Internal revenue taxes refer to taxes collected by the BIR such as income taxes, estate and donor's taxes, value-added tax, excise taxes and documentary stamp taxes
Standard Insurance was contesting the assessed tax liability issued by the BIR against it arising from a deficiency in the payment of documentary stamp taxes
for the taxable years 2011 to 2013 amounting to P418.8 million, including interest and compromise penalty.
Under the National Internal Revenue Code (NIRC), the national internal revenue taxes include "income taxes; estate and donor's taxes; value-added tax; other percentage taxes; excise taxes; documentary stamp taxes
; and such other taxes as are hereafter may be imposed and collected by the BIR."
This was partially offset by a 24-basis point increase in cost of funds due to higher time deposit rates and higher documentary stamp taxes
It is also drafting the excise taxes on automobiles, mineral products, tobacco, sweetened beverage, cosmetic procedures, estate, donor's , percentage and documentary stamp taxes
Internal revenue taxes, meanwhile, refer to taxes imposed by the BIR such as income taxes, estate and donor's taxes, value-added tax, excise taxes, and documentary stamp taxes
to raise funds and pay the BIR some R25 billion in deficiency excise and documentary stamp taxes
the P28.88 million it paid for interest and surcharges on documentary stamp taxes
They argued that it is unreasonable for the government to impose taxes on assets acquired after paying the necessary capital gains and documentary stamp taxes
with money that has already been subjected to either income or business tax.
Mighty Corp's lawyer, Sigfrid Fortun, protested the raids, saying the customs bureau had no authority to inspect excise stamp taxes
as it was exclusively vested in the revenue bureau.
The BIR personnel reviewed the stamp taxes
of 33 master cases of Marlboro cigarettes, 11 master cases of Fortune and seven master cases of Hope-products of market leader PMFTC Inc.; 19 master cases of Jackpot; as well as 164 master cases of Mighty products, on top of 902 loose packs of Mighty cigarettes.
The Bureau of Internal Revenue (BIR) is expanding its investigation of the rampant use of fake cigarette stamp taxes
to include other tobacco players.