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Netizens back tax reform

Some 160 netizens have gone online to express their support for the speedy congressional approval of the proposed Tax Reform for Acceleration and Inclusion (TRAIN) bill that aims to lower personal income tax (PIT) rates and institute other reforms in the current tax system to make it fairer, simpler and more efficient. A majority of Read More

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SSC says CTRP to spur growth, create jobs

The Social Security Commission (SSC) has given its full backing to the Comprehensive Tax Reform Program (CTRP) package that the Department of Finance (DOF) wants the Congress to approve to make the country’s taxation simpler, fairer and more efficient, especially for the poor and middle-income Filipinos. In a resolution approved during its seventh meeting, the Read More

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Gov’t losing P91 B yearly from VAT exemptions

The Philippines’ antiquated tax code, which contains 59 lines of exemptions from the Value-Added Tax and 84 special VAT-related laws, have led to massive revenue leakages costing the government an estimated P90.7 billion each year, according to the Department of Finance (DOF). Finance Undersecretary Karl Kendrick Chua said overhauling the country’s outdated tax system by Read More

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DOF welcomes final House committee approval of pro-poor tax reform bill

The Department of Finance (DOF) welcomed Monday the final approval by the House ways and means committee of the substitute bill containing the first package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), with Undersecretary Karl Kendrick Chua expressing the hope that the entire House of Representatives could pass this measure before the Congress Read More

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Income tax cuts sans new revenue measures anti-poor, fiscally unsustainable–DOF

Implementing only the proposed reductions in personal income tax (PIT) rates without its accompanying reforms in tax policy and administration would torpedo the government’s anti-poverty agenda, jack up its debt-servicing costs by as much as P30 billion annually and pad borrowing costs for households as a result of higher interest rates. Finance Undersecretary Karl Kendrick Read More

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DOF lauds “substantial progress” in CTRP bill in Congress

Finance Undersecretary Karl Kendrick Chua said that “substantial progress” has been achieved in the Comprehensive Tax Reform Program (CTRP) bill now pending in the Congress after the House ways and means committee voted last Wednesday to pass a substitute measure drafted by the panel’s Technical Working Group (TWG) that only had moderate changes from the Read More

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Good fiscal management, not tax perks key to success of cooperatives

One of the key supporters in the Congress of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) has advised cooperatives opposing the measure to focus on sound fiscal management, rather than relying on continued tax incentives, to ensure the success of their economic endeavors. Albay Rep. Joey Salceda, a senior vice chairperson of the House Read More

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DOF underscores consensus-building in crafting tax reform package

The Department of Finance (DOF) said a consensus-building approach has enabled the Duterte administration to refine the tax reform package it has originally submitted to the Congress, taking into account the valuable inputs given by lawmakers and the concerns of would-be affected stakeholders. On behalf of the DOF, Finance Undersecretary Karl Kendrick Chua thanked the Read More

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CTRP ‘cornerstone’ of infra buildup funding

The Duterte administration’s unmatched infrastructure buildup over the next five years will be funded by a combination of resources from its proposed comprehensive tax reform program (CTRP), foreign development aid and commercial loans, according to Finance Secretary Carlos Dominguez III. Dominguez said the first package of the CTRP, which is now pending in the Congress, Read More

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Dominguez says DOF has key role in ‘revolutionary’ PHL economic breakout

Over a century after its inception during the Philippine Revolution, the Department of Finance (DOF) is once more at the center of a “revolutionary situation,” this time entailing the rapid modernization of the country’s infrastructure and the simultaneous overhaul of its tax policies to attain true economic liberation for Filipinos, Secretary Carlos Dominguez III said Read More

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