L7 02 Governing Bodies involved in Taxation

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kevs

Cards (6)

  • Department of Finance (DOF) has the main responsibility of managing the financial strength and fiscal policies of the government. It supervises and controls other agencies such as (Valencia & Roxas, 2016):
  • Bureau of Internal Revenue (BIR). The agency is tasked to assess and collect all taxes and necessary fees imposed by regulations, policies, and tax laws.
  • Bureau of Customs (BOC) and the Tariff Commission (TC). These agencies are in charge of implementing the policies set by the Tariff and Customs Code (TCC).
  • Land Transportation Office (LTO). The office that is tasked to collect registration fees and motor vehicle tax.
  • Duly Authorized Collectors: These are persons or banks authorized by BIR, BC, TC, and LTC to collect taxes.
  • Local Offices:
    Provincial, City, Municipal, and Barangay Treasurer, etc.