"Taxwise or Otherwise" discusses the latest developments in tax and business law in the Philippines. It also dissects current issues affecting the business community, including policy development.
Writers are taken from a pool of business and tax consultants of Isla Lipana & Co., the Philippine member firm of PwC global network. Columns regularly appear in the BusinessWorld newspaper.
IT’S NO SECRET that the Bureau of Internal Revenue (BIR) was strongly opposed to our legislators’ bill to increase the tax exemption ceiling on employee bonuses to P82,000 from the previous P30,000. With the law now in place and the BIR having issued the implementing regulations just this week, most people expect the BIR to find ways to make up for the lost revenue, even as it lowered its income projection for 2015.