DOF may extend low tariff rates on 4 key food items
THE Department of Finance (DOF) is mulling over extending the reduced tariff rates on four commodities, which includes rice and pork, to keep the country’s inflation rate in check.
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THE Department of Finance (DOF) is mulling over extending the reduced tariff rates on four commodities, which includes rice and pork, to keep the country’s inflation rate in check.
THE chairman of the House Committee on Ways and Means on Tuesday said the panel will hear proposals to update motor vehicle user’s charges (MVUC) rates, including provision earmarking revenues for local manufacture of PUJs, before it hears proposed taxes on salty and sugary food, when session resumes after President Ferdinand Marcos Jr.’s second State of the Nation Address.
Finance Secretary Benjamin E. Diokno lauded the Senate’s approval of the extension of estate tax amnesty until 2025 adding the law would allow government to collect more revenues from errant taxpayers.
THE government “will try” to liberalize more commodities, including sugar, within the term of the current administration, with the goal of converting its trade rules into something akin to the present rice trade regime, Finance Secretary Benjamin E. Diokno said.
YOKOHAMA, Japan—The Duterte administration is keen on using government funds to hasten the rollout of various infrastructure projects than go through the public-private partnership (PPP) route, according to the chief of the Department of Finance (DOF).
The chairman of the House Committee on Ways and Means disclosed on Sunday new proposals from different sectors were incorporated in the proposed Tax Reform for Acceleration and Inclusion Act.
The cost of financing the retirement benefits of the country’s military has gone up by 164 percent this year to more than P137 billion, from only P71 billion last year, based on data supplied by the Department of Finance (DOF).
The United Kingdom, looking to boost its ties with countries in Asia, has dangled a £4.5-billion financing package that the Philippines could use to underwrite its ambitious infrastructure buildup program.
The national government (NG) spent far more in terms of interest payments than it did servicing its principal obligations in January, the sum having totaled P42.35 billion from year-ago debt service of only P45.95 billion.
The Bureau of Internal Revenue (BIR) will file more complaints at the Department of Justice (DOJ) against local cigarette company Mighty Corp. for the cigarette products bearing fake-tax stamps found in several of its warehouses across the country, according to the Department of Finance (DOF).
The Department of Health (DOH) is backing the government’s campaign to run after tax cheats in the cigarette industry, adding that an additional P1 billion in unpaid taxes could have been spent to procure medicines and pay for the medical treatment of some 5.7 million indigent Filipinos afflicted with hypertension and diabetes, according to the Department of Finance (DOF).
Phoenix Petroleum Philippines Inc. has volunteered to pay in advance excise tax due on its gasoline and petroleum-based products this year as a show of support to President Duterte’s Comprehensive Tax Reform Program (CTRP).
By Rea Cu @ReaCuBM
The Bureau of Customs (BOC) has warned that the proposal to impose excise tax on automobiles will discourage the inflow of investments in the auto industry.
To reduce the impact of the proposal to impose higher excise taxes on cars, the chairman of the House Committee on Ways and Means said it should only be implemented in areas where traffic is a major concern.
Protectionist policies will weaken the country’s business- process outsourcing (BPO) sector should US President Donald J. Trump push through with his plans to implement trade reforms, according to the Department of Finance (DOF).
TOYOTA Motor Philippines Corp. (TMPC), the country’s leading auto brand and the current market leader, urged the government to lower its proposed excise-tax rates for all car segments.
Lawmakers have rejected the proposal of the Department of Finance (DOF) to increase the excise taxes on petroleum products, saying the government should, instead, tax sugar-sweetened beverages (SSBs) to increase revenues.
By Butch Fernandez & Jovee Marie N. dela Cruz
The country’s economic managers are on a two-day visit to China starting Monday, January 23, to finalize details on the $15-billion investment pledges made during President Duterte’s state visit to Beijing last October, according to the Department of Finance (DOF).
The government needs to ramp up its investment activities to equal more or less 30 percent of local output, or the GDP, consistent with the self-imposed goal of joining the ranks of middle-income countries by 2040.
The leaders of House of Representatives and the Senate will meet first before approving controversial measures filed in the 17th Congress, according to House majority leader Rodolfo Fariñas.
PARTY-LIST Rep. Carlos Isagani Zarate of Bayan Muna has urged Duterte Cabinet members and his fellow lawmakers to go slow in the imposition of new and higher taxes, saying the burden will be passed on to the poor.
NINETEEN former heads and deputy chiefs of the Department of Finance (DOF) and the National Economic and Development Authority (Neda) have given their full support to the DOF’s comprehensive tax-reform program, which, they said, would “correct the structural weaknesses” and serve as a tool to decisively attack poverty and achieve inclusive growth.
A party-list lawmaker on Sunday asked the Department of Finance (DOF) to increase taxes on the Philippine beauty industry instead of adjusting the excise taxes on petroleum products.
ENSURING that loans are readily available to farmers and their efforts amply protected against risks are critical components to keeping farm output stable this year and, by extension, the stability of food prices as a whole, according to the Department of Finance (DOF). This formed the bedrock upon which the DOF plotted a course for inflation that should prove favorable to consumers this year. Inflation, or the rate of change in prices, were to remain favorable this year after inflation dipped to its lowest in 2016, reaching an average of 1.8 percent.
Following the approval of a measure imposing two-tier tax rate for tobacco products at the House of Representatives, a member of the House Committee on Ways and Means on Thursday said he plans to file a bill further increasing the value-added tax (VAT) on liquor products.
THE Department of Finance (DOF) remains bullish on the continued high growth of the Philippine economy in 2017, and is committed to helping Malacañang pursue its accelerated spending program to sustain the country’s economic momentum.
THE fight against agricultural smuggling is expected to intensify after the Bureau of Customs (BOC) has submitted to the Department of Finance (DOF) for final review the draft implementing rules and regulations (IRR) for the Anti-Agricultural Smuggling Act of 2016.
By Jovee Marie N. dela Cruz
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