The order of the Department of Environment and Natural Resources (DENR) to either shut down or suspend the operations of 28 mine sites across the country will cost 17 affected cities and municipalities in 10 provinces over P821 million annually in foregone revenues, according to updated estimates submitted to the Department of Finance (DOF).
Read MoreThe Asian Development Bank (ADB) has expressed its support for the proposed reforms in the excise taxes of automobiles and petroleum products being pushed by the Department of Finance (DOF) as these are highly “progressive tax measures” that would help support President Duterte’s 10-point socioeconomic agenda.
Read MoreFinance Secretary Carlos Dominguez III has expressed confidence that President Rodrigo Duterte might not even have to expend any political capital on getting the proposed Comprehensive Tax Reform Program (CTRP) approved by the Congress, given the inherit merits of this plan to make the current tax system simpler, fairer and more efficient, particularly for the poor plus low- and middle-income taxpayers.
Read MoreA multi-stakeholder team of the Mining Industry Coordinating Council (MICC) that was formed to review existing mining operations that were ordered shut down or suspended by the Department of Environment and Natural Resources (DENR) will hold its first meeting this Monday (Feb. 20).
Read MoreVarious groups have backed a proposal by Rep. Dakila Carlo Cua and the Department of Finance (DOF) to adopt a fuel marking and monitoring system as a way to prevent oil smuggling and complement efforts at improving the collection of fuel excise taxes.
Read MoreTop oficials of the Philippines and Mexico have agreed to explore free trade and currency agreements to further strengthen bilateral ties and facilitate economic transactions between the two countries.
Read MoreThe Mining Industry Coordinating Council (MICC) has affirmed in its most recent resolution the primacy of both “procedural and substantive” due process in the final resolution of the Department of the Environment and Natural Resources (DENR)’s series of actions on existing mineral production sharing agreements (MPSAs), according to the chief lawyer of the Department of Finance (DOF).
Read MoreFinance Secretary Carlos Dominguez III said the local automotive industry will continue its “healthy” growth rate even with the proposed adjustments in car excise taxes, given that the manageable price hikes in mass-market vehicles would be readily absorbed by buyers who will, in effect, increase their take-home pay by way of substantially lower personal income taxes.
Read MoreA new revenue regulation (RR) to be issued by the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) now makes banks, rather than the taxpayer, liable for delays in, or non-remittance of, taxes paid through credit, debit or prepaid cards.
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