Fifty-one (51) of 77 government-owned and -controlled corporations (GOCCs) have remitted a total of P31.297 billion to the National Treasury as of the second week of July this year, according to data from the Department of Finance (DOF).
Read MoreSecretary Carlos Dominguez III has announced that the Department of Finance (DOF) will pursue appropriate charges against public officials and private individuals who have unduly benefited from the issuance of over P11 billion-worth of tax credit certificates (TCCs) to ineligible and non-existent textile companies between 2008 and 2014.
Read MoreFinance Secretary Carlos Dominguez III has sought the support of the country’s eminent economists behind the Duterte administration’s second tax reform package that aims, he said, to improve the corporate tax system in which a small select group of top enterprises enjoy preferential corporate income tax (CIT) rates of just six (6) to 13 percent while an overwhelming majority comprised mostly of small- and medium-scale enterprises (SMEs) pay the regular rate of 30 percent.
Read More