The Department of Finance (DOF) made history in 2017 by collecting from cigarette manufacturer Mighty Corporation a total of P30 billion, the biggest sum on record raised by the government from a tax settlement, which was the result of a heightened joint campaign by the Bureaus of Internal Revenue (BIR) and of Customs (BOC) against tax cheats.
Read MoreFinance Secretary Carlos Dominguez III expects the economy to expand faster this year now that the Duterte administration’s programs to modernize public infrastructure and sustain the growth momentum have started falling into place.
Read MoreThe Department of Finance ((DOF) has assured the public of the financial sustainability of the Duterte administration’s ambitious “Build, Build, Build” program that is designed to modernize the country’s infrastructure backbone by rolling out 75 flagship projects worth a combined total of $36 billion in investments.
Read MoreStarting this month’s pay day, over six million or 86 percent of compensation earners with taxable income of P685 per day or P20,833 per month and below will be exempted from paying the personal income tax (PIT) as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN) that was recently signed into law by President Duterte.
Read MoreThe Department of Finance (DOF) has underscored the need to institute reforms that would correct the “policy overload” in the country’s fiscal incentives system as a result of the proliferation of laws offering tax and duty exemption privileges to businesses in economic zones and in sectors listed in the government’s investment priorities list, which has led investors to double dip and avail themselves of perks in more than one law.
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