A top World Bank official has lauded the Duterte administration for implementing a “proactive and forward-looking” comprehensive tax reform program (CTRP) that aims to raise enough funding for two priority programs—public infrastructure and social services—that lay the foundation for long-term, high growth.
Read MoreFinance Secretary Carlos Dominguez III has thanked the Senate and the House of Representatives for passing this week a new “sin” tax reform bill that provides substantially higher excise tax rates on tobacco products, which would be earmarked primarily to augment the huge funding needed for the Universal Health Care (UHC) program that would benefit mostly poor and low-income Filipino families.
Read MoreThe Department of Finance (DOF) aims to complete the full shift to an electronic invoicing system by December 2022 as part of the digital transformation in tax administration that the Duterte administration wants to embark on so the government could provide better and faster services to taxpayers.
Read MoreProvinces and cities are losing an estimated P30.5 billion in total foregone revenues as a result of outdated real property values, underscoring the need for valuation reforms in the real property sector, according to the Department of Finance (DOF).
Read MoreThe Universal Health Care (UHC) Act will be downgraded from being a first-class law to a third-rate one, with its implementation either failing to equitably serve all Filipinos or its benefits severely limited, if the outgoing Congress is unsuccessful in passing legislation that will substantially raise the current excise tax rates on “sin” products, Department of Finance (DOF) Undersecretary Karl Kendrick Chua has said.
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