Tag: Department of Finance

There are new rules on small-value tobacco, alcohol imports, BOC bares

MANILA, Nov. 18 – Small value importations of tobacco goods as well as wines and spirits are still subject to excise taxes under a new Customs Administrative Order (CAO) that raises to P10,000 the tax-exempt value of non-commercial imports. Finance Undersecretary Antonette Tionko, who heads the Revenue Operations Group of the Department of Finance (DOF), said the CAO also lists goods prohibited and restricted for importation. “The proposed CAO provides that de minimis importations of tobacco […]

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Finance Dept., pinagpapaliwanag ukol sa pondo ng relokasyon para sa informal settlers

MANILA, Philippines (Eagle News) — Pinagpapaliwanag ng senado ang Department of Finance (DOF) kung bakit walang inilaang pondo para sa relokasyon ng mga informal settler na tatamaan ng connector road mula sa North Luzon patungong South Luzon Expressway. Sa deliberasyon sa panukalang 3.35 trillion-pesos na hinihinging budget ng gobyerno sa 2017, sinabi ni Senate Finance Chairman Loren Legarda na walang komunikasyon ang  Department of Public Works and Highways (DPWH) at  National Housing Authority (NHA) hinggil […]

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PRRD fully committed to ‘inclusive growth’ agenda, say DOF secretary

MANILA, Oct. 18 – Finance Secretary Carlos Dominguez III has assured foreign credit rating institutions that President Rodrigo Roa Duterte remains “fully engaged” in implementing his 10-point socioeconomic agenda focused on inclusive growth, while vigorously carrying out his other priority goals of eliminating crime and corruption and forging lasting peace within the country and with its neighbors. Meeting with officials from international credit rater Moody’s Investor Service, Dominguez urged them not to be distracted by the […]

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Philippines considers Russia as trading partner

QUEZON City, Philippines – The Department of Finance is looking at Russia as a possible trading partner for the Philippines’ agricultural products. This is part of the plan of the Duterte administration to open the Philippine market to other foreign investors.

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Peso remains very strong, says DOF

MANILA, Oct. 4 – The Philippine peso remains “very strong” in real terms and the current movement of the local currency will actually help improve the competitiveness of our exports and the value of our dollar remittances, which benefits around 40 percent of the domestic economy, according to the Department of Finance (DOF). DOF undersecretary and concurrent chief economist Karl Kendrick Chua said the Philippine peso is expected to remain “broadly stable” over the medium term […]

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Tax reform overburdens the poor

QUEZON City, Philippines – Research group Ibon Foundation protested the proposed tax reform program of the Department of Finance (DOF), saying that it overburdens the poor. The group emphasized that only the rich will benefit from the proposed tax reform because the Department of Finance plans to offset the taxes of the rich minority and pass them to the majority of poor Filipinos. https://youtu.be/wctp42BBpTU

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DOF: New tax category to cover ‘fatty foods’

(Eagle News)– The Department of Finance (DOF) is now planning to impose taxes on “fatty foods” similar to the rate of cigarettes and alcoholic beverages. “We also plan to impose taxes on sugary and fatty foods, akin to sin taxes,” Finance Secretary Carlos Dominguez III told Senators in his presentation on Tuesday. Junk foods and softdrinks are expected to be part of this new category. This reform belongs to the set proposed by the DOF, […]

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DOF to focus on tax collection

QUEZON City, Philippines – The Department of Finance (DOF)  is leaning towards a more effective collection of tax than implementing a proposed tax increase in order to increase the revenue collection of the government. The DOF is also reluctant to increase the value-added tax following the declaration of President Rodrigo Duterte to reduce the personal and corporate income tax. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Jericho Morales, Uploaded by MRFaith […]

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Andanar, Alvarez: SONA preparations underway

MANILA, July 20 – Presidential Communications Secretary Martin Andanar on Monday gave an update on the ongoing preparations for the First State of the Nation Address (SONA) of President Rodrigo R. Duterte. Introduced to the Malacañang Press Corps (MPC) a member of the SONA committee, incoming Department of Finance (DOF) spokesperson Atty. Paola Alvarez, who also served as spokesperson of the PDP-Laban party. During the briefing, Alvarez discussed plans for the SONA on July 25. Of particular interest to members […]

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Finance Dept recommends lower income tax

QUEZON City, Philippines – The Department of Finance, through outgoing Secretary Cesar Purisima, recommended to the incoming Duterte administration to lower the income tax and to increase the value-added tax or VAT. Specifically, the individual and corporate income tax should be lowered from 32% to 25% and to exempt from income tax a total of 11 million wage-earners as well as fiscal incentive rationalization and index excise taxes on gas and diesel. Regarding VAT, the […]

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Posisyon sa Department of Finance tinanggap na ni Dominguez

MANILA, Philippines (Eagle News) –Tinanggap na ni Sonny Dominguez ang posisyon na inalok sa kanya ni incoming President Rodrigo Duterte na maging kalihim ng Department of Finance (DOF). Ito ang  kinumpirma  ni Executive  President Spokesperson Atty. Salvador Panelo . Una nang tinanggihan ni Dominguez ang nasabing posisyon dahil sa personal reason.

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Lawmakers protest proposed increase on VAT

QUEZON City, Philippines, Sept. 1 (Eagle News) — The administration and independent minority bloc in the House of Representatives joined forces to protest the proposed increase in the value-added tax by the Department of Finance, saying that it makes no sense to lower the income tax of laborers then subject them to high VAT rates. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

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