Majority of micro, small and medium enterprises (MSMEs) in the country are supportive of the Tax Reform for Attracting Better and High-Quality Opportunities or TRABAHO bill currently pending in the Congress, the Department of Finance (DOF) has reported during a recent Cabinet meeting in Malacañang.
Read MoreWASHINGTON DC—Finance Secretary Carlos Dominguez III has told leaders of the American business community that now is the “best time” for them to invest more in the Philippines so they could maximize the benefits of participating in a robust economy poised to become Asia’s next economic powerhouse.
Read MoreFinance Secretary Carlos Dominguez III said the double-digit growth in sales and high profit margins of the premier retail and real estate companies in the Philippines best illustrate that the implementation of the Duterte administration’s Tax Reform for Acceleration and Inclusion (TRAIN) Law is “a hundred-percent success” in boosting the spending power of Filipino consumers.
Read MoreThe Department of Finance (DOF) sealed concessional funding support in 2018 for big-ticket projects under the Duterte administration’s Build, Build, Build” (BBB) program, including its most ambitious and biggest single infrastructure project yet—the first phase of the Metro Manila Subway, the country’s first ever underground train that will stretch from north to south of the metropolis.
Read MoreThe Food and Drug Administration (FDA) has submitted to the Department of Finance (DOF) a list of over 100 medicines with their corresponding generic names and brands for the treatment and prevention of diabetes, hypertension and high-cholesterol, the sale of which are now exempted from the payment of the value-added tax (VAT) beginning Jan. 1 as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN).
Read MoreThe Foundation for Economic Freedom has given its full support to the proposed reforms in the property valuation system under the Duterte administration’s comprehensive tax reform program (CTRP) as these will help upgrade the financial self-sufficiency of local government units (LGUs).
Read MoreThe Duterte administration’s tax reform package that aims to lower the corporate income tax (CIT) and overhaul the country’s “convoluted” fiscal incentives system is projected to generate some 1.4 million jobs, mostly in small and medium enterprises (SMEs), over the next decade and create a business environment conducive to inclusive growth, according to Finance Secretary Carlos Dominguez III.
Read MoreDAVAO CITY—A consolidation of the actionable recommendations submitted by the private sector in the four regional “Sulong Pilipinas” workshops conducted in Luzon, Visayas and Mindanao in November yielded proposals ranging from improving agricultural output and simplifying loan requirements for small and medium enterprises (SMEs) to enhancing peace and order measures, and stricter profiling of the government’s cash transfer or social protection beneficiaries.
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Small and medium enterprises (SMEs) from Visayas and Luzon have rallied behind the Duterte Administration’s proposed reforms in corporate taxation, which, they said, would enable them to expand their businesses, raise their employees’ salaries and hire more workers.
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