The slew of tax reforms that the Department of Finance (DOF) is submitting to the Congress for its approval is the linchpin of a broader reform package envisioned by the new government to attack generational poverty, restore peace and order, curb armed insurgencies and transform the Philippines into a high middle-income state by the end of the Duterte presidency.
Read MoreThe government of Spain has expressed its full support to the Duterte administration’s 10-point socioeconomic agenda, particularly on the implementation of tax reforms and accelerating infrastructure spending as effective tools to help realize its goal of making growth inclusive for all Filipinos.
Read MoreThe World Bank has expressed its full support for the tax reform that the Department of Finance (DOF) is proposing in line with President Duterte’s 10-point socioeconomic agenda that is focused on sustaining high economic growth and making its benefits felt by all Filipinos.
Read MoreRevenue collections from professionals and self-employed individuals account for only 20 percent of the total personal income taxes collected by the government despite the high tax rates, while wage earners continue to carry the bulk of the burden, or 80 percent of revenues produced from income tax, according to the Department of Finance (DOF).
Read MoreFinance Secretary Carlos Dominguez III said the current rates of interest income taxes favor the rich and discriminate against low-income depositors who have to cope with high tax rates.
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