BIR reminds registered online sellers to file annual tax returns; UK launches tech growth program in PH; Foreign tourists to get VAT refunds in Philippines

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00:00The Bureau of Internal Revenue or BIR reminded online sellers and sole proprietors to file

00:06their annual tax returns before the April 15 deadline.

00:10This and other stories in tonight's Business Wrap from the Philippine News Agency.

00:15In our business news, the Bureau of Internal Revenue reminded self-employed individuals

00:33and online sellers to file their annual tax returns before the deadline on April 15.

00:40BIR Commissioner Romeo Lumagi Jr. reminded online sellers and sole proprietors to register their

00:47business under an individual's name instead of a corporation and then file their annual

00:54ITR using BIR Form 1701. They are also required to submit an auditor's report and financial

01:03statements prepared and signed by a BIR-accredited external auditor, particularly those whose annual

01:11sales exceed P3 million. Lumagi also said this would ensure transparency, accuracy,

01:19and compliance with tax rules for businesses that have exceeded that threshold.

01:25The United Kingdom has launched the UK APAC Tech Growth Program to support British technologies

01:31and firms expanding in the Asia-Pacific region, including the Philippines. At the opening of the

01:38UK Southeast Asia Tech Week on Monday, Trade Commissioner Martin Kent said their partnership

01:46with Kickstart Ventures will drive innovations and expand technology solutions. The Commissioner

01:53also stressed that the program aims to enhance digitalization, AI adoption, and cybersecurity

01:59in the Philippines. The UK Southeast Asia Tech Week brought 12 tech firms offering solutions in

02:05data analytics, cybersecurity, and AI enterprise as well as exploring business opportunities in

02:13the region. Meanwhile, the Philippines has launched a VAT refund program for items purchased by

02:20foreign tourists in the country. Eligible items include clothing, electronics, jewelry, food,

02:26and non-food consumables that are taken out of the country within 60 days. The Department of

02:32Finance said tourists can apply for a refund on locally purchased goods worth at least P3,000

02:40from accredited stores. Finance Secretary Ralph Recto said this initiative will significantly

02:46boost the country's economy by creating more jobs and increasing government revenue.

02:52Meanwhile, the Department of Finance will partner with a global operator for refunds

02:56to be processed electronically or in cash.

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