Raw data from the Philippine Statistics Authority (PSA) and the Bureau of Internal Revenue (BIR) showing that 27.9 percent of taxes that high-income earners should pay the government are uncollected because of the currently flawed system, emphasize the need for tax policy reforms that would shift the tax burden from low- and middle-income households to the affluent sector.
Read MoreVarious groups back DOF call for lower estate tax, one-time amnesty
Read MoreFinance Secretary Carlos Dominguez III said the local automotive industry will continue its “healthy” growth rate even with the proposed adjustments in car excise taxes, given that the manageable price hikes in mass-market vehicles would be readily absorbed by buyers who will, in effect, increase their take-home pay by way of substantially lower personal income taxes.
Read MoreA new revenue regulation (RR) to be issued by the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) now makes banks, rather than the taxpayer, liable for delays in, or non-remittance of, taxes paid through credit, debit or prepaid cards.
Read MoreFormer Prime Minister and Finance Secretary Cesar Virata is impressed with the vast support from former top officials of the Department of Finance (DOF) and the National Economic and Development Authority (NEDA) garnered for the Duterte administration’s proposed Comprehensive Tax Reform Program (CTRP).
Read MoreFinance Secretary Carlos Dominguez III underscored Monday before lawmakers the urgency of passing early this year the Duterte administration’s proposed Comprehensive Tax Reform Program (CTRP) to help create a strong buffer that will shield the domestic economy from the surge of protectionism sweeping across the globe.
Read MoreBusiness tycoon Lance Gokongwei, the president of JG Summit Holdings Inc., has joined the growing support for the Duterte administration’s Comprehensive Tax Reform Program (CTRP) as well as its campaign to ensure better compliance with the country’s tax laws.
Read MoreFinance Secretary Carlos Dominguez III said expanding the scope of the Large Taxpayers Service (LTS) of the Bureau of Internal Revenue (BIR) is a key component of the tax administration reforms under the Duterte presidency that will complement the proposed overhaul of outdated tax policies to make the system simpler, fairer and more efficient, especially for the poor plus low- and middle-income taxpayers.
Read MoreAside from international institutions and acknowledged economic experts, the Department of Finance (DOF)-backed Comprehensive Tax Reform Program (CTRP) now pending in the Congress has also earned the support of private citizens.
Read MorePresident Duterte has given his full backing to the Comprehensive Tax Reform Program (CTRP), which will play a pivotal role in his government’s ambitious agenda to dramatically reduce poverty, achieve economic inclusion and catapult the country into an upper middle-income economy by the time he steps aside in 2022, according to Finance Secretary Carlos Dominguez III.
Read More