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IC backs insurance sector-friendly TRAIN

The Insurance Commission (IC) is supporting the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) as this would make the system more financially inclusive and provide insurers the opportunity to cash in on the massive infrastructure buildup of the Duterte administration that will be partly funded by this tax reform package. IC Commissioner Dennis Read More

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Dominguez cites biz community support for tax reform

Finance Secretary Carlos Dominguez III has cited the strong support of the American business community for the first package of the Comprehensive Tax Reform Program (CTRP), which, he said, was submitted by the Duterte administration to the Congress for its approval as a way to help the government maintain fiscal stability, fund its ambitious infrastructure Read More

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Automotive industry to benefit from TRAIN

Contrary to claims that the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) will hurt the local automotive industry, the Department of Transportation (DOTr) said the bill will even benefit vehicle and car parts manufacturers given the projected high demand for alternative public utility vehicles under the jeep modernization program outlined in the tax Read More

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Pro-poor SSB tax gains wider support

Assorted institutions have expressed their support for the proposed tax on sugar-sweetened beverages (SSBs), which its main proponent in the Congress has described as a pro-poor measure meant to curve consumption and thus help check the alarming rise in obesity cases among Filipino kids and adults alike. Nueva Ecija Rep. Estrellita Suansing, the primary proponent Read More

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BPOs to continue high growth under tax reform

The thriving business process outsourcing sector will keep its global competitiveness in the export market despite the implementation of a progressive tax reform program because, contrary to the apprehension of certain industry stakeholders, the foreign services of BPO companies in special economic zones (SEZs) will remain exempted from the value-added tax (VAT), while those outside Read More

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TRAIN to end ‘unjust taxation’, shift tax burden to the rich

Finance Secretary Carlos Dominguez III said the tax reform agenda being pushed by the Duterte administration seeks to end “decades of unjust taxation that polarized wealth rather than distributed it” in proposing to shift the tax burden from the lower 99 percent of the country’s population to its wealthiest one percent. This reform package, popularly Read More

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Ex-NEDA chief says slight, temporary inflation hike under tax reform won’t hurt low-income earners

Former National Economic and Development Authority (NEDA) director-general Felipe Medalla said the slight, temporary inflation increase arising from the adjustments in oil excise taxes under the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) will not hurt low-income earners or members of the informal sector owing to the safety nets for the poor and Read More

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DOF to hold tax reform awareness forum this week

The Department of Finance (DOF) will conduct a forum this Wednesday to heighten public awareness of, and support for, the Duterte administration’s proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) that aims to benefit 99 percent of Filipino taxpayers and help sustain the government’s accelerated spending on infrastructure, education, health and social protection programs. Read More

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Mass-market cars to remain affordable despite higher excise taxes under TRAIN

The Department of Finance (DOF) has assured senators that subcompact sedans such as the Mitsubishi Mirage and compact multipurpose vehicles such as the Toyota Innova models will remain affordable to families wanting to buy them despite the proposed automobile excise tax increases under the tax reform bill because they are bound to get significant personal Read More

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More execs back TRAIN

More government executives have come out to support the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) now pending in the Senate, calling it a “win-win proposition” that would reform the country’s “outdated” tax system and at the same help raise funds for the government’s unmatched infrastructure, health and education, and social protection programs. Read More

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