The Tax Reform for Acceleration and Inclusion Act (TRAIN) effectively increases the take-home pay not only of salaried workers earning P250,000 yearly and below but also of those with annual taxable income from P250,000 to a maximum of P2 million.
Read MoreHANGZHOU, China—Finance Secretary Carlos Dominguez III said the Philippines has a lot of catching up to do in the digital race, starting with modernizing its physical infrastructure, which the Duterte administration is doing now with unmatched public investments in this sector.
Read MoreThe Department of Finance (DOF) has so far engaged 65 of the country’s 76 government regulatory agencies that are required to go online to streamline applications for permits on imports and exports in line with the Duterte administration’s goal of improving the ease of doing business.
Read MoreCompared to the same period in the previous year, cigarettes bearing the brands sold by Mighty Corporation yielded roughly P4 billion more in monthly excise taxes over the September-December 2017 period, or when Japan Tobacco Inc. fully took over the operations of the company, according to data from the Bureau of Internal Revenue (BIR).
Read MoreFinance Secretary Carlos Dominguez III said there is “unprecedented optimism” over the country’s economic prospects on the Duterte watch, partly because the business community and even ordinary citizens see the Comprehensive Tax Reform Program (CTRP) as the “gamechanger” that will allow the government to effectively pursue its socioeconomic agenda for high and inclusive growth.
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