Panayam kay BIR Commissioner Romeo Lumagui Jr. ukol update sa  Bureau of Internal Revenue - video Dailymotion

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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.

Panayam kay BIR Commissioner Romeo Lumagui Jr. ukol update sa Bureau of Internal Revenue

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