The Department of Finance (DOF) is pushing reforms in the corporate income tax (CIT) system, including the lowering of the tax rates and the expansion of the functions of the Fiscal Incentives Review Board (FIRB) as an “overall administrator” to oversee all investment promotion agencies (IPAs) in the country, to generate more investments, improve collection efficiency and correct inequities that benefit only large, highly profitable businesses.
Read MoreThe country’s first-ever tax academy will conduct workshops, lectures and other training programs on top of offering courses in keeping with the goal of the Department of Finance (DOF) to produce a core of experts that will help attain the government’s goal of a tax-to-GDP (Gross Domestic Product) ratio of 17 percent over the medium term.
Read MoreFinance Secretary Carlos Dominguez III has cited the key reforms put in place by the past administrations as well as the support of a “broad reform coalition” for President Duterte’s success in pushing, for the first time, a tax reform package that is meant to reduce poverty and inequality rather than comply with external conditions to cut the country’s debt or deficit.
Read MoreThe Department of Finance (DOF) in partnership with the University of the Philippines School of Economics (DOF-UPSE) will offer a public finance postgraduate scholarship program to “produce high quality graduates, and provide DOF the next generation of public finance managers” starting January this year, according to Finance Undersecretary and Chief Economist Gil Beltran.
Read MoreFinance Secretary Carlos Dominguez III said the agenda of this year’s 51st annual meeting of the Asian Development Bank (ADB) will focus on programs that the institution will carry out in the next 50 years to further reduce poverty and attain inclusive growth in communities left behind in Asia’s economic boom.
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