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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.…
CEBU CITY, Philippines —Two unsolicited project proposals for Cebu with combined cost of about P288 billion are awaiting further action from the Investment Coordination Committee (ICC), according to a statement from the Nation Economic Development Authority (Neda).…
MANILA, Philippines – The government will come up with a single interagency database containing the names and information of all foreign workers in the country in a bid to collect all the personal income taxes due from…
THE Commission on Higher Education (CHED) on Wednesday said it will ask the Department of Finance (DOF) to spare the free college education program from budget cuts due to the potential reduction of revenues from the impending…
FINANCE officials are not expecting any loss of jobs under the second package of the government’s new tax reform plan. Cash grants, however, would be put into place as part of a contingency plan if “minimal” or…
A MEMBER of the Consultative Committee (Con-com) believes that Finance Secretary Carlos Dominguez and Socioeconomic Planning Secretary Ernesto Pernia should either be “sacked” or be told to “keep their mouth shut” by President Rodrigo Duterte if the…
TAX incentives given away to investors — in turn, foregone revenues for the national government — totaled P376 billion from 2015 to 2016, such that the head of the Duterte administration’s economic team sought more support for…
Inflation jumped by 5.2 percent year-on-year in June, a new over five-year high, due to sustained elevated prices of food and “sin” products, the government reported Thursday. In a report, the Philippine Statistics Authority (PSA) said…
Contrary to earlier pronouncements that the government can suspend fuel excise taxes when global oil prices reach $80 a barrel, the Department of Finance clarified Wednesday that the Tax Reform for Acceleration and Inclusion (TRAIN) Act only…
THE Department of Finance (DOF) on Tuesday reiterated its push for a staggered and conditional reduction in corporate income tax rates under the proposed second tax reform package as the government cannot stand to lose more revenues…
THE government has pushed back the rollout of new cigarette tax stamps with better security features as well as a new design to January next year. “We are improving it but we will be moving the deadline…
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