By Liezelle Soriano

MANILA — President Ferdinand Marcos Jr. has signed into law Republic Act No. 11976, also known as “Ease of Paying Taxes Act,” which will modernize and increase the efficiency and effectiveness of tax administration and strengthen taxpayer rights.

It will also allow the government to capture as many taxpayers as possible into the tax net by streamlining the system and minimizing the burden on taxpayers, increasing the country’s revenue collection in the long run.

“The new law, introduces administrative tax reforms and amendments to several sections of the National Internal Revenue Code of 1997, also eyes to update the Philippine taxation system, adopt best practices, and replace antiquated procedures,” Presidential Communications Office (PCO) said.

The salient features are the following:

  • Classification of taxpayers into micro, small, medium, and large
  • Electronic or manual filing of returns and payment taxes either to the BIR, through any authorized agent bank or authorized tax software provider
  • Option to pay internal revenue taxes removal to the City or Municipal Treasurer
  • Elimination of the distinction between documentation and basis of sales of goods and services
  • Classification of value-added tax (VAT) refund claims into low, medium, and high-risk

The law’s implementing rules and regulations (IRR) shall be promulgated 90 days from the effectivity of the Act after the consultation of the Finance Secretary with the Bureau of Internal Revenue (BIR) and the private sector.

Republic Act No. 11976 takes effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.

(el Amigo/MNM)

MANILA — President Ferdinand Marcos Jr.’s active participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting has resulted in pledges of over $672 million in investments across various sectors, according to an announcement from Malacañang on Monday.

These investment commitments encompass $400 million for the telecommunications sector, $250 million for semiconductor and electronics, $20 million in pharmaceutical and healthcare, $2 million for artificial intelligence (AI) in weather forecasting, and $0.3 million in renewable energy.

During the APEC CEO Summit on November 15, 2023, in San Francisco, California, President Marcos also successfully secured commitments in technological advancements. This includes the deployment of the first two Internet MicroGEO satellites exclusively dedicated to the Philippines.

Additionally, there are pledges related to technology, notably in the development of Asia’s largest AI-driven weather forecasting program for the Philippines.

This initiative aims to enhance the country’s resilience against climate change through a partnership between the Department of Science and Technology and the US-based company, Atmo.

Further discussions are underway for an additional investment of $1 billion in the semiconductor industry with US companies.

President Marcos, emphasizing the Philippines’ readiness to become a leading investment hub in Asia, stated during the Philippine Economic Briefing in San Francisco, California: “With a solid reform agenda and continuous growth amid challenges, the Philippines is poised to emerge as a prominent investment hub in Asia. A plethora of opportunities await investors in the Philippines, and we are prepared to explore new horizons in the coming years.

(ai/mnm)

By Liezelle Soriano

PRESIDENT Ferdinand Marcos Jr. lauded this year’s awardees of the Metrobank Foundation, which include Bukidnon’s Icon for Transformative Education in the Modern Age and Davao City’s Modern Teacher Influencer.

Marcos said that the excellence they have demonstrated is “worth emulating.”

“Your accomplishments bring us closer to Bagong Pilipinas that we are determined to build—a nation that has a globally competitive education system, a safe and empowered citizenry, and a society that offers equal opportunities for all,” he said

during the awarding rites held in Malacañang on Thursday.

Among the awardees were Rex Sario, Bukidnon’s Icon for Transformative Education in the Modern Age and June Elias Patalinghug, Davao City’s Modern Teacher Influencer.

“Your noble works as academicians, soldiers, and police officers are oftentimes the most demanding, exhausting, and wearisome professions out there,” the President said.

“Nevertheless, yours are also among the most important and hopefully the most rewarding and fulfilling vocations there are,” he added.