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DOF to BIR: Check excise tax payments of beverage makers

The Department of Finance (DOF) has directed the Bureau of Internal Revenue (BIR) to determine whether beverage manufacturers are paying the correct amount and type of tax as mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Law after uncovering possible discrepancies in their tax payments, which left a P10 billion shortfall in the Read More

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PRRD econ team takes decisive steps vs inflation in 2018

President Duterte’s economic team undertook prompt and decisive measures to rein in inflation in 2018, resulting in a marked slowdown that experts say could lead to the domestic economy picking up steam next year. With food supply pressures easing and global crude oil prices falling, financial institutions like S&P Global Ratings and Nomura Global Research Read More

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FEF backs property valuation reforms

The Foundation for Economic Freedom has given its full support to the proposed reforms in the property valuation system under the Duterte administration’s comprehensive tax reform program (CTRP) as these will help upgrade the financial self-sufficiency of local government units (LGUs). Such reforms, which comprise Package 3 of the CTRP, will help strengthen local autonomy, Read More

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Over 1,000 entrepreneurs take part in ‘Sulong’ regional forums

More than 1,000 entrepreneurs, mostly representing small and medium enterprises (SMEs), were consulted by the government on how the government can sustain the economy’s high growth and make it more inclusive, during the series of regional “Sulong Pilipinas” workshops held last month, the Department of Finance (DOF) said. DOF Assistant Secretary Antonio Joselito Lambino II Read More

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Corporate tax reform to create 1.4 M jobs over the next 10 years

The Duterte administration’s tax reform package that aims to lower the corporate income tax (CIT) and overhaul the country’s “convoluted” fiscal incentives system is projected to generate some 1.4 million jobs, mostly in small and medium enterprises (SMEs), over the next decade and create a business environment conducive to inclusive growth, according to Finance Secretary Read More

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DOF to urge Congress to pass higher tobacco tax rates to further discourage smoking, raise more healthcare funds

The Department of Finance (DOF) will “try its best” until the last minute to convince the Congress to impose new “sin” tax rates on tobacco products that will make cigarettes pricey enough to further discourage smoking, especially among teenagers. Finance Secretary Carlos Dominguez III said increasing the current tobacco excise tax rates to levels that Read More

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4 regional ‘Sulong’ forums generate ‘Top 10′ proposals

DAVAO CITY—A consolidation of the actionable recommendations submitted by the private sector in the four regional “Sulong Pilipinas” workshops conducted in Luzon, Visayas and Mindanao in November yielded proposals ranging from improving agricultural output and simplifying loan requirements for small and medium enterprises (SMEs) to enhancing peace and order measures, and stricter profiling of the Read More

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Regional ‘Sulong’ forums underscore private sector’s role in sustaining growth

DAVAO CITY—Finance Secretary Carlos Dominguez III has said that spinning off the annual “Sulong Pilipinas” consultative conference into regional forums across the country underscores the importance given by the Duterte administration to the business sector in its pursuit of high and inclusive growth. Dominguez said the government doubled its efforts this year to connect with Read More

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Duterte admin delivers on 1st ‘Sulong’ recommendations

CLARK FREEPORT—The Duterte administration has delivered on several key recommendations two years ago by the private sector to help the government supercharge the economy and fulfill its goal of inclusive growth, notably on improving the ease of doing business, implementing a national identification (ID) system and instituting tax reform, Finance Secretary Carlos Dominguez III said Read More