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Auto tax reform won’t hurt car industry’s robust growth–Dominguez

Finance Secretary Carlos Dominguez III said the local automotive industry will continue its “healthy” growth rate even with the proposed adjustments in car excise taxes, given that the manageable price hikes in mass-market vehicles would be readily absorbed by buyers who will, in effect, increase their take-home pay by way of substantially lower personal income Read More

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ADB backs DOF’s ‘progressive’ excise tax reforms

The Asian Development Bank (ADB) has expressed its support for the proposed reforms in the excise taxes of automobiles and petroleum products being pushed by the Department of Finance (DOF) as these are highly “progressive tax measures” that would help support President Duterte’s 10-point socioeconomic agenda. In his recent meeting with Finance Secretary Carlos Dominguez Read More

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Ex-PM Virata impressed with wide support by ex-finance officials for DOF tax reforms

Former Prime Minister and Finance Secretary Cesar Virata is impressed with the vast support from former top officials of the Department of Finance (DOF) and the National Economic and Development Authority (NEDA) garnered for the Duterte administration’s proposed Comprehensive Tax Reform Program (CTRP). Finance Secretary Carlos Dominguez III said Virata told him that “he’s never Read More

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Tax reform to create buffer vs global protectionism wave

Finance Secretary Carlos Dominguez III underscored Monday before lawmakers the urgency of passing early this year the Duterte administration’s proposed Comprehensive Tax Reform Program (CTRP) to help create a strong buffer that will shield the domestic economy from the surge of protectionism sweeping across the globe. Speaking at the resumption of the tax reform hearing Read More

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Gokongwei backs DOF tax reform plan

Business tycoon Lance Gokongwei, the president of JG Summit Holdings Inc., has joined the growing support for the Duterte administration’s Comprehensive Tax Reform Program (CTRP) as well as its campaign to ensure better compliance with the country’s tax laws. Gokongwei, who heads one of the largest conglomerates in the country, said he recognizes the critical Read More

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Senior citizen backs tax reform plan

Aside from international institutions and acknowledged economic experts, the Department of Finance (DOF)-backed Comprehensive Tax Reform Program (CTRP) now pending in the Congress has also earned the support of private citizens. One of these CTRP supporters is Jose Malvar, a senior citizen and a person with disability (PWD), who wants legislators to pass this tax Read More

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PRRD fully supportive of tax reform, says Dominguez

President Duterte has given his full backing to the Comprehensive Tax Reform Program (CTRP), which will play a pivotal role in his government’s ambitious agenda to dramatically reduce poverty, achieve economic inclusion and catapult the country into an upper middle-income economy by the time he steps aside in 2022, according to Finance Secretary Carlos Dominguez Read More

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CTRP is “progressive” as it will shift tax burden to rich, provide subsidies to poor families—DOF

The Department of Finance (DOF) has maintained before the Congress that the first package of its Comprehensive Tax Reform Program (CTRP)—as contained in House Bill No. 4774—is pro-poor as it shifts the tax burden to rich families by taxing their consumption rather than income, so that additional revenues raised from this effort could be used Read More

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Tax reform to close infra gap, make PHL more competitive

The Duterte administration’s proposed Comprehensive Tax Reform Program (CTRP) is crucial to strengthening the Philippines’ weak infrastructure backbone that constrains economic inclusion and prevents the country from catching up with the region’s economic powerhouses, Finance Secretary Carlos Dominguez III said. In separate speeches before the Foundation for Economic Freedom (FEF) and the Up Close and Read More

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Tax reforms to net P206.8-B in 1st year of implementation

The Duterte administration needs to raise some P366 billion a year over the medium term, of which some P206.8 billion is expected to come from tax reform in the first full year of its implementation, for it to mount an unprecedented investment strategy that would finally put the Philippines on an “irreversible” path to high Read More

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