The Bureau of Customs (BOC) has collected a total of P7.35 billion in duties from rice imports from January 1 to May 13 of 2022, representing an increase of P1.15 billion or 18.6 percent from last year’s collections of P6.2 billion for the same period.
Read MoreThe average yield of palay farmers during the dry season has increased from 3.65 tons per hectare (t/ha) to 4.22 t/ha as a result of the implementation of the Rice Tariffication Law (RTL) in 2019 to 2021.
Read MoreThe Department of Finance (DOF) is ready to present to the incoming administration a fiscal consolidation and resource mobilization plan that the Department says is “critical” to helping the government continue its productive spending, grow out of its pandemic-induced debt, and provide substantial buffers to respond to lingering and future economic shocks.
Read MoreUpon the recommendation of the Board of Investments (BOI), the Fiscal Incentives Review Board (FIRB) has approved the tax incentives applications of four telecommunications companies (telcos), including Converge ICT Solutions, Inc. for its nationwide rollout of fiber optic network for high speed broadband services interconnecting the country from Luzon to Mindanao.
Read MoreOnly 31 or less than a third of the Philippines’ 108 government-owned and-controlled corporations (GOCCs) accounted for P9.37 trillion of the total assets of all GOCCs amounting to P10.3 trillion in 2020, according to data from the Department of Finance (DOF).
Read MoreThe Fiscal Incentives Review Board (FIRB) has put up its Fiscal Incentives Registration and Monitoring System (FIRMS) as one of the major accomplishments of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act since it was signed into law last year by President Duterte, according to Finance Assistant Secretary and FIRB Secretariat Head Juvy Danofrata.
Read MoreCollections by the Bureau of Internal Revenue (BIR) from its operations amounted to P485.4 billion in the first quarter, about P47.2 billion or 8.9-percent short of the goal set by the Development Budget Coordination Committee (DBCC) as businesses avail of the provision allowing outright crediting of their input value-added tax on capital goods under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Read Morepon orders of the Department of Finance (DOF), the Bureau of Internal Revenue (BIR) has suspended Revenue Special Orders (RSOs) and Operations Memoranda (OMs) creating special audit task forces to prevent duplication of functions of BIR offices and avoid confusion among taxpayers.
Read MoreThe National Government (NG) paid in full its outstanding P300 billion provisional advances to the Bangko Sentral ng Pilipinas (BSP) earlier today, well in advance of the 11 June 2022 actual maturity date.
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