• 2 weeks ago
Panayam kay BIR Commissioner Romeo Lumagui Jr. ukol update sa Bureau of Internal Revenue

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Transcript
00:00Update from the Bureau of Internal Revenue, of course, we are with Commissioner June Lumagi.
00:07Commissioner, President Marcos Jr. recently passed the Corporate Recovery and Tax Incentives
00:14for Enterprises to Maximize Opportunities for Reinvigorating the Economy or Create More Act.
00:21What is this law and what are the salient points that are included in this law?
00:27Well, the purpose of this law is to facilitate the business of foreign investors in our country.
00:36The purpose of this law is for us to be able to attract foreign investors
00:40through the giving of incentives and foreign direct investments.
00:47One of the pillars of this law is the Enhanced Deduction Regime,
00:52just like the lowering of taxes of foreign investors who are allowed to enter our country.
01:00Commissioner, what are the examples of tax incentives under this Create More Act?
01:07Again, the first incentive is that if you qualify under Create More,
01:15your taxes will be lowered from 25% to 20%.
01:20The more clear VAT incentives like VAT Zero Rating and VAT Exemption are also included.
01:30Another example is the increase in the rate of power expense
01:35because sometimes the expenses are not given in full deductions.
01:40From 50% deductions to 100% deductions,
01:44these are the expenses that ordinary businessmen incur.
01:51The reinvestment also allows for deductions for manufacturing and tourism.
02:03So if they reinvest, there will be additional deductions or incentives for them.
02:09Additionally, there will be additional exemptions for importations
02:15that they will use for their administrative matters
02:18because in the past, those incentives were not included in the first law of Create.
02:24Who are the businesses that are included in the Create More Act?
02:30What are the requirements for them to avail of this good law and get these incentives?
02:38It needs to be registered with our different agencies,
02:43the so-called IPAs,
02:46because there is a guarantee that you will be included in the investment priority program of our government.
02:54Like sometimes, there are manufacturing agencies.
02:56So if you are included here, you just need to register there
03:00and they will be able to avail of the incentives once they qualify for the IPA.
03:09Okay.
03:10Let's talk about something else, Commissioner June.
03:13And since it's the holiday season again,
03:16and during this time, there are a lot of online sales.
03:20Nicole, do you also like to shop online?
03:22I'm guilty.
03:23Me too.
03:24There are a lot.
03:25Okay.
03:26What is this so-called online lock of the BIR?
03:31This is because the traditional business of physical stores,
03:36there is what we call an offline lock of the BIR.
03:39This is what the BIR does when a business is caught violating our law on the sale of goods.
03:47So we close it.
03:48These stores are physically closed and locked.
03:53Now, since there are no physical stores,
03:57these online sellers are what we call online lock of the BIR
04:01because they need to register.
04:04So we will shut down their online stores or their website.
04:12So we will shut it down.
04:14Okay.
04:15For everyone's information, Commissioner June,
04:18who are the ones who are required to register here in the online sellers?
04:24There are a lot of them.
04:25Is there a minimum amount or bracket that they earn?
04:28When it comes to registering, we don't have a minimum.
04:31Everyone who does business, everyone who is involved or wants to sell online,
04:37needs to register with our agency.
04:40It's different if you talk about whether you will pay for it or if there will be a fee.
04:44That's a different discussion.
04:45But we need to register here in the BIR.
04:49So these online sellers who need to register,
04:53did you say earlier that there is a bracket?
04:56What if the online sellers are just small?
04:59You know, it's just for their family.
05:06That's right.
05:07Well, again, they need to register
05:09because, of course, we want all businesses to grow and our family members to earn.
05:17But that's why I said earlier, it's different if you talk about whether you will pay for it or not.
05:22So they will register.
05:23If the business is small, there is no fee.
05:28They just need to register.
05:30Because, of course, we cannot say what if it grows suddenly and you are not registered.
05:35Of course, you will be fined if the business grows.
05:39Is it easy to register?
05:41Because sometimes they don't know where to register, what are the requirements, and where to go.
05:48It's easy.
05:49Now, because that's one of the concentrations we do in the BIR,
05:54it's easier for the taxpayers to comply.
05:57So they can register online.
06:01We have an online registration and update system.
06:05Just visit our website, www.bir.gov.ph, and look for ORUS,
06:12ORUS, or Online Registration and Update System.
06:15You can register there and get a digital PIN.
06:20Commissioner, how do BIR monitors online sellers or e-marketplaces?
06:28First of all, we consult with online selling platforms.
06:32We make sure that they understand their obligations
06:36so that they can monitor their accredited online sellers.
06:41Second, we also monitor them.
06:43We see that we have revenue examiners or revenue officers
06:48who monitor and supervise online sellers.
06:52Okay.
06:53Thank you for the updates that you shared with us from BIR Commissioner June.
06:59Thank you very much.

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