Various groups have backed a proposal by Rep. Dakila Carlo Cua and the Department of Finance (DOF) to adopt a fuel marking and monitoring system as a way to prevent oil smuggling and complement efforts at improving the collection of fuel excise taxes.
Read MoreFinance Secretary Carlos Dominguez III has directed local treasurers in areas hosting mining projects to assess the impact on the would-be affected local government units (LGUs) of the closure or suspension of 28 mine sites across the country.
Read MoreThe Bureau of Customs (BOC) posted revenues of P32.87-Billion in September 2014, the highest-ever single-month collection of the agency, on the back of continuous improvements in valuation and an increase in the volume of imported goods. September’s collection is up 27.2% versus the same month last year.
Read MoreFor the first half of 2014, the Philippines recorded a tax to GDP ratio of 13.7% of GDP, marking an increase from 13.6% in the first half (H1) of 2013 and 12.6% in H1 2010. The revenue to GDP ratio for the first half of 2014 was at 15.6%, likewise growing from 15.3% in H1 2013 and 13.8% in H1 2010. These sustained growths in revenues brought the fiscal deficit in the first six months of the year to 0.9%, well-within the program of 2.1%.
Read MoreThe Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 11-2013 dated July 12, 2013 amending the requirements for deductibility of certain income payments under Section 2.58.5 of RR 2-98 as amended.
Read MoreTwo (2) officials from the Department of Finance’s (DOF) attached agencies are facing preliminary investigation by the Office of the Ombudsman due to non-disclosures and misleading information in their sworn Statement of Assets, Liabilities, and Net Worth (SALNs), together with other administrative violations under Civil Service Regulations.
Read MoreAmidst the reforms now being done by the Philippine Shippers Bureau (PSB), Bureau of Customs (BOC) and industry leaders to correct the endemic problem of late, if not undelivered cargoes in the “balikbayan” boxes industry, Customs Commissioner Ruffy Biazon’s call for this industry’s help to raise more revenues for the government was received with optimism by its leaders.
Read MoreThe Bureau of Customs (BOC) Integrated Philippine Computer System (IPCS) which is designed to overhaul the Bureau’s existing information technology set-up to address the recurring problem of computer network slow down and down time shall help enhance the BOC’s efficiency in its revenue collection and anti- smuggling programs.
Read MoreOn the development of the country’s mineral resources. “The Philippines is indeed rich in mineral resources. The Executive Order that has been signed seeks to develop a responsible mining industry within the confines of our other development objectives – agricultural productivity, eco-tourism promotion, and environmental protection.
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