The Department of Finance (DOF) has so far taken punitive action against 14 officials and employees under its supervision and introduced reforms in the electronic reporting system for treasurers of local government units (LGUs), in line with President Duterte’s commitment to ensure transparency and accountability in government on his watch.
Read MoreThe government will never hit, much less surpass, its annual collection targets unless it indexes taxes to inflation and modernize fiscal incentives given to certain industries that account for over P100 billion in foregone revenues, according to Finance Undersecretary Karl Kendrick Chua.
Read MoreFinance Secretary Carlos Dominguez III has urged the congressional oversight committee on the Sin Tax Reform Act to start reviewing the revenue and health impact of the tax rates mandated under this law to determine what measures should be undertaken by the Legislature once the statute matures in 2017.
Read MoreThe Duterte administration needs at least P8 trillion to close the infrastructure gap over the next six years, and it is the job of the Department of Finance (DOF) to generate enough funds to spell the financial sustainability of this ambitious public investment program.
Read MoreThe Department of Finance (DOF) has required treasurers of local government units to include in their quarterly and annual financial reports to the DOF all environment and natural resources revenues and expenditures, particularly the payments made by the mining and other extractive industries to their respective LGUs.
Read MoreThe Department of Finance (DOF) is pushing the implementation of its proposed restructuring of the excise tax on automobiles not only to partly ensure the financial sustainability of the government’s 10-point socioeconomic agenda on inclusive growth, but also to help deal with the worsening traffic crisis in Metro Manila and other highly congested urban centers.
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