Finance Secretary Carlos Dominguez III said President Duterte’s acceptance of Mighty Corporation’s offer to settle its civil tax liabilities provides the Bureaus of Customs (BOC) and of Internal Revenue (BIR) a strong impetus to run after other big fishes that continue to cheat the government of billions of pesos in taxes.
Read MoreFinance Secretary Carlos Dominguez III expressed the hope that the Senate will swiftly pass the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) at the onset of its second regular session after President Duterte himself renewed his call for the Congress to urgently approve this measure in his second State-of-the-Nation Address (SONA) last Monday .
Read MoreDAVAO CITY—The government’s full collection of Mighty Corporation’s civil settlement of its tax liabilities, which will amount to about P30 billion, will depend on how swiftly the Philippine Competition Commission (PCC) can approve the sale of the homegrown cigarette company’s assets to Japan Tobacco International (JTI), according to Finance Secretary Carlos Dominguez III.
Read MoreFinance Secretary Carlos Dominguez III announced that the Land Bank of the Philippines has begun implementing a Japan-funded $40 million (P1.76 billion) project that aims to jumpstart agribusiness investments and raise farmers’ incomes in the Autonomous Region in Muslim Mindanao (ARMM) and other conflict-affected areas in the southern Philippines.
Read MoreThe 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.
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