The senior vice chairperson of the House committees on ways and means, on appropriations and on economic affairs has given his full backing to the Duterte administration’s resolve to make the Comprehensive Tax Reform Program (CTRP) “ambitious” enough to transform the Philippines into an upper-middle income economy by 2022 and a high income one in one generation or by 2040.
Read MoreVarious organizations led by the Trade Union Congress of the Philippines (TUCP), Financial Executives of the Philippines (FINEX) and the National Tax Research Center (NTRC) are backing the “long-overdue” reforms in personal income tax (PIT) rates proposed by the Department of Finance (DOF) along with other measures to make the tax system simpler, more equitable and more efficient, especially for low- and middle-income taxpayers.
Read MoreA non-government coalition advocating tax and fiscal reforms has expressed its full support for the proposed adjustments in automobile excise taxes as way to help raise revenues that would fund the improvements in the country’s mass transport system.
Read MoreFourteen ambassadors representing the member-countries of the European Union (EU) have expressed their continued support for the Duterte administration’s 10-point socioeconomic agenda and bared plans to invest more in the Philippines, particularly in infrastructure, energy and civil security, among other fields of interest.
Read More“Today, President Aquino signed into law Republic Act No. 10351, otherwise known as the Sin Tax Reform Act of 2012.
Read More“We congratulate our partners at the Bicameral Conference Committee under the steadfast leadership of the House and Senate Ways and Means Chairpersons Rep. Isidro Ungab and Senator Franklin Drilon for passing the excise tax reform bill on tobacco and alcohol, a measure certified urgent by President Aquino. We thank as well our civil society partners that have fought for this bill unwaveringly for sixteen years. I would also like to recognize the solid work of our team from the Department of Finance and the Bureau of Internal Revenue, led by Commissioner Kim Henares and Undersecretary Jun Paul, without which this success would not have been possible.
Read MoreIn its efforts to restructure the excise taxes on tobacco and alcohol products, the Finance department is looking at models from other countries who are now enjoying substantial revenue increases on account of the same.
Read More“We congratulate the House Ways and Means Committee, led by Chairman Isidro Ungab, in passing the amended version of House Bill 5727 which outlines the much-needed reform in the excise tax regime of the tobacco and alcohol industry.
Read MoreA “SIGNIFICANT IMPACT” to employment “particularly in tobacco farming” is “unlikely” to arise from a reform of excise taxation in the country, the International Monetary Fund (IMF) said in a new report on the restructuring of the Philippine tax system released on Monday.
Read MoreDISMANTLING the annexes and price classification freeze of certain brands are at the core of the excise tax reform proposals that we are pursuing, the Finance chief said.
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