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  • Business leaders back corporate tax reform

    Business leaders back corporate tax reform

    The country’s business leaders have expressed their full support for the Duterte administration’s proposed reforms in corporate taxation and the grant of investment incentives, which they described as “a bold move” to sharpen the Philippines’ competitiveness in the region.   In a letter to Finance Secretary Carlos Dominguez III, the Management Association of the Philippines (MAP) said Read More>>
  • DOF welcomes filing in Congress of corporate tax reform bill

    DOF welcomes filing in Congress of corporate tax reform bill

    Finance Secretary Carlos Dominguez III has welcomed the filing in the House of Representatives of a bill that aims to institute reforms in the country’s corporate tax system as he expressed the hope that the legislature can begin hearing the measure as soon as the Congress resumes its regular session in May following its traditional Read More>>
  • Taxpayers have P10-B cash bonanza per month under TRAIN

    Taxpayers have P10-B cash bonanza per month under TRAIN

    Filipino consumers now have a combined P10 billion cash bonanza to spend more each month following the implementation starting last January of the Tax Reform for Acceleration and Inclusion Act (TRAIN), which slashed personal income tax (PIT) rates for 99 percent of taxpayers.   Finance Secretary Carlos Dominguez III said P10 billion of additional purchasing power Read More>>
  • 7.4 million households to receive unconditional cash transfers in 1st quarter

    7.4 million households to receive unconditional cash transfers in 1st quarter

    Unconditional cash transfers (UCTs) amounting to P2,400 for 2018 will be distributed within the first quarter to  some 7.4 million households, comprising the 4.4 million existing beneficiaries under the Pantawid Pamilyang Pilipino Program (4Ps) and 3 million  indigent senior citizens already receiving social pensions, according to the Department of Finance (DOF).  Finance Undersecretary Karl Kendrick Chua said the schedule Read More>>
  • TRAIN to eventually rescue 21-M Filipinos from poverty

    TRAIN to eventually rescue 21-M Filipinos from poverty

    The Tax Reform for Acceleration and Inclusion Act (TRAIN) will set the staging ground to rescue 21 million Filipinos from poverty in the long run because additional revenues from this law will allow government to spend more on health, education and other social services that will provide opportunities for prosperity to all Filipinos, according to the Department of Finance (DOF).  Read More>>
  • TRAIN removes oppressive rates for delinquent tax payments

    TRAIN removes oppressive rates for delinquent tax payments

    The Tax Reform for Acceleration and Inclusion (TRAIN) has done away with punitive and confiscatory interest rates that encourage delinquency rather than compliance in paying the correct amount of taxes, imposing instead a more reasonable charge based on the legal interest rate for loans set by the Bangko Sentral ng Pilipinas (BSP), according to the Read More>>
  • DOF cites better collection of tobacco excise taxes with TRAIN

    DOF cites better collection of tobacco excise taxes with TRAIN

    The year-on-year January 2018 inflation rate of 4 percent, which is still within the target set by the Bangko Sentral ng Pilipinas (BSP), was partly the result of better compliance with the payment of excise taxes on “sin” products, with tobacco inflation recorded at 17.4 percent during the same period even though the expected increase arising from Read More>>
  • Dominguez orders BIR to study proper collections for succeeding tax reform packages

    Dominguez orders BIR to study proper collections for succeeding tax reform packages

    Finance Secretary Carlos Dominguez III has directed the Bureau of Internal Revenue (BIR) to zero-in on ways of properly collecting taxes from the succeeding tax reform packages that the Duterte administration will push in the Congress this year to further make the current system simpler, fairer and more efficient.  These next reform packages include reducing Read More>>
  • Employees see cash bonanza with higher take-home pay under TRAIN

    Employees see cash bonanza with higher take-home pay under TRAIN

    With the implementation of the Tax Reform for Acceleration and Inclusion Act (TRAIN) starting this January, non-minimum wage earners such as teachers, mall executives and car salespersons now enjoy an additional P4,000 to P6,000 increase in take-home pay per month, a cash bonanza they say they plan to set aside either to augment their bank Read More>>
  • PCCI, DOF holding nationwide tax reform caravan

    PCCI, DOF holding nationwide tax reform caravan

    The Department of Finance (DOF), in partnership with the Participatory Governance Cluster-Open Government Partnership (PGC-OGP) led by the Departments of Budget and Management (DBM) and Interior and Local Government (DILG), and the Philippine Chamber of Commerce and Industry (PCCI) will stage a series of dialogues across the country this first quarter of 2018 to inform Read More>>