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Claims suspending fuel excise tax would largely benefit the rich (Eagle News) – Finance Secretary Carlos Dominguez III said that the government expects to collect P147 billion in taxes this year from fuel, particularly P131.4 billion in excise taxes and P15.8 billion in VAT or value added tax. The funds to be generated from these taxes would be used for the government’s ‘Build, Build, Build” projects, and for the salaries of government employees, including […]
(Eagle News) – The Department of Finance has met with the outgoing Russian ambassador H.E. Igor Khovaev to discuss the continued strengthened economic cooperation between the Philippines and Russia, including a possible agreement on cooperation regarding customs and help in setting up a more efficient tax collection system. Finance Secretary Carlos Dominguez III met last week with Ambassador Khovaev when the diplomat made a farewell courtesy call to the DOF. The ambassador also discussed […]
No intermediary to stop corruption (Eagle News) – President Rodrigo Duterte said subsidies and financial aid for the poor and other sectors should be digitized and pass through banks so the recipient can get their benefits directly. In his address to the nation, the President said this after the report of the Department of Finance that recommended direct distribution to beneficiaries through banks for future subsidy programs, including those related to COVID-19. -Wage subsidy […]
(Eagle News) – The Department of Finance extended the deadlines for the the payment of “taxes, fees, and charges of local government units (LGUs) to June 25. The DOF said that this was in line with the provisions of Republic Act (RA) No. 11469, or the Bayanihan to Heal as One Act, which seeks to provide relief to Filipinos impacted by the severe disruption of economic activities brought about by the coronavirus disease 2019 (COVID-19). […]
(Eagle News) — The Philippine government has secured a loan agreement from the Asian Development Bank that would enable the country to get $1.5 billion budgetary support for its efforts on the COVID-19 pandemic. This came in time as funds to support the government’s programs to beat COVID-19 and to support its people under lockdown as President Rodrigo Duterte decided to extend the enhanced community quarantine in the Philippine capital of Metro Manila and […]
(Eagle News) — Jack Ma, founder of the Alibaba Group, has pledged to give half a million face masks to the Philippines to help in the country’s fight to contain the spread of the coronavirus disease, the Department of Finance said. Finance Secretary Carlos Dominguez said hat Ma had committed the delivery of the masks at the latest by early next week through the Jack Ma Foundation and the Alibaba Foundation. Dominguez said that […]
(Eagle News) — The Philippines inked on Thursday, Dec. 19, a $400-million loan accord with the World Bank, which represented the first tranche of a three-part financing package that aims to further boost the country’s competitiveness and fiscal sustainability amid the threat of climate change. Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and acting Country Director Achim Fock, representing the World Bank, signed the agreement for the development policy loan on […]
(Eagle News) – The Philippines ranked 95 in the Ease of Doing Business latest report of the World Bank, jumping 29 notches from the previous ranking of 124th out of 190 economies. In the Doing Business 2020 Report, the Philippines was among the 190 economies included by the World Bank in its study. The Philippines got an Ease of Doing Business (EODB) score of 62.8 in the 2020 report, an improvement over its grade […]
(Eagle News) – The Department of Finance said that digital firms from Estonia, a country in northern Europe, have expressed their interest to participate in the bidding for the Philippine national ID contract. It was in the Baltic nation of Estonia where the electronic video communications tool Skype was developed. Finance Secretary Carlos Dominguez III said it was Estonia’s ambassador-designate to the Philippines Vaino Reinart who relayed to him their interest to help with […]
(Eagle News) – Foreign nationals working in Philippine offshore gaming operations (POGO) should pay taxes and comply with the country’s tax laws, as various government agencies met to consolidate the list of foreign workers who should pay taxes, according to the Department of Finance (DOF). The DOF said it is now working closely with the Bureau of Internal Revenue (BIR) as well as with other government agencies, including the justice and labor departments, to […]
(Eagle News) — Finance Secretary Carlos Dominguez III thanked the government of Japan for its “generous support” in helping jumpstart the Philippines’ ambitious “Build, Build, Build” infrastructure program, citing the nine loan agreements signed since the start of the administration of President Rodrigo Duterte. Dominguez said the loan agreements with a combined amount of JPY398.82 billion (about $3.63 billion or P189.92 billion) were formalized between the Philippines and Japan since President Duterte assumed the […]
(Eagle News) – The Department of Finance said it would file criminal charges against public officials and private individuals involved in an P11 billion tax credit scam that happened from 2008 to 2014 which was recently uncovered by state auditors. Finance Secretary Carlos Dominguez III made the announcement as the department said there were public officials and private individuals who have unduly benefited from the issuance of over P11 billion-worth of tax credit certificates […]
