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Gov’t seeks end to indiscriminate grant of costly fiscal incentives

The Department of Finance (DOF) said that while the government recognizes the value of tax incentives in business, such multibillion-peso worth of annual perks must not be given indiscriminately at the expense of building up the country’s more powerful attractions as an investment hub, notably its skilled and hardworking talent pool and an ambitious infrastructure Read More

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DOF wants public listing of favored firms receiving tax perks

The Department of Finance (DOF) has proposed improvements to the Tax Incentives Management and Transparency Act (TIMTA) to enable the government to make public the list of corporations that receive tax incentives and how much such perks are costing Filipino taxpayers each year in terms of foregone revenues. Finance Undersecretary Karl Kendrick Chua said this Read More

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DOF hopeful Congress will consider long-term benefits of tax reform

The Department of Finance (DOF) remains optimistic that lawmakers will consider the long-term benefits of the Duterte administration’s comprehensive tax reform program (CTRP) by giving their stamp of approval to its remaining packages ahead of the election season. Finance Secretary Carlos Dominguez III said the current tax setup needs to undergo sweeping reforms, particularly the Read More

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Favored firms got P86-B in income tax perks, but declared P142-B in dividends in 2015

The Department of Finance (DOF) has determined that for 2015 alone, the government gave away P86.3 billion-worth of income tax incentives to firms that paid out a total of P141.8 billion combined in dividends to their respective shareholders. Finance Undersecretary Karl Kendrick Chua said data from the Securities and Exchange Commission (SEC) and those reported Read More