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PostPosted: Tue Feb 07, 2017 8:21 am 
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Whew, another changescamming by Pduts admin.

WT hell of a F!

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PostPosted: Tue Feb 07, 2017 9:09 am 
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payat! :lol:

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PostPosted: Tue Feb 07, 2017 10:29 am 
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bad move if true !!

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PostPosted: Tue Feb 07, 2017 10:58 am 
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it's not on the amount sent, the tax will be on the remittance fee.

----

In a statement, DOF spokesperson Asec. Paola Alvarez clarified the service of remittance centers will only be taxed and not the actual amount.

"The VAT is on service, not the remittance amount. For instance, if sending 4,000 pesos, the money transfer center charges 100 pesos, and the VAT is 12 pesos, or only 0.3% of the remittance amount," Alvarez said.

Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers.
- See more at: http://www.gmanetwork.com/news/story/59 ... TntPC.dpuf

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PostPosted: Tue Feb 07, 2017 11:04 am 
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Basa muna bago comment para di makuryente! :lol:


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PostPosted: Tue Feb 07, 2017 11:11 am 
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studstar wrote:
it's not on the amount sent, the tax will be on the remittance fee.

----

In a statement, DOF spokesperson Asec. Paola Alvarez clarified the service of remittance centers will only be taxed and not the actual amount.

"The VAT is on service, not the remittance amount. For instance, if sending 4,000 pesos, the money transfer center charges 100 pesos, and the VAT is 12 pesos, or only 0.3% of the remittance amount," Alvarez said.

Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers.
- See more at: http://www.gmanetwork.com/news/story/59 ... TntPC.dpuf



yun naman pala. good move if true :D

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“You create your own universe as you go along.” ― Winston Churchill

"When a table is normalized, the non-key columns depend on the key, the whole key, and nothing but the key." - a DBA


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PostPosted: Tue Feb 07, 2017 12:06 pm 
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Maximizing OFW remittances
By Francis J. Ricamora

"The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing."
So said Jean Baptiste Colbert, French economist and Minister of Finance under King Louis XIV of France.

And this insight may be apt when one considers the recent Bureau of Internal Revenue (BIR) issuance that applies to our modern-day heroes -- our overseas Filipino workers (OFWs). Revenue Regulations (RR) No. 1-2011 was issued to clarify the tax treatment of the income and money remittances of Overseas Contract Workers (OCWs), as OFWs are also called. As part of the moves to improve tax administration, eliminate confusion and clarify the tax treatment of our OCWs/OFWs, RR 1-2011 defined the tax treatment of their income earned within and outside the Philippines.

The rules define the term OCWs or OFWs as Filipino citizens employed in foreign countries and who are physically present in a foreign country as a consequence of their employment thereat. Their salaries and wages are paid by an employer abroad and not borne by any entity or person in the Philippines.
To be considered OCWs/OFWs, they must be duly registered as such with the Philippine Overseas Employment Administration (POEA) with a valid Overseas Employment Certificate (OEC).

Seafarers or seamen are similarly treated as OFWs if they are Filipino citizens who receive compensation for services rendered abroad as a member of the crew of a vessel engaged exclusively in international trade. Similar to land-based OCWs/OFWs, they must be duly registered with the POEA with a valid OEC, Seafarers Identification Record Book (SIRB) or seaman’s book issued by the Maritime Industry Authority.

This definition adopted by the BIR is consistent with Section 2 of Republic Act (RA) No. 10022, amending Section 3 of the RA 8042 or the Migrant Workers and Overseas Filipinos Act of 1995, which defines the term "Overseas Filipino worker" or "migrant worker" as a person who is engaged or has been engaged in a remunerated activity in a state of which he or she is not a citizen, or on board a vessel navigating the foreign seas, other than a government ship used for military or non-commercial purposes, or on an installation located offshore or on the high seas.

In outlining the income tax rules applicable to OFWs, the BIR applied the general rules on the taxation of individuals provided for under the Tax Code. A citizen of the Philippines who is working and deriving income from abroad as an OCW is taxable only on income sourced within the Philippines (e.g., compensation for labor or personal services performed in the Philippines).

Thus, an OFW’s income from overseas employment is exempt from income tax.

However, if an OCW or OFW has income earnings from business activities or properties within the Philippines, such income is subject to the applicable Philippine income tax (i.e., 5%-32% of taxable income; 6% final tax on capital gains from the sale, exchange or other disposition of real property in the Philippines classified as capital assets based on gross selling price or current fair market value, whichever is higher; and 10% final tax on cash or property dividends).
With regard to business taxes, OFWs/OCWs may be subject to 12% value-added tax (VAT) if, in the course of business, they sell, barter, exchange, lease goods or properties, render services in the Philippines or import goods into the Philippines.

However, if gross annual sales and/or receipts do not exceed P1.5 million and an OFW opted not to register as a VAT taxpayer, he or she shall be liable to pay 3% percentage tax of his or her gross quarterly sales or receipts.

Pursuant to RA 8042, as amended, all migrant workers shall continue to be exempt from travel tax and airport fees upon showing proof of entitlement issued by the POEA (i.e., OEC). The remittances of all OFWs, including those sent through the banking system, credited to an account in the Philippines and withdrawn through an automatic teller machine (ATM), shall be exempt from documentary stamp tax (DST) upon presenting the OEC or valid OWWA Membership Certificate. Prior to RA 10022, all money transfers from abroad and payable in the Philippines, including those wired home by OFWs, were subject to the DST at a rate of P0.30 for every P200.

RR 1-2011 does not tax the earnings of OCWs/OFWs from their work outside the Philippines, nor does it impose new taxes on OCWs or OFWs.
What is clear, however, that there will be tax implications on the income (in the case of income tax) and on gross receipts (in the case of VAT) of these earnings as they are invested by the OFWs in business undertakings or activities in the Philippines. This is to ensure a level playing field for both OFWs and resident citizens who chose to remain in the Philippines to do business or practice their profession.

Very soon, the Aquino administration will be celebrating its first year in office. It has remained true to its promise not to impose new taxes.
However, if the imposition of new taxes or higher rates should become absolutely necessary, the government should carefully consider whose "feathers" to ruffle. Our OFWs contributed $18.76 billion, equivalent to 10% of the country’s gross domestic product last year. Placing the burden on millions of migrant workers will definitely result in tremendous hissing.

Francis J. Ricamora is a Tax Senior Director of SGV & Co.

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Netizens: "Paano ba makakaahon ang Pinas kung ang pangulo ay walang paninindigan, duwag, traydor, inutil, sinungaling, sakitin, sira ulo, kriminal at magnanakaw?"
Duterpwe: “sinabi ko na sa inyo na wag nyo ako iboto."
Dutertards: nganga


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PostPosted: Tue Feb 07, 2017 12:14 pm 
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An OCW or OFW may be subjected to 12% Value Added Tax (VAT) if in...




BIR Explains Tax Rules for OFWs

The continued rise in the remittances of overseas Filipino workers (OFWs) prompted the Bureau of Internal Revenue (BIR) to issue an advisory detailing the rules on how to tax an overseas Filipino worker (OFW). According to Bangko Sentral ng Pilipinas (BSP), OFW remittances have been rising continuously since 2003. The USD7.58 billion OFW remittances recorded in 2003 rose to USD18.76 billion in 2010.

The government agency is hoping that with the advisory, tax administration would be easier as it would serve as a guide on how to view the incomes of OFWs that are earned inside and outside of the Philippines.

The BIR is also hoping that the guidelines would avoid confusions and tax issues regarding taxation procures for OFWs. In the advisory that is contained in Revenue Regulations No. 1-2011, the BIR Commissioner, Kim S. Henares clearly defined the term OFW or overseas contract worker (OCW).

According to Revenue Regulations No. 1-2011, OFW is a Filipino citizen who holds a job outside the Philippines and is physically present in that foreign country where the job is. Their salaries and wages are paid by an employer abroad and is not borne by any entity or person in the Philippines.

Henares said, “To be considered an OCW or OFW, one must be duly registered as such with the Philippine Overseas Employment Administration (POEA) with a valid overseas employment certificate (OEC).”

A Filipino seafarer or seaman is also defined as one who is paid for services rendered abroad as a member of a crew on a vessel that is exclusively engaged in international trade.

A seaman is required to have an Overseas Employment Certificate (OEC), POEA Registration, and a seafarer’s identification record book or a seaman’s book from the Maritime Industry Authority.

According to Revenue Regulations No. 1-2011, the wage or income of an OFW that is earned out of the country is exempted from income tax. However, the earnings of an OFW from a business venture or any other property in the Philippines is subject to tax obligations.

In addition, the income of a business that is owned by an OFW can be exempted from the 12-percent value-added tax provided that the OFW opts not to be registered as a VAT taxpayer and if the annual gross business income does not exceed Php1.5 million. The business of an OFW that is not VAT-registered is subject to the quarterly 3-percent gross revenue tax.

Remittances from OFWs are also exempted from the documentary stamp tax (DST). However, according to BIR rule, in the case of OFW remittances sent through banks, the recipient is required to show proof of entitlement to DST exemption such as OEC or Overseas Worker Welfare Administration (OEC) certificate.

All OFWs also enjoy exemption from paying travel tax and airport fees, although they are required to show proof that they are legal migrant workers.


ftp://ftp.bir.gov.ph/webadmin1/pdf/56432RR%201-2011.pdf

_________________
Netizens: "Paano ba makakaahon ang Pinas kung ang pangulo ay walang paninindigan, duwag, traydor, inutil, sinungaling, sakitin, sira ulo, kriminal at magnanakaw?"
Duterpwe: “sinabi ko na sa inyo na wag nyo ako iboto."
Dutertards: nganga


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PostPosted: Tue Feb 07, 2017 12:22 pm 
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Cruiserweight

Joined: Wed Mar 25, 2015 10:08 am
Posts: 2082
miron_lang wrote:
studstar wrote:
it's not on the amount sent, the tax will be on the remittance fee.

----

In a statement, DOF spokesperson Asec. Paola Alvarez clarified the service of remittance centers will only be taxed and not the actual amount.

"The VAT is on service, not the remittance amount. For instance, if sending 4,000 pesos, the money transfer center charges 100 pesos, and the VAT is 12 pesos, or only 0.3% of the remittance amount," Alvarez said.

Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers.
- See more at: http://www.gmanetwork.com/news/story/59 ... TntPC.dpuf



yun naman pala. good move if true :D



"Kapag in-adjust yung taxes, whether yan ay doon lang sa tinatawag na service fee ng mga remittance company, tataas din yung sinisigil nila sa OFWs," he said.

"Ito namang mga businesses na 'to, hindi naman nila ia-absorb yung mga dagdag [o] increase ng cost because of the taxation. Ipapasa din yan sa consumer," he added.

- See more at: http://www.gmanetwork.com/news/story/59 ... cCTXS.dpuf

_________________
Netizens: "Paano ba makakaahon ang Pinas kung ang pangulo ay walang paninindigan, duwag, traydor, inutil, sinungaling, sakitin, sira ulo, kriminal at magnanakaw?"
Duterpwe: “sinabi ko na sa inyo na wag nyo ako iboto."
Dutertards: nganga


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PostPosted: Tue Feb 07, 2017 1:19 pm 
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Light Heavyweight

Joined: Mon Nov 06, 2006 4:38 pm
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Nagpaalam lang kunwari si kuryente king... may gusto na pumalit.
Ak ak ak
Sobrang explain na tuloy.

:lol:
:lol:
:lol:


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PostPosted: Tue Feb 07, 2017 1:45 pm 
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Posts: 2082
How many times did Poodut admin back pedaled on his command post?
You all should have seen the rest way better.

I'd be happy if he/they do it again. :lol:

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Netizens: "Paano ba makakaahon ang Pinas kung ang pangulo ay walang paninindigan, duwag, traydor, inutil, sinungaling, sakitin, sira ulo, kriminal at magnanakaw?"
Duterpwe: “sinabi ko na sa inyo na wag nyo ako iboto."
Dutertards: nganga


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PostPosted: Tue Feb 07, 2017 2:02 pm 
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Cruiserweight

Joined: Wed Mar 25, 2015 10:08 am
Posts: 2082
Ugh, do you consider that this news is coming from a mochauson-like blogs? Well, basically what gets taxed are the "remittance fees" (based on what particular country you are in. It understood that most PH banks charges certain percentage of the total amount as remittance fee and this will be charged with the 12% increase VAT that is being mentioned in the 'blogs', but still you all have take this declaration with a pinch of salt Poodut believers. Just the same, the hardworking class e.g blue-collar workers, professionals, business workers, etc. were get fcked the easiest, the deepest, the hardest, and the driest. No problem with me, I know the workaround on this.

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Netizens: "Paano ba makakaahon ang Pinas kung ang pangulo ay walang paninindigan, duwag, traydor, inutil, sinungaling, sakitin, sira ulo, kriminal at magnanakaw?"
Duterpwe: “sinabi ko na sa inyo na wag nyo ako iboto."
Dutertards: nganga


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PostPosted: Wed Feb 08, 2017 12:04 am 
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Joined: Mon Jun 20, 2016 12:47 pm
Posts: 5106
my bespren has no problem too, he knows the workaround, cheaper and legal.


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PostPosted: Wed Feb 08, 2017 1:12 am 
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Heavyweight

Joined: Wed Aug 09, 2006 4:21 am
Posts: 4218
Tax the CHURCH!


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PostPosted: Wed Feb 08, 2017 9:29 am 
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Light Heavyweight

Joined: Mon May 27, 2013 1:09 pm
Posts: 1555
ang pina ka bad trip yong OEC...imagine 4 na araw ka lang kailangan mo pa mag online at mag pa exempt..tapos pagdating mo sa NAIAI kahabahaba nang pila,pagdating mo sa immigration sabihan ka na ipa verify ulit sa POEA..pila ka na naman tsaka balik sa immigration...pila ulit...paita uy.. :( :(

kala ko tinangal na ni digong tong OEC OEC na to...hay maisumbong nga kay Ellen Adarna.


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