The mandatory fuel marking system under the proposed Comprehensive Tax Reform Program (CTRP) is designed to curb the smuggling and misdeclaration of petroleum products that is costing the government an estimated P26.9 billion to P43.8 billion in foregone revenues each year, according to Department of Finance (DOF) Undersecretary Karl Kendrick Chua.
Read MoreApartment and other real property rentals of P10,000 and below will remain VAT-free while those leasing out condos and other housing units whose gross sales of receipts fall under P3 million VAT threshold will also be exempt from this tax under the first package of the Comprehensive Tax Reform Program (CTRP), according to the Department of Finance (DOF).
Read MoreThe economy has ample buffers to withstand adverse effects of the current unrest in Mindanao as traders favored the Philippines, the Department of Finance (DOF) said.
Read MoreKuwait has sought the assistance of the Department of Finance (DOF) in establishing a business chamber here as part of its efforts to expand trade and investments in the Philippines.
Read MoreRetaining the value-added tax exemptions for all cooperatives that already enjoy almost all types of tax-free privileges–including the 750 prosperous ones that earned a whopping P34 billion combined in 2015 alone–is grossly unfair to the almost 100 million Filipinos who are non-coop members and have to pay their fair share of taxes.
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