Finance Secretary Carlos Dominguez III said Tuesday that now is the best time to reform corporate taxation and modernize the country’s investment incentives system by way of the economic team’s ‘recalibrated’ tax reform package now known as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which is designed to be largest fiscal stimulus program for businesses in the country’s history.
Read MoreThe Department of Finance (DOF) has cited the country’s Top 500 taxpayers as of May 19 that have heeded the government call for corporations and individuals to file their income tax returns (ITRs) ahead of the deferred payment deadlines during the twice-extended lockdown in the country to stop the community transmission of the lethal coronavirus.
Read MoreFinance Secretary Carlos Dominguez III is pushing a more proactive, targeted investment promotion strategy of directly approaching the kind of foreign investors that the government wants to relocate here and offering them a set of tax and non-tax incentives tailor-fit to their needs, as part of the efforts to reenergize the economy and create more jobs under a post-quarantine environment.
Read MoreEven with a national health crisis now besetting the country, the Department of Finance (DOF) is ready to launch by the third quarter of this year two digital-based programs aimed at improving tax compliance and expanding financial inclusion, especially among Filipino migrant workers, DOF Secretary Carlos Dominguez III said.
Read MoreFinance Secretary Carlos Dominguez III has called on the Senate to include the economic team’s proposal on immediately cutting the corporate income tax (CIT) rate from 30 percent to 25 percent starting July this year, along with other investor-friendly measures, when it opens plenary debates on Package 2 of the Duterte administration’s comprehensive tax reform program (CTRP).
Read MoreTotal collections of the Bureau of Internal Revenue (BIR) from January 1 to April 30 this year dived further to P527.41 billion, which is P179.37 billion or 25.4 percent below what it collected for the same period last year, as a result of the community quarantine measures in Luzon and other parts of the country that have also prompted the agency to extend the deadlines for the filing and payment of income and other taxes to next month.
Read MoreFinance Secretary Carlos Dominguez III said Tuesday that building on the economy’s solid fundamentals and making it more resilient against future challenges would ensure the country’s recovery by next year from the global economic slump triggered by the coronavirus disease 2019 (COVID-19) outbreak.
Read MoreThe Department of Finance (DOF) has warned the public about fake news and malicious misinformation alleging that the Philippines is creating “a platform for the citizens of the Philippines to start generating income with cryptocurrency.”
Read MoreThe Department of Finance (DOF) has directed local treasurers to report the expenditures under the “Bayanihan” grants that were released to local government units (LGUs) to help them address the impact of the coronavirus disease 2019 (COVID-19) outbreak in their respective communities.
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