Tag: Tax

DOF: Taxpayers have “P10-B monthly bonanza” to help boost PHL economy

(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 […]

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‘Panama Papers’ law firm shuts down operations

PANAMA CITY (AFP) — The law firm at the heart of the “Panama Papers” global tax evasion scandal that brought down two world leaders announced Wednesday it would shut down operations, citing negative press and what it called unwarranted action by authorities. “Reputational deterioration, the media campaign, the financial consequences and irregular actions by some Panamanian authorities have caused irreparable damage, resulting in the total ceasing of public operations at the end of this month,” […]

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Shakira pays 20 mn euros to Spain taxman: report

MADRID, Spain (AFP) — Superstar Shakira has handed over more than 20 million euros ($24.6 million) to tax authorities in Spain, a report said Tuesday, accused of not paying taxes despite being a resident between 2011 and 2014. Catalan daily El Periodico reported that the Colombian award-winning singer had paid the money “to settle part of the debt claimed by Spain’s tax authorities”, corresponding to what she allegedly owes for 2011. The fiscal authorities filed […]

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Pangulong Duterte may hamon sa mga kritiko ng TRAIN law

MANILA, Philippines (Eagle News) — Hinamon ni Pangulong Rodrigo Duterte ang mga kritiko ng Tax Reform Acceleration and Inclusion (TRAIN) law. Ito ay matapos na maipaabot sa Pangulo ang patuloy pa ring pagkontra ng ilang grupo sa TRAIN law na nagdulot ng pagtaas ng presyo sa ilang pangunahing bilihin. Sinabi ng Pangulo na huwag na lamang magbayad ng buwis ang mga taong tutol sa pag-iral ng train. Ngunit dapat aniyang maging handa sakaling habulin naman […]

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DOF: Over 6 million Filipinos to enjoy zero personal income tax under TRAIN

(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 […]

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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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Apple takes French tax activists to court over store protest

PARIS, France (AFP) — Apple has filed a lawsuit against the Attac activist group after about 100 of its supporters occupied the tech giant’s flagship store in Paris last month, protesting alleged “wide-scale tax evasion” by the firm. An Apple spokesman told AFP on Thursday that while it respected the group’s right to expression, its recent actions had “put the security of our customers and employees at risk.” It is seeking 3,000 euros ($3,600) from […]

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Apple tax avoidance plan laid bare in leaked documents

SAN FRANCISCO, United States (AFP) — Apple shifted much of its offshore wealth in the face of a tax crackdown on a haven it had in Ireland, according to reporting Monday on the Paradise Papers on the iPhone maker’s tax strategy. After the US technology colossus stated publicly in 2013 that it was paying its proper share of taxes, it moved the bulk of its untaxed overseas cash to the Channel Islands jurisdiction Jersey, the […]

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UK Queen’s private estate invested in offshore funds: leaks

LONDON, United Kingdom (AFP) — Millions of pounds from the private estate of Britain’s Queen Elizabeth II have been invested in offshore tax haven funds, a huge new leak of financial documents revealed on Sunday. Around £10 million ($13 million, €11.3 million) of the Queen’s private money was placed in funds held in the Cayman Islands and Bermuda, according to the leaked papers, which were first reported in Britain by the BBC and the Guardian […]

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Tax rollout delayed to Thursday as US Congress braces for overhaul

by Michael Mathes Agence France Presse WASHINGTON, United States (AFP) — US Republicans have delayed unveiling the Donald Trump-backed tax overhaul until Thursday, signaling potential trouble ahead as congressional leadership struggles to lock in support for the historic but controversial effort. Congressional aides late Tuesday confirmed that the roll-out, originally slated for Wednesday, had been pushed back as GOP negotiators continued to hammer out a deal. Lawmakers want additional time to study the measure, which […]

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Tax cuts to help most in middle-class, not all: White House

WASHINGTON, United States (AFP) — President Donald Trump’s top economic adviser on Thursday defended plans unveiled this week for sweeping tax cuts but said he could not guarantee they would benefit every middle-class taxpayer. The White House has moved to defend the proposed tax overhaul, which is still being crafted, from criticism that it will unduly help the wealthiest Americans or blow a hole in the federal budget. Opposition Democrats have denounced the plan as […]

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Neymar offers to pay $2.5 million fine to Brazil tax authorities

SAO PAULO, Brazil (AFP) — Brazilian football star Neymar is willing to pay a fine of $2.5 million to settle tax evasion allegations in his country, his lawyer said Friday. The 25-year-old wants to leave the fight with Brazilian authorities behind him as he prepares for a new professional life with Paris Saint-Germain after his record $261 million (222 million euro) transfer buyout from FC Barcelona, Neymar’s lawyer Marcos Neder told a press conference. “This […]

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