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G20 leaders have formally endorsed the global agreement for a minimum 15 percent corporate tax, US Treasury Secretary Janet Yellen said Saturday, hailing it as a “historic” step. “Today, every G20 head of state endorsed an historic agreement on new international tax rules, including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” she said. Some 136 countries representing more than 90 percent of global GDP have signed […]
(Eagle News) — Finance Secretary Carlos Dominguez III has called on lawmakers to proceed with approving the Duterte administration’s proposed reforms on corporate taxation and the modernization of investment incentives, which comprise the government’s second tax reform package. In pushing for the passage of the next phase of the tax reform law, Dominguez said that TRAIN had been “unfairly blamed for the elevated inflation rate.” He said the impact on prices of the first […]
(Eagle News) – Senator JV Ejercito on Tuesday, May 8, called on government economic managers to suspend the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law to arrest what he said was a rising inflation rate. “It might be wise to consider a suspension of the TRAIN law if the trend continues to breach the inflation threshold,” Ejercito said in a statement, following what he said were reports the headline inflation rate accelerated […]
(Eagle News) – The Department of Finance (DOF) said Filipino consumers now have a combined “P10 billion monthly cash bonanza” following the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act. According to Finance Secretary Carlos Dominguez III, the amount represents additional purchasing power that will further stimulate the country’s economy, which is now among the fastest-growing in Southeast Asia. “Our estimate is P10 billion a month in the reduction in collections from the […]
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 […]
(Eagle News) – The Department of Finance (DOF) has reported that over six million or 86 percent of compensation earners with taxable income of P685 per day or P20,833 per month and below will be exempted from paying the personal income tax (PIT) starting January 2018. This, according to Finance Secretary Carlos Dominguez III, is one of the benefits of the provisions under the Tax Reform for Acceleration and Inclusion Act (TRAIN) which was signed […]
https://youtu.be/xsE01SuBPCo By Moira Encina Eagle News Service Militant lawmakers asked the Supreme Court on Thursday to declare the Tax Reform for Acceleration and Inclusion unconstitutional, noting what they said was a lack of quorum when its bicameral conference committee report was ratified in the House of Representatives. In their petition, Reps. Carlos Zarate of Bayan Muna, Ariel Casilao of Anakpawis, and Antonio Tinio of ACT Teachers party-list, also asked that the SC issue a temporary […]
(Eagle News) –The Tax Reform for Acceleration and Inclusion (TRAIN) law is expected to raise over P786 billion in revenues in a span of five years. According to Department of Finance (DOF) Secretary Carlos Dominguez III, the projected revenues amount to P786.4 billion in that period of time. Based on DOF data, Package 1 of TRAIN, which was signed into law on Dec 19, 2017, is expected to generate P89.9 billion. Package 1 raises taxes on fuel, […]
QUEZON CITY, Philippines (Eagle News) — Several lawmakers asked the Department of Energy (DOE) and other government agencies to be vigilant and monitor oil companies that implemented price increases before the implementation date provided in the Tax Reform law. On January 1, fuel prices increased due to global supply concerns and not because of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. Eastern Samar Representative Ben Evardone asked the DOE and its task force […]
QUEZON CITY, Philippines (Eagle News) — Senator Franklin Drilon is asking his fellow senators to consider giving fiscal incentives to business enterprises as said entities will bear most of the impact of the new Tax Reform Law. Drilon reasoned that many businesses will be affected by the new law, especially with its provisions increasing taxes on gasoline, electricity and tobacco products. Such taxes could be passed on by businesses to consumers and, according to Drilon, […]
(Eagle News) — President Rodrigo Duterte signed into law on Tuesday the P3.77-trillion national budget for 2018 and the tax reform bill which is set to take effect on January 1 next year. The P3.77 trillion national budget which was ratified by Congress on December 12, is up 12 percent from the 2017 national budget. The Tax Reform for Acceleration and Inclusion (TRAIN) law, on the other hand, exempted from taxes the first P250,000 […]
by Michael Mathes Agence France-Presse US congressional Republicans turned their focus to tax reform Wednesday, but they face a similar hurdle that doomed President Donald Trump’s failed efforts to repeal Obamacare: rebels within his own party. With Trump still lacking a major legislative accomplishment in his first nine months in office, Republican leaders are hustling to pass tax reform by December. The House of Representatives shifted from the disastrous health reform bid and launched into […]
