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The lifting of the quantitative restrictions (QR) on rice imports in favor of tariffs will bring several benefits to the economy, among them, slashing the retail price of the food staple by as much as P7 per kilo and helping free some 730,000 Filipinos from poverty, according to the Department of Finance (DOF). In an Read More

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The Department of Finance (DOF) said that while the government recognizes the value of tax incentives in business, such multibillion-peso worth of annual perks must not be given indiscriminately at the expense of building up the country’s more powerful attractions as an investment hub, notably its skilled and hardworking talent pool and an ambitious infrastructure Read More

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The Department of Finance (DOF) has proposed improvements to the Tax Incentives Management and Transparency Act (TIMTA) to enable the government to make public the list of corporations that receive tax incentives and how much such perks are costing Filipino taxpayers each year in terms of foregone revenues. Finance Undersecretary Karl Kendrick Chua said this Read More

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The Department of Finance (DOF) remains optimistic that lawmakers will consider the long-term benefits of the Duterte administration’s comprehensive tax reform program (CTRP) by giving their stamp of approval to its remaining packages ahead of the election season. Finance Secretary Carlos Dominguez III said the current tax setup needs to undergo sweeping reforms, particularly the Read More

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The Department of Finance (DOF) thanked Monday both houses of the Congress for the passage of the first package of the Duterte administration’s comprehensive tax reform program (CTRP) that has made the government’s tax effort at par with the best-managed economies in the region and brought a total of P70.8 billion back to the people’s Read More

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The Department of Finance (DOF) has determined that for 2015 alone, the government gave away P86.3 billion-worth of income tax incentives to firms that paid out a total of P141.8 billion combined in dividends to their respective shareholders. Finance Undersecretary Karl Kendrick Chua said data from the Securities and Exchange Commission (SEC) and those reported Read More

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Around 1.4 million jobs are expected to be created between 2021 and 2029, when the corporate income tax (CIT) will have been cut by a third to 20 percent under the second package of the comprehensive tax reform package (CTRP) now pending in the Congress. Department of Finance (DOF) estimates show that the proposed lowering Read More

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Basic food items such as rice, fish, meat and vegetables have been major drivers of inflation this year with the contribution of rice rising 10 times to 1 percentage point of the inflation rate, the Department of Finance (DOF) said. According to Philippine Statistics Authority (PSA) data, rice was the number one contributor to inflation Read More

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We, the government’s Economic Team, understand that many are feeling the hit of a faster inflation rate, particularly those who toil so hard just to keep up. We assure everyone that we are working swiftly to temper the rise in the prices of goods and offer relief to those most affected. We remain committed to Read More