Finance Secretary Carlos Dominguez III said the Department of Finance (DOF) will receive the initial payment of P3.5 billion representing a portion of Mighty Corporation’s tax liabilities, but stressed that such acceptance does not yet mean that it was agreeing to the company’s settlement offer.
Read MoreFinance 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 program and expand the delivery of social services to the people.
Read MorePresident Duterte has created a new, specialized group at the Department of Finance (DOF) that is tasked to provide strategic advice and research on fiscal policies in support of his administration’s socioeonomic reform agenda focused on sustaining high growth, eradicating extreme poverty and growing the economy to upper-middle income status by 2022.
Read MoreContrary 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 reform package.
Read MoreThe Departments of Finance (DOF) and of Budget and Management (DBM) are now finalizing the establishment of a Philippine Tax Academy next year at the University of Makati (UMak) to provide revenue and customs authorities a learning institution dedicated to their continuous education and training on improving tax collection competence and efficiency.
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