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(Eagle News) – The second package of the Tax Reform for Acceleration and Inclusion (TRAIN) will lower the corporate income tax paid by some 95 percent of businesses, and retain and provide new fiscal incentives for deserving recipients. Finance Assistant Secretary Paola Alvarez announced this as she clarified that the fiscal incentives under Package 2 of TRAIN will be given to those who contributed to national development and helped generate pro-poor investments and jobs. Under […]
(Eagle News) – Bubusisiin na sa Kamara ang umano’y kakapusan ng bigas ng National Food Authority (NFA) sa merkado at kakaunting buffer stock. Noong Pebrero, inihain ni House Committee on Agriculture Chairman Jose Panganiban, Jr. ang resolusyon para imbestigahan ang ulat na umamin ang NFA na mayroon itong mahigit sa 65,000 metriko toneladang bigas na buffer stock na tatagal na lamang ng dalawang araw. Isinaad ni Panganiban sa resolusyon na ang mandato ng NFA ay […]
The Department of Finance (DOF) has so far engaged 65 of the country’s 76 government regulatory agencies that are required to go online to streamline applications for permits on imports and exports in line with the Duterte administration’s goal of improving the ease of doing business. DOF Undersecretary Gil Beltran also said the initial tests on the country’s interconnection with other ASEAN economies, starting with Indonesia via the ASEAN Single Window (ASW), had been successful, […]
The Department of Finance (DOF) is now fine-tuning certain aspects of Package 2 Plus of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), including adjustments covering excise taxes on tobacco products, to make sure that the proposal it submits to Congress is “solid, well-consulted and well-researched.” Finance Undersecretary Karl Kendrick Chua said some aspects of Package 2 Plus on the removal of the value-added tax (VAT) exemptions for coal and casino operations have already […]
QUEZON CITY, Philippines (Eagle News) — Senator Risa Hontiveros filed a bill that will alleviate the negative effects of the Tax Reform for Acceleration and Inclusion (TRAIN) law on the prices of goods. Hontiveros said that the proposed Senate Bill 1671 or “Bawas VAT” bill will lower the value-added tax to 10% on January 1, 2019 and will eventually reach 8% by January 1, 2022. “After the recent passage of the Tax Reform for Acceleration […]
(Eagle News) – Department of Finance Secretary Carlos Dominguez III has said the administration’s “massive infrastructure program” and comprehensive tax reform package would drive the inclusive growth of the country. According to Dominguez, the first element was indispensable as the Philippines for decades has lagged behind its neighbors in economic investments, grappling with a debt overhang. Dominguez was apparently referring to the Build, Build, Build program of the Duterte administration. Under the program, the government […]
(Eagle News) — Department of Finance (DOF) Undersecretary Grace Karen Singson said that the government’s 75 flagship projects under the “Build, Build, Build” program of the Duterte administration are expected to create 1.7 million jobs by 2022. She said the Duterte administration intends to spend around $158 billion over the next five years for the program, so that infrastructure spending would reach 7.3 percent of Gross Domestic Product by the end of the President’s term. […]
(Eagle News) — The government is eyeing to kick off the construction of the $500-million Metro Manila Flood Control Management Project this January. In a statement, the Department of Finance said this was following the approval by the boards of the World Bank and the Asian Infrastructure Investment Bank of the co-financing for the project. Of the $500 million, the DOF said $207.603 million will come from the WB, “as approved by its board of […]
Agus power plants to be upgraded (Eagle News) — The Philippines is in talks with the Japanese government and businessmen over the possible “setting up” of liquefied natural gas stations in the country. The Department of Finance said in a statement on Tuesday that the Japanese, barring any hitches, would supply the erected LNG stations. “For the medium-term, we are upgrading or rehabilitating the Agus power plants,” Finance Secretary Carlos Dominguez added. He said that […]
Senator Juan Edgardo Angara has asked the Department of Finance (DOF) to “immediately” intervene as he and the Bureau of Customs clashed over the correct interpretation of the Balikbayan Box law. The senator made the request as he stood by his stand that Customs Administrative Order No. 5-2016, which only allows duty and tax-free Balikbayan boxes per sender in any given calendar year provided they do not exceed P150,000, was a misinterpretation of the Balikbayan box law. […]
QUEZON City, Philippines (Eagle News) — The head of the ways and means committee in the Senate said they would carefully examine the proposal of the Department of Finance to lift value-added tax (VAT) exemptions on socialized and low-cost housing, noting that doing so could exacerbate the existing “housing backlog.” “Medyo tingin ko baka dapat pag-isipin mabuti ng ating DOF at ating mga mambabatas kung kailangan lagyan ng VAT yung socialized and low-cost housing dahil […]
QUEZON City, Philippines – The Department of Finance on Sunday, June 4, confirmed that Resorts World Manila gunman, Jessie Carlos, was a former employee, working as Tax Specialist 1. DOF said that it dismissed the gunman for failing to properly declare his assets in his Statement of Assets, Liabilities and Net Worth. “Carlos, whose total income from 2001 to 2011 grossed P2,460,156.00 was found by the Ombudsman to have purchased, in cold cash, two (2) […]
