EVANGELINE ESCOBILLIO

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                    [ArticleID] => 203786
                    [Title] => BIR eases  VAT collection on financial deals
                    [Summary] => Recognizing the difficulty of collecting the controversial 10-percent value-added tax on financial transactions and considering that there is pending petition for a court injunction, the Bureau of Internal Revenue (BIR) has somewhat relaxed the collection of the tax.


Per Revenue Memorandum Circular 19-2003 which was signed April 24 by Internal Revenue Commissioner Guillermo L. Parayno Jr., "any under-payment or over-payment resulting from said issues shall be paid for or credited to future VAT percentage tax payments or dues, without any penalty or surcharge."


                    [DatePublished] => 2003-04-26 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

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BIR eases VAT collection on financial deals

By Ted P. Torres | April 26, 2003 - 12:00am

Recognizing the difficulty of collecting the controversial 10-percent value-added tax on financial transactions and considering that there is pending petition for a court injunction, the Bureau of Internal Revenue...

Business