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                    [ArticleID] => 254987
                    [Title] => Thrift banks press exemption from GRT, VAT on FCDU accts
                    [Summary] => The Chamber of Thrift Banks (CTB) stressed yesterday that FCDU (foreign currency deposit units) transactions are exempted from the gross receipts tax (GRT) and the value-added tax (VAT).


"In fact, the President signed into law Republic Act (RA) 9294 which made it clear the tax exemptions of FCDUs and OBUs (overseas banking units) during the drafting of the Comprehensive Tax Reform Act of 1997," CTB president Tomas V. Clemente Jr. said in a letter to Bureau of Internal Revenue (BIR) commissioner Guillermo L. Parayno Jr.


                    [DatePublished] => 2004-06-23 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 206196
                    [Title] => Deferment of 10% VAT on housing loans, banking services urged
                    [Summary] => The Subdivision and Housing Developers Association, Inc. (SHDA), the country’s largest and leading organization of subdivision and housing developers, urged the government to defer the imposition of the 10 percent VAT on housing loan payments and banking services.


SHDA national president, Jesus B. Atencio said that on Jan. 2, 2003, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 12-2003 imposing a 10 percent VAT on services of banks and other financial institutions beginning Jan. 1, 2003 pursuant to Sec. 1 of Republic Act 9010.


                    [DatePublished] => 2003-05-15 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [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] => 
                )

            [3] => Array
                (
                    [ArticleID] => 184286
                    [Title] => BIR eyes P662-M from sale of seized properties
                    [Summary] => The Bureau of Internal Revenue (BIR) hopes to collect P662 million from the sale of properties that were foreclosed for non-payment of revenue taxes.


The properties are located in various areas throughout the country including Pangasinan, Davao City, Valenzuela City, Makati City, San Pablo City, Bacolod City, Butuan City, Legaspi City, and Tacloban City.


                    [DatePublished] => 2002-11-17 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

        )

)

PARAYNO JR.

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    [results] => Array
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            [0] => Array
                (
                    [ArticleID] => 254987
                    [Title] => Thrift banks press exemption from GRT, VAT on FCDU accts
                    [Summary] => The Chamber of Thrift Banks (CTB) stressed yesterday that FCDU (foreign currency deposit units) transactions are exempted from the gross receipts tax (GRT) and the value-added tax (VAT).


"In fact, the President signed into law Republic Act (RA) 9294 which made it clear the tax exemptions of FCDUs and OBUs (overseas banking units) during the drafting of the Comprehensive Tax Reform Act of 1997," CTB president Tomas V. Clemente Jr. said in a letter to Bureau of Internal Revenue (BIR) commissioner Guillermo L. Parayno Jr.


                    [DatePublished] => 2004-06-23 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 206196
                    [Title] => Deferment of 10% VAT on housing loans, banking services urged
                    [Summary] => The Subdivision and Housing Developers Association, Inc. (SHDA), the country’s largest and leading organization of subdivision and housing developers, urged the government to defer the imposition of the 10 percent VAT on housing loan payments and banking services.


SHDA national president, Jesus B. Atencio said that on Jan. 2, 2003, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 12-2003 imposing a 10 percent VAT on services of banks and other financial institutions beginning Jan. 1, 2003 pursuant to Sec. 1 of Republic Act 9010.


                    [DatePublished] => 2003-05-15 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [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] => 
                )

            [3] => Array
                (
                    [ArticleID] => 184286
                    [Title] => BIR eyes P662-M from sale of seized properties
                    [Summary] => The Bureau of Internal Revenue (BIR) hopes to collect P662 million from the sale of properties that were foreclosed for non-payment of revenue taxes.


The properties are located in various areas throughout the country including Pangasinan, Davao City, Valenzuela City, Makati City, San Pablo City, Bacolod City, Butuan City, Legaspi City, and Tacloban City.


                    [DatePublished] => 2002-11-17 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

        )

)

abtest

Thrift banks press exemption from GRT, VAT on FCDU accts

By Ted P. Torres | June 23, 2004 - 12:00am

The Chamber of Thrift Banks (CTB) stressed yesterday that FCDU (foreign currency deposit units) transactions are exempted from the gross receipts tax (GRT) and the value-added tax (VAT). "In fact, the President...

Business

Deferment of 10% VAT on housing loans, banking services urged

May 15, 2003 - 12:00am

The Subdivision and Housing Developers Association, Inc. (SHDA), the country’s largest and leading organization of subdivision and housing developers, urged the government to defer the imposition of the 10 percent...

Business

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

BIR eyes P662-M from sale of seized properties

By Ted P. Torres | November 17, 2002 - 12:00am

The Bureau of Internal Revenue (BIR) hopes to collect P662 million from the sale of properties that were foreclosed for non-payment of revenue taxes. The properties are located in various areas throughout the country...

Business