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Pickup trucks will soon become more expensive as the Lower House’s committee on ways and means on Wednesday, August 24, 2022, approved an expanded bill which included slapping excise taxes on this commercial vehicle segment. The removal…
MANILA, Philippines — The Department of Finance is not recommending the suspension of excise tax on fuel products despite rising prices, saying the government should instead provide P200 per month per household for one year to poor…
The Bureau of Internal Revenue (BIR) is putting up a dedicated unit that will track digital sales transactions and capture the correct taxes due from these goods and services. In a statement on Tuesday, the Department of…
MANILA, Philippines — The Department of Finance (DOF) is seeking the return of some P33 billion “parked” in the coffers of the Philippine International Trading Corporation (PITC) to the national government. This was according to Senate Minority…
The World Bank will approve financing for another $1.9 billion in projects in the Philippines before yearend to help the economy recover from the COVID-19-induced recession, the Department of Finance (DOF) said on Friday. Specifically, the World…
MANILA, Philippines — While cigarettes and liquor are enjoying brisk sales online in the time of pandemic and are delivered to the comforts of home of buyers, who may include minors, the Department of Finance (DOF) wants…
All local government units (LGUs)—provinces, cities, municipalities, and barangays—have been ordered to extend until June 25 the payment deadlines of all taxes, fees, and charges that fell due during the COVID-19 lockdown. This order was contained in…
In light of the socioeconomic fallout caused by the COVID-19 pandemic, the Duterte administration’s ambitious “Build, Build, Build” program may be reconfigured to prioritize health infrastructure and address potential funding issues. Presidential adviser for flagship programs and…
MANILA, Philippines — The Duterte administration’s economic team has announced a P27-billion package to provide economic relief to businesses and workers affected by the coronavirus disease 2019 (COVID-19) outbreak. “Mula po sa economic cluster, headed by (Finance)…
MANILA, Philippines — The Bureau of Internal Revenue cannot postpone the tax-payment deadline next month even as the government is working on some relief for personal and corporate taxpayers amid the one-month community quarantine of Metro Manila,…
Collections from so-called sin products, including sugary drinks, totaled P269.1 billion in 2019 amid higher excise tax rates slapped on their consumption, Department of Finance (DOF) data showed. Based on preliminary figures from the DOF’s strategy, economics…
Collections from the tariffs slapped on imported rice reached P12.3 billion last year, exceeding the P10 billion to be spent yearly on programs that will support farmers disadvantaged by liberalized trade, the Department of Finance (DOF) said.…
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