The Department of Finance (DOF) expects the full nationwide implementation in 2021 of the fuel marking program and several digitalization projects to improve tax administration, in step with its goal of utilizing new technologies to improve tax compliance and fight official corruption.
Read MoreFinance Secretary Carlos Dominguez III has called on lawmakers to help jumpstart the Philippines’ recovery from the global economic slump unleashed by the lingering COVID-19 pandemic by acting swiftly on “doable” priority measures such as long-due reforms in the corporate income tax (CIT) and fiscal incentives system and easing the “inordinate” restrictions on foreign ownership in certain sectors of the economy.
Read MoreThe digitalization efforts of the Bureau of Internal Revenue (BIR) and its stepped-up campaign against delinquent taxpayers and tax dodgers have enabled it to overshoot its collection target in 2o20, with P1.67 trillion or 86 percent of the P1.94 trillion in total taxes collected by the agency coursed through electronic payment channels.
Read More