mo group, one of those named in the initial list actually only paid P300,000 and not the P57 million as purported by the government agency. The person complained that that kind of wrong info would attract kidnappers, when he/she was basically just from the middle class...not that anyone deserves to be kidnapped.
Of course, there are still lingering questions on why some taipans (and taipanettes) are not included in this list. I can only say, those guys may have hired better accountants and tax lawyers to do their taxes. In fact, one former BIR tax agent is reportedly the tax accountant of a major Philippine company with Castilaloy leanings. As you know, BIR employees know enough of the country's tax laws and tax codes to exploit any possible loopholes. So there.
Anyhoo, this is the updated BIR list. Thanks for the heads up, Inday.
Top 500 Individual Taxpayers 2009 (Updated)
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
December 17, 2010
December 13, 2010
Top taxpayers in the Philippines 2009
Celebrities, businessmen among top taxpayers
MANILA, Philippines - Celebrities like Wilfredo "Willie" B. Revillame and businessmen like San Miguel Corp. top honcho Ramon S. Ang landed on the Bureau of Internal Revenue’s (BIR) list of the biggest taxpayers for 2009, along with telecommunication giants Smart Communications, Inc. and Globe Telecom, Inc.
The lists of top 500 individual and top 500 corporate taxpayers have been published on the bureau’s Web site, in compliance with Section 71 of the National Internal Revenue Code of 1997 that states "the Commissioner may... publish a list containing the names and addresses of persons who have filed income tax returns," BIR Commissioner Kim S. Jacinto-Henares said in a phone interview Sunday. (The rest at ABS-CBN.)
FOR the public's convenience, here are the lists of the top 500 individual and corporate taxpayers in the Philippines, as per the Bureau of Internal Revenue:
Top 500 Individual and Corp. Taxpayers 2009
May 29, 2009
Great Book Blockade revisited
JUST for everyone's perusal, here's the order from the Department of Finance suspending the tax on books. It's by no means permanent, as the DOF is still finalizing the guidelines on book importation. But for the moment, I think everyone can rest easy and go buy their books at their usual prices. (Of course, if the peso devaluates, it will raise the prices of our books, which is another matter completely.)
Here's a shout out to the bloggers and journalists who made a ruckus about the issue, and especially to my former boss and a book lover himself, Makati Rep. Teddyboy Locsin, who bent the ear of the presidentita on this one.
Shouldn't we applaud GMA as well? Hmmm...let's see the final guidelines first.
DOF Order 27-09 Suspending Book Tax
Thanks to Finance Secretary Gary Teves' PR crew at Great Wall Advertising for emailing us a copy of the DO.
Manolo Quezon's take on the issue. Many think that the fight isn't over yet.
Here's a shout out to the bloggers and journalists who made a ruckus about the issue, and especially to my former boss and a book lover himself, Makati Rep. Teddyboy Locsin, who bent the ear of the presidentita on this one.
Shouldn't we applaud GMA as well? Hmmm...let's see the final guidelines first.
DOF Order 27-09 Suspending Book Tax
Thanks to Finance Secretary Gary Teves' PR crew at Great Wall Advertising for emailing us a copy of the DO.
Manolo Quezon's take on the issue. Many think that the fight isn't over yet.
April 14, 2009
One more day to file your ITR!
I ALWAYS get stressed filing my annual income tax return. In the first place, the forms from the Bureau of Internal Revenue (BIR) have never been easy to understand and fill in. Being poor in Math also adds to my befuddlement. I have to check and re-check, and yet once more, to make sure I'm not overpaying the government. Not everyone can afford a tax attorney or an accountant to do these things for you.
And yet I persist. Even though I don't agree with the politics and behavior of the present occupants of Malacañang and we don't get the full benefits from paying our taxes, which likely end up in the pockets of the kawatans in government, I still believe it's our civic and patriotic duty to pay our taxes and file our ITRs. Without our taxes, there will be no government services, poor that they are to begin with. And paying these taxes gives us that right to complain about how the government runs this country.
But woe to the average taxpayer like me! This particular year, the BIR ITR forms are particularly confusing. (I use Form 1701 for self-employed individuals.) Just to clarify, the ITR we are filing this year, covers the income and taxes paid in 2008. But the problem is, the Form 1701 issued now, already reflects the revisions to be used when we file our ITR next year (covering 2009 income and taxes). It's confusing because the instructions at refer to the 2008 taxable year.
(Click and check out lines 22 and 24...)
For instance, when you file your ITR next year, you only choose from two exemptions statuses: single and married. Both receive a whopping P50,000 in deductions from your taxes. Form 1701 already reflects this and so there are only two boxes to choose from. But like I said, we're still filing for the 2008 income/taxes. So the form should clearly have three personal exemption boxes: Single, Head of Family, and Married, as it says so in the instructions at the back.
(...then check out these instructions...)
For another, self-employed individuals can either choose between an optional standard deduction or itemized deductions. This year's form already uses the 40% OSD rate which will be applicable only for 2009 taxes and income. We still have to use the 10% OSD rate for income earned from Jan-June 2008, then the 40% rate from July-Dec. 2008. (Confused ka na din? Imagine that I've been doing this for how many years and I too am stumped by this development.)
(...and these too! Hay.)
So should I follow the instructions at the back of the sheet w/c are clearly the correct ones? OR should I just fill up what's on the form itself even if incorrect? Kakainis! With this kind of confusing BIR forms, you can just imagine why a lot of people avoid filing their ITRs. Oh, and how can BIR encourage more people to pay their income taxes and file their ITRs when the first thing the staff will tell you is, "we can only give you three copies, kasi limited ang forms"? E pano kung maraming gusto mag-file? Di wala na kayong forms? Tsk, tsk, tsk.
What is admirable though is that at least, for the past years that I've been doing my own taxes, I've seen the BIR personnel station themselves in the malls to be more accessible to the taxpayers. So you can get the ITR forms from them, or submit your completed ITR to them. If you need to pay anything, go to LandBank or other accredited agent banks (ask your bank). Or go to your respective BIR offices.
According to BIR spokesperson Ms. Aida Simborio, you have until July 15 to pay your income tax. But you still need to file your ITR by April 15, tomorrow. I think I will badgering her again later to explain the discrepancies in the form.
For those seeking information about how to file your ITR, check the BIR web site for more details. ITR forms are downloadable from the site.
(UPDATE 11 am) After checking in w/ Ms. Aida this morning, she said apparently I'm correct. The forms the agency issued are for next year's filing. Ah well, too late to recall the forms now. Tsk, tsk.
And yet I persist. Even though I don't agree with the politics and behavior of the present occupants of Malacañang and we don't get the full benefits from paying our taxes, which likely end up in the pockets of the kawatans in government, I still believe it's our civic and patriotic duty to pay our taxes and file our ITRs. Without our taxes, there will be no government services, poor that they are to begin with. And paying these taxes gives us that right to complain about how the government runs this country.
But woe to the average taxpayer like me! This particular year, the BIR ITR forms are particularly confusing. (I use Form 1701 for self-employed individuals.) Just to clarify, the ITR we are filing this year, covers the income and taxes paid in 2008. But the problem is, the Form 1701 issued now, already reflects the revisions to be used when we file our ITR next year (covering 2009 income and taxes). It's confusing because the instructions at refer to the 2008 taxable year.
For instance, when you file your ITR next year, you only choose from two exemptions statuses: single and married. Both receive a whopping P50,000 in deductions from your taxes. Form 1701 already reflects this and so there are only two boxes to choose from. But like I said, we're still filing for the 2008 income/taxes. So the form should clearly have three personal exemption boxes: Single, Head of Family, and Married, as it says so in the instructions at the back.
For another, self-employed individuals can either choose between an optional standard deduction or itemized deductions. This year's form already uses the 40% OSD rate which will be applicable only for 2009 taxes and income. We still have to use the 10% OSD rate for income earned from Jan-June 2008, then the 40% rate from July-Dec. 2008. (Confused ka na din? Imagine that I've been doing this for how many years and I too am stumped by this development.)
So should I follow the instructions at the back of the sheet w/c are clearly the correct ones? OR should I just fill up what's on the form itself even if incorrect? Kakainis! With this kind of confusing BIR forms, you can just imagine why a lot of people avoid filing their ITRs. Oh, and how can BIR encourage more people to pay their income taxes and file their ITRs when the first thing the staff will tell you is, "we can only give you three copies, kasi limited ang forms"? E pano kung maraming gusto mag-file? Di wala na kayong forms? Tsk, tsk, tsk.
What is admirable though is that at least, for the past years that I've been doing my own taxes, I've seen the BIR personnel station themselves in the malls to be more accessible to the taxpayers. So you can get the ITR forms from them, or submit your completed ITR to them. If you need to pay anything, go to LandBank or other accredited agent banks (ask your bank). Or go to your respective BIR offices.
According to BIR spokesperson Ms. Aida Simborio, you have until July 15 to pay your income tax. But you still need to file your ITR by April 15, tomorrow. I think I will badgering her again later to explain the discrepancies in the form.
For those seeking information about how to file your ITR, check the BIR web site for more details. ITR forms are downloadable from the site.
(UPDATE 11 am) After checking in w/ Ms. Aida this morning, she said apparently I'm correct. The forms the agency issued are for next year's filing. Ah well, too late to recall the forms now. Tsk, tsk.
August 01, 2007
IMF: Better collection, not new taxes, is needed
By Daxim Lucas
Inquirer 08/01/2007
The Philippines may not need new taxes to shore up the state coffers, but the administration of President Gloria Macapagal-Arroyo needs to focus on improving revenue collections to ensure the sustainability of the country’s fiscal recovery, the head of the International Monetary Fund (IMF) said.
Speaking to business leaders in Makati City on Tuesday, IMF managing director Rodrigo de Rato stressed that improving tax efficiency was the key to preserving the government’s gains from the enactment of a law that expanded the scope raised the rate of the value-added tax (VAT) and helped to stave off a fiscal crisis.
“The Philippines needs no new taxes, but it needs more people to pay taxes,” he said. (More at IMF on taxes.)
Haven't we been saying this for the longest time? I always thought we didn't to raise the VAT to 12% and penalize the general public for what is largely, the Bureau of Internal Revenue's/government's inefficiency in collecting taxes. The problem is, we ordinary citizens keep on paying our taxes religiously, but most of the money ends up in the pockets of unscrupulous and corrupt government officials anyway. And those who don't pay their taxes aren't even being run after by the BIR. Guess why? To this day, the bureau still hasn't modernized its system – it actually doesn't have a master list of taxpayers in the country.
(The only thing I admire about BIR is its web site. You can download tax forms and read the country's tax laws.)
Inquirer 08/01/2007
The Philippines may not need new taxes to shore up the state coffers, but the administration of President Gloria Macapagal-Arroyo needs to focus on improving revenue collections to ensure the sustainability of the country’s fiscal recovery, the head of the International Monetary Fund (IMF) said.
Speaking to business leaders in Makati City on Tuesday, IMF managing director Rodrigo de Rato stressed that improving tax efficiency was the key to preserving the government’s gains from the enactment of a law that expanded the scope raised the rate of the value-added tax (VAT) and helped to stave off a fiscal crisis.
“The Philippines needs no new taxes, but it needs more people to pay taxes,” he said. (More at IMF on taxes.)
Haven't we been saying this for the longest time? I always thought we didn't to raise the VAT to 12% and penalize the general public for what is largely, the Bureau of Internal Revenue's/government's inefficiency in collecting taxes. The problem is, we ordinary citizens keep on paying our taxes religiously, but most of the money ends up in the pockets of unscrupulous and corrupt government officials anyway. And those who don't pay their taxes aren't even being run after by the BIR. Guess why? To this day, the bureau still hasn't modernized its system – it actually doesn't have a master list of taxpayers in the country.
(The only thing I admire about BIR is its web site. You can download tax forms and read the country's tax laws.)
April 14, 2007
Pay your taxes...earn your right to complain!
IT'S that time of the year folks! Tax time!
I stayed up late until 3 am today just trying to figure out my income tax return. For years, it was simple to fill out my ITR as I only worked for one publication at a time. Now that I have multiple sources of income as a journalist, I was told that the form I should fill up this time around is for businesses and self-employed individuals.
So I went around the metropolis on Thursday getting my withholding tax certificates from the publications I worked for so I'd know how much taxes have already been turned over to the government in my name. It was exhausting just to go from Quezon City to Makati then back again. Then I went to SM North yesterday to get the ITR form which I'm supposed to fill out.
When I got home and finally sat down to do my taxes, I was confused as hell. First of all, I didn't know what spaces I should fill out or leave in blank. Should I fill up the gross compensation income or the business compensation boxes? What should I put in my sales receipts? Could I deduct my transportation and telecommunication expenses from my gross income? This is why rich people employ accountants and tax consultants!
(Dang those confusing tax forms! The government should simplify them.)
Well it pays to have friends. Fortunately, I have a friend who is a tax lawyer who allowed himself to be harrassed by myself late into the night while I texted question after question to him. He told me that I should now consider myself a "business" as I received fees in exchange for professional services. I had no one employer. I didn't have to fill out the blanks for those with gross compensation income because I wasn't "employed" by any one company. And as a "business", I could claim either a 10-percent standard deduction for expenses or submit an itemized list of expenses. Not having the latter, and not wanting to hassle myself trying to come up with more forms and receipts, I chose the standard 10-percent deduction of expenses.
This morning, I texted Ms. Aida Simborio, assistant commissioner of the Bureau of Internal Revenue, to confirm what my tax lawyer friend said. My hats off to Ms. Aida as she too had been patiently answering my text messages since yesterday about what ITR form I should get or how I should compute for certain items asked in the form. (My tax lawyer friend told me if I could accomplish my ITR by myself, I could now be considered one of them, a professional tax consultant hehe! Hmmm...now that he mentions it, I could probably charge for doing other people's taxes! An a-ha moment!)
After finally computing and filling out my form, I headed to the Land Bank office nearest my residence to file my ITR and pay my tax. I had to tear up my previously filled up check as LBP/BIR has a specific "Pay to the order of" detail that must be included. It wasn't as simple as "Pay to the order of" BIR. It was more like "Pay to the order of Land Bank of the Phils. such and such branch in payment of BIR such and such in favor of my name and TIN no.!" Whew! But thankfully, there were no long queues at the bank, which was the only one open in my area among those accredited banks who were supposed to receive tax payments today. So I was done quite quickly.
I went home proud that I had been able to wrestle my ITR form and compute my tax payment properly. I have done my civic duty and paid my taxes correctly. Now I can bitch all I want about the government and our inept corrupt officials!
• YOU STILL HAVE UNTIL MONDAY, APRIL 16, TO PAY YOUR TAXES PEOPLE!
I stayed up late until 3 am today just trying to figure out my income tax return. For years, it was simple to fill out my ITR as I only worked for one publication at a time. Now that I have multiple sources of income as a journalist, I was told that the form I should fill up this time around is for businesses and self-employed individuals.
So I went around the metropolis on Thursday getting my withholding tax certificates from the publications I worked for so I'd know how much taxes have already been turned over to the government in my name. It was exhausting just to go from Quezon City to Makati then back again. Then I went to SM North yesterday to get the ITR form which I'm supposed to fill out.
When I got home and finally sat down to do my taxes, I was confused as hell. First of all, I didn't know what spaces I should fill out or leave in blank. Should I fill up the gross compensation income or the business compensation boxes? What should I put in my sales receipts? Could I deduct my transportation and telecommunication expenses from my gross income? This is why rich people employ accountants and tax consultants!
(Dang those confusing tax forms! The government should simplify them.)Well it pays to have friends. Fortunately, I have a friend who is a tax lawyer who allowed himself to be harrassed by myself late into the night while I texted question after question to him. He told me that I should now consider myself a "business" as I received fees in exchange for professional services. I had no one employer. I didn't have to fill out the blanks for those with gross compensation income because I wasn't "employed" by any one company. And as a "business", I could claim either a 10-percent standard deduction for expenses or submit an itemized list of expenses. Not having the latter, and not wanting to hassle myself trying to come up with more forms and receipts, I chose the standard 10-percent deduction of expenses.
This morning, I texted Ms. Aida Simborio, assistant commissioner of the Bureau of Internal Revenue, to confirm what my tax lawyer friend said. My hats off to Ms. Aida as she too had been patiently answering my text messages since yesterday about what ITR form I should get or how I should compute for certain items asked in the form. (My tax lawyer friend told me if I could accomplish my ITR by myself, I could now be considered one of them, a professional tax consultant hehe! Hmmm...now that he mentions it, I could probably charge for doing other people's taxes! An a-ha moment!)
After finally computing and filling out my form, I headed to the Land Bank office nearest my residence to file my ITR and pay my tax. I had to tear up my previously filled up check as LBP/BIR has a specific "Pay to the order of" detail that must be included. It wasn't as simple as "Pay to the order of" BIR. It was more like "Pay to the order of Land Bank of the Phils. such and such branch in payment of BIR such and such in favor of my name and TIN no.!" Whew! But thankfully, there were no long queues at the bank, which was the only one open in my area among those accredited banks who were supposed to receive tax payments today. So I was done quite quickly.
I went home proud that I had been able to wrestle my ITR form and compute my tax payment properly. I have done my civic duty and paid my taxes correctly. Now I can bitch all I want about the government and our inept corrupt officials!
• YOU STILL HAVE UNTIL MONDAY, APRIL 16, TO PAY YOUR TAXES PEOPLE!
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