Center for Strategic Reforms of the Philippines’ Post

RUN AFTER… 🙈 The Bureau of Internal Revenue Philippines will run out of people and resources to catch all tax evaders and violators. It should automate its system with a digital platform for ease of verification of official receipts, PWD/Senior IDs, similar to what the CREATE MORE Act mandates in processing VAT refunds. It has to be electronic. Otherwise, we might catch a few, but the leak will never truly be stopped!

Penalty u/s 270A and 271AAB - Defective notice u/s 274 - under reporting of income - search and seizure operation - The Tribunal found that the penalty notices under sections 270A and 271AAB were not in compliance with the legal requirements, as they failed to specify the exact limb under which the penalties were being levied (misreporting or underreporting of income). This lack of specificity was deemed to render the notices vague and legally insufficient to form the basis for penalty proceedings. - The Tribunal underscored that penalty proceedings are independent of assessment proceedings and must stand on their own merits. - The ITAT allowed the appeals filed by the firm, deleting the penalties http://dlvr.it/T4RGN2 #IncomeTax #Highlights #TaxLaws #TaxTMI

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

Rejection of rectification petition - turnover of the petitioner was erroneously reported in the GSTR 1 return - The High Court acknowledges the petitioner's claim regarding the erroneous turnover reported in the GSTR 1 return. Since the petitioner did not file the annual return for the relevant assessment period, the error was not rectified. The High Court finds that the tax liability primarily arose due to the turnover reported in the GSTR 1 return. Considering the interest of justice, the High Court deems it necessary to provide the petitioner with an opportunity to establish the correct turnover amount. http://dlvr.it/T6b88w #GST #Highlights #TaxLaws #TaxTMI

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

📨 HMRC is stepping up its use of nudge letters, aiming to influence taxpayer actions positively. These letters prompt disclosure or correction of unreported income or errors. Stay informed and read more below ⬇️ #TaxCompliance #HMRC #NudgeLetters

Received an FBR Notice? Don’t let it become a bigger issue by ignoring it. At Taxway, we specialize in resolving FBR notices swiftly and efficiently. ✔️ Expert support for compliance ✔️ Personalized guidance to address concerns ✔️ Hassle-free solutions We’re here to help you navigate through the complexities and get back on track. Reach out today—your peace of mind is just a call away! #TaxAdvisory #FBRNotice #ComplianceMatters #TaxWays #FinancialGuidance