New law grants concessions to micro, small taxpayers
MICRO and small taxpayers are granted special concessions under the recently enacted Republic Act (RA) 11976 or the Ease of Paying Taxes (EOPT) law.
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MICRO and small taxpayers are granted special concessions under the recently enacted Republic Act (RA) 11976 or the Ease of Paying Taxes (EOPT) law.
THE government’s executive and legislative branches must work closely together to ensure that fiscal targets are met, according to the 2023 Philippine Development Report (PDR). However, the report also noted that maintaining these gains this year through 2028 may be difficult if new tax laws are not quickly put into place.
THE national government intends to abolish agencies that are not ready for the “modern world” in order to meet the goals set in the Medium Term Fiscal Framework (MTFF), particularly bringing down the deficit to 3 percent of GDP by 2028, according to the Department of Budget and Management (DBM).
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.
Rescission has been defined in law as the unmaking of a contract, or its undoing from the beginning and not merely its termination. The consequential effect of it is to bring back the parties to their original situation prior to the commencement of the contract.
TO bring House Republicans good luck in passing their replacement for the Affordable Care Act, a.k.a. Obamacare, Rep. Pete Sessions (R.-Texas) wore a brown suit to the chamber, in honor of President Ronald Reagan.
PUBLIC-ADVOCACY groups Action for Economic Reforms (AER) and the Foundation for Economic Freedom (FEF) fear President Duterte would not have the financial resources to pursue his plans and programs as a result of continued legislative inaction on the Chief Executive’s Comprehensive Tax Reform Program (CTRP).
“Build, Build, Build” is a new development mantra signifying the largest infrastructure push in Philippine history to propel economic growth in the next five to six years. Among the key investments that the Philippine government will make are big-ticket infrastructure projects, specifically roads and bridges, mass urban-transport systems and alternative green city solutions. These are envisioned to solve the problems attributed to traffic congestion, inadequate mass-transport facilities, air pollution and lack of green, healthy community spaces.
The government under President Duterte could lose its investment-grade status should current efforts at financing a very ambitious infrastructure buildup program fail to get solid backup from a slew of revenue-enhancing tax-reform measures still being deliberated in Congress, the influential global financial giant Deutsche Bank AG said.
THE Mindanao Business Council Inc. (MBCI) has given its full support to the comprehensive tax-reform program crafted by the Duterte administration, saying the reform package is a step to achieving the country’s full economic prosperity by 2040.
THE Duterte administration aims to raise P600 billion from the implementation of its proposed reforms in tax policy and administration to fund priority investments in infrastructure, human-capital development and social protection for the poor, according to Finance Secretary Carlos G. Dominguez III.
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