Cash donations subject to tax, BIR chief says

[n1kn0k]

Taken from http://www.gmanews.tv/story/173606/c...bir-chief-says. Kaya hindi umaasenso bansa natin. We have some of the dumbest laws in the world!!

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Cash donations made to privately-led groups assisting typhoon victims remain subject to donor's tax, the Philippines' tax chief said.

However, Bureau of Internal Revenue (BIR) Commissioner Sixto Esquivias IV failed to provide tax rates while testifying before the Senate sub-finance committee chaired by Senator Miriam Defensor-Santiago.

“Donations done straight to private individuals are subject to donor’s tax," Esquivias said. “Donations to government and charitable institutions are exempt."

Besides emphasizing that donors will not encounter any problems with the tax, Esquivias added that agencies such as the Department of Social Welfare and Development (DSWD) could receive donations from the private sector “tax-free."

Previously, Santiago was attempting to secure BIR approval for a donor's tax waiver to spur more donations for victims of the storm Ondoy.

Although she earlier intended to file a bill exempting cash donations from donor's tax, Santiago opted to file a resolution instead.

Under Section 98 of the National Internal Revenue Code, direct or indirect gifts, real and personal properties, tangible or intangible assets under P100,000 will be exempt from taxes.

However, a tax of anywhere from two to 15 percent percent will be charged on donations worth anywhere from P100,000 to P10 million. - GMANews.TV

[[archie]]

sana naman except muna ngayon since ang laki ng damage caused by the typhoon.

[combustion95]

Ayos!!! kahit na bumabagyo kita pa rin ang gobyerno, sarap talaga mabuhay sa gobyerno. Hay!!!!

[oliver1013]

Mas mabagsik ang IRS sa tate...

[CVT]

E iyon ngang tax na naibayad natin, mukhang malabo ang pinuntahan...

Heto na naman!!!....

8701:soccer:

[niky]

Gift tax kasi... meron... pero kung through a non-profit foundation... no problem.