Excise tax collections from so-called ‘sin’ products now redefined to include sweetened beverages (SBs) have raised a total of P269.1 billion in revenues in 2019, which is almost double the P143.5 billion collected from alcoholic drinks and cigarettes in 2015, the year prior to the assumption of President Duterte in office, according to data from the Department of Finance (DOF).
Read MoreThe Department of Finance (DOF) has thanked the Senate ways and means committee led by its chairperson Sen. Pia Cayetano for keeping the proposed menu of superior tax incentives performance-based, targeted, time-bound, and transparent in the Senate version of the Corporate Income Tax and Incentives Reform Act (CITIRA).
Read MoreFinance Secretary Carlos Dominguez III said Tuesday the sustained robust tax collections and vigorous implementation of administrative reforms by the Bureau of Internal Revenue (BIR) will help the country achieve its goal of eradicating extreme poverty within one generation.
Read MoreThe Land Bank of the Philippines (LandBank) has exceeded its target of providing agricultural credit worth P231.25 billion in 2019, having actually extended P236.31 billion in loans to the farm and fisheries sector as of end-December last year, representing a 102-percent accomplishment rate for this government financial institution (GFI).
Read MoreThe Duterte administration is urging the Congress to approve an improved system of tax incentives for enterprises that is performance-based, timebound, targeted and transparent, as drawn from the best corporate practices of the more competitive economies in the region in terms of attracting foreign direct investments (FDIs), Finance Secretary Carlos Dominguez III has said.
Read MoreThe Duterte administration remains fully committed to reduce poverty incidence to just 14 percent or lower by 2022, given the game-changing reforms it has been carrying out to make the country’s economic expansion not only rapid but also inclusive for all law-abiding Filipinos, Finance Secretary Carlos Dominguez III has said.
Read MoreFinance Secretary Carlos Dominguez III has said that higher state spending on infrastructure and social services, supported by a low inflation rate and an expansionary monetary policy, will allow the government to “dramatically increase” the pace of economic growth this year, despite the trio of challenges arising at the onset of 2020 from the Taal Volcano eruption, the African Swine Fever (ASF) and the coronavirus disease (COVID-19).
Read MoreTax payments collected by the Bureau of Internal Revenue (BIR) through electronic channels amounted to P1.2 billion in 2019, representing a 92 percent increase from the previous year’s P626.35 million.
Read MoreThe Bureau of Local Government Finance (BLGF) has stepped up its professionalization programs for fiscal officers of the local government units (LGUs) in 2019 with the completion of 46 training programs for LGU treasurers and assessors and by continuously implementing the Standard Examination and Assessment for Local Treasury Services (SEAL).
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