BIR has seen strong growth so far in 2025 Latest data from the Bureau of the Treasury (BTr) show that the BIR raked in P420.5 billion in April. This marked a year-on-year increase of 11.1 percent.

Lumagui noted the biggest challenges remain the same: how to plug revenue losses due to tax-shaving and other tax evading schemes. Thus, the BIR’s tax-hunting must evolve.

MANILA, Philippines - The Bureau of Internal Revenue (BIR) has extended the deadline for filing of applications for estate tax amnesty to June 16, 2025, from the previous cutoff of June 14. In an ...

The ITR or income tax filing is a crucial annual financial task that needs to be taken care of by many salaried and self-employed professionals. The income tax filing season for 2024-25 has started.

To pay zero tax on Rs 15.5 lakh income under the new regime, you need to reduce your taxable income to Rs 12,00,000 (Rs 12.75 lakh with standard deduction). Let's take an example where an employee's ...

If ain’t broke, don’t fix it, as a popular idiom goes. On the other hand, another oft-repeated adage says: if you can’t lick them, join them. As the head of the government’s chief public funds ...

Except the Illinois income tax can’t, because the state Constitution requires utilization of only one, flat rate. To fix this, the state’s flat income tax rate should be increased by 1.5 ...

Tax Credit Increase Would Exclude Millions of Low-Income Children, Study Finds The domestic policy bill passed by the House raises the maximum child tax credit to $2,500.

I am legally blind. Federal Income Tax Breakdown: For the 2025 tax year, your estimated taxes owed are $13,613.88 Taxable income Gross income$100,000 Standard deduction−$15,000 ...

These individual tax cuts will sunset on Dec. 31, 2025, unless extended. Increase the state and local tax (aka, SALT) deduction to $40,000 for taxpayers earning less than $500,000.

However, if one spouse claims REPS, you can deduct $150,000 from your $250,0000 income, meaning you'll only be taxed on $100,000, which can result in a significant difference in tax liability.