Tag: Income Tax

PHL loses over P300 billion in yearly revenues from corporate taxes, perks

  https://www.youtube.com/watch?v=BZWTXT8pD2Q (Eagle News) –The Department of Finance (DOF) said Thursday the government loses more than P300 billion annually from the implementation of income tax holidays and other incentives being enjoyed by big corporations. This, according to Finance Undersecretary Karl Kendrick T. Chua,  means there is a need for the rationalization of incentives for investors under the second tax reform package that  the DOF will submit to Congress before the end of January. Based on […]

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Senator Aquino warns of possible domino effect of fuel price increases due to TRAIN

(Eagle News) — Senator Bam Aquino on Wednesday warned of what he said was a possible domino effect of the increase in fuel prices with the passage of the Tax Reform for Acceleration and Inclusion law. In a statement, Aquino, who voted against the passage of TRAIN, said such an increase would lead to an increase in the prices of consumer goods. “Sa huli, mahihirap na Pilipino pa rin ang papasan at magdurusa sa epektong […]

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Increase in excise tax to coincide with lower income tax

QUEZON City, Philippines (Eagle News) — The government will resume giving coupons to public transportation providers once the proposed increase on excise tax on fuels will be implemented. According to Budget Secretary Benjamin Diokno, the implementation of the higher excise tax on fuels will be made to coincide with the lower income tax so that the public will not be overly burdened. An increase of Php 6.00 on the excise tax imposed on diesel, kerosene […]

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Villar files bill to lower income tax of Filipino workers

MANILA, July 11 – Sen. Cynthia Villar filed a bill that seeks to adjust the income brackets of tax imposed on taxable income of Filipino workers. “To ease the burden of our Filipino workers, and for our country to be at par with regional standards and to make the Philippine workforce more competitive with its neighbors, this bill seeks to amend the Tax Code by adjusting the individual income tax brackets and reducing the rates of […]

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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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Malacañang open to lowering of income tax

MANILA, Philippines, August 27 (Eagle News) — The Malacañang said that it is open to the proposed decrease of the income tax rate of laborers but added that there should be an alternative source of government funds. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos)

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Diskusyon – Bill to Lower Personal, Corporate Income Tax Payments

In order to alleviate the crippling financial burden, some lawmakers are proposing to lower the personal and corporate income tax in the Philippines. Valenzuela Representative Magtanggol Gunigundo proposed in House Bill 4099 to lower the taxes being paid by employees of private and public companies. Also included are the taxes paid by corporations to 15%. Currently, the corporate income tax in the Philippines is 30%, while the personal income tax is at 32%. Senator Sonny […]

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