Small and medium enterprises (SMEs) received tax breaks amounting to billions of pesos for the first six months of 2018 alone under the Tax Reform for Acceleration and Inclusion (TRAIN) Act as they are now covered by a higher value-added tax (VAT) threshold and can now choose from two options to be able to pay lower income taxes, according to Finance Secretary Carlos Dominguez III.
Read MoreThe Bureau of Customs (BOC) is now discussing with the Armed Forces of the Philippines (AFP) and the Philippine Coast Guard (PCG) plans to expand its anti-smuggling task force by teaming up with these law enforcement agencies to further strengthen the Duterte administration’s campaign against illicit trade.
Read MoreThe government is currently working on the funding mix for P52 billion of the five-year P62-billion budget for the rehabilitation and reconstruction of the devastated city of Marawi.
Read MoreThe private sector will continue to play a lead role in the Duterte administration’s “Build, Build, Build” program, given that the construction as well as the operations and maintenance (O&M) component of the projects under this massive infrastructure buildup will still be undertaken by private contractors through the “hybrid” Public-Private Partnership (PPP) arrangement, according to Finance Secretary Carlos Dominguez III.
Read MoreOne of the main proponents of the Tax Reform for Acceleration and Inclusion Act (TRAIN) in the Congress has described the law as “skillfully crafted” because it taxes the rich more while providing social mitigation measures to shield the poor from its temporary inflationary impact.
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