Monday, 19 February 2018
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philippines - Tax & Revenue - News

DOF supports House Bill calling for Tax Amnesty

MANILA, Feb 16 (PNA) - The Finance department supports House Bill 7105, which pushes for a tax amnesty program, in a bid to help the government collect taxes easily. The bill, which involves Part B of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, is now being deliberated on by the House Committee on Ways and Means. As ...
Date: 16 February 2018; Type: Legal News; Source: Philippine News Agency

TRAIN removes Oppressive Rates for Delinquent Tax Payments

The Tax Reform for Acceleration and Inclusion (TRAIN) has done away with punitive and confiscatory interest rates that encourage delinquency rather than compliance in paying the correct amount of taxes, imposing instead a more reasonable charge based on the legal interest rate for loans set by the Bangko Sentral ng Pilipinas (BSP), according to the ...
Date: 14 February 2018; Type: Legal News; Source: Department of Finance

BOI Perks aligned with Tax Reform Package 2

MANILA, Feb 12 (PNA) - The Board of Investments (BOI) said its fiscal incentives are already aligned with the second package of the Comprehensive Tax Reform Program (CTRP) of the Duterte administration. The CTRP package 2, which follows the Tax Reform for Acceleration and Inclusion (TRAIN) Act, is pushing for reforms in corporate income tax an ...
Date: 12 February 2018; Type: Tax News; Source: Philippine News Agency

BIR mulls Amnesty of Taxpayers with Pending Cases

MANILA, Feb 6 (PNA) - The Bureau of Internal Revenue (BIR) is considering including in its planned tax amnesty program those with pending tax evasion cases.
Date: 06 February 2018; Type: Legal News; Source: Philippine News Agency

DOF seeks Overhaul of Corporate Tax System to correct Inequities, improve Compliance

The Department of Finance (DOF) is pushing reforms in the Corporate Income Tax (CIT) system, including the lowering of the tax rates and the expansion of the functions of the Fiscal Incentives Review Board (FIRB) as an “overall administrator” to oversee all Investment Promotion Agencies (IPAs) in the country, to generate more investment ...
Date: 28 January 2018; Type: Tax News; Source: Department of Finance

Filing of Proposed Sin Tax Reform moved to February

MANILA, Jan 30 (PNA) - Officials of the Department of Finance (DOF) have postponed the submission of the proposed Package 2 plus, or reforms in the sin tax law, from end-January to mid-February as they continue to fine-tune the planned tax measure.
Date: 30 January 2018; Type: Legal News; Source: Philippine News Agency

Government to seek Biz Sentiment on Tax Reform Package 2

MANILA, Jan 29 (PNA) - The government is partnering with the country’s largest business organization, Philippine Chamber of Commerce and Industry (PCCI), to solicit sentiments among businessmen on the second package of the Duterte administration’s tax reform program.
Date: 29 January 2018; Type: Legal News; Source: Philippine News Agency

Tax Reform to benefit Insurance Industry : IC commissioner Funa

MANILA, Jan 26 (PNA) - Insurance Commissioner Dennis Funa is optimistic of the impact of the first package of tax reform on the insurance industry since people will have additional disposable income.
Date: 26 January 2018; Type: Tax News; Source: Philippine News Agency

DOF eyes Reform on Sin Taxes

MANILA, Jan 24 (PNA) - Officials of the Department of Finance (DOF) are set to submit to Congress by end-January 2018 the proposed Package 2 plus aimed at raising taxes on tobacco, alcohol, mining, coal and casinos.
Date: 23 January 2018; Type: Tax News; Source: Philippine News Agency

Over Six Million Compensation Earners to enjoy Zero Tax starting January

Starting this month's pay day, 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) as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN) that was recently signed into law by President Duterte. T ...
Date: 22 January 2018; Type: Tax News; Source: Department of Finance

DOF submits CTRP Package Two to Congress

The Department of Finance (DOF) has formally submitted to the House of Representatives this week the second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) that aims to reduce Corporate Income Tax (CIT) rates and modernize fiscal incentives to investors.
Date: 16 January 2018; Type: Legal News; Source: Department of Finance

BOC revises Rules on Importers, Brokers Accreditation

MANILA, Jan 17 (PNA) - The Bureau of Customs (BOC) has amended rules on the accreditation of importers and brokers in a bid to stop consignees-for-hire and fly-by-night importers and brokers.
Date: 17 January 2018; Type: Legal News; Source: Philippine News Agency

Package Four of Tax Reform to simplify Tax Rates on Investment Products

MANILA, Jan 16 (PNA) - Finance officials aim to simplify tax rates on investment products in the Philippines partly to help improve services being offered to the public and address the complex tax rates of financial products.
Date: 16 January 2018; Type: Tax News; Source: Philippine News Agency

Finance Officials clarify Tax Issues for ROHQ Employees

MANILA, Jan 15 (PNA) - Employees of Regional Operating Head Quarters (ROHQs) need not worry about the veto of the provision under the first tax reform package that allows them to continue enjoying the 15 percent preferential withholding tax rates because they will benefit from lower income taxes in general.
Date: 15 January 2018; Type: Legal News; Source: Philippine News Agency

BOC forms Anti-corruption Unit

MANILA, Jan 10 (PNA) - The Bureau of Customs (BOC) has created a unit mandated to stop illicit acts of some Customs officials and employees from amassing ill-gotten wealth.
Date: 10 January 2018; Type: Legal News; Source: Philippine News Agency

DOF set to submit Package 2 of Tax Reform this January '18

MANILA, Jan 8 (PNA) - The Department of Finance (DOF) is set to submit within this month the proposed second package of tax reform program to ensure the incremental state revenues to be used to fund the Duterte administration’s priority infrastructure and social protection programs. The second package involves reforms on corporate income ...
Date: 08 January 2018; Type: Tax News; Source: Philippine News Agency

TRAIN should not yet impact on Fuel, SSB Products Prices - DTI

MANILA, Jan 3 (PNA) - The Department of Trade and Industry (DTI) said the excise tax on petroleum products and tax on sugar-sweetened beverage (SSB) as provided for under the Tax Reform for Acceleration and Inclusion (TRAIN) Act should not yet impact on prices of fuel and sweetened beverages.
Date: 03 January 2018; Type: Tax News; Source: Philippine News Agency

First Package to correct ‘Long-Standing Inequity’ in PH Tax System

MANILA, Jan 3 (PNA) - After more than 300 presentations about the gains of tax reforms, efforts of Department of Finance (DOF) officials were not wasted.
Date: 02 January 2018; Type: Tax News; Source: Philippine News Agency

President Duterte vetoes Five items in First Tax Reform Package

MANILA, Dec 22 (PNA) - Five items in the first package of tax reform were vetoed by President Rodrigo R. Duterte after noting that if implemented these provisions will be detrimental to the government and would violate existing laws. Finance Secretary Carlos Dominguez III, in a briefing Friday, said Malacanang will release the copy of the Veto ...
Date: 22 December 2017; Type: Tax News; Source: Philippine News Agency

Tax Reform Package to help Workers, spur Growth: Dominguez

MANILA, Dec 17 (PNA) - All working Filipinos will benefit from the approval of the first tax reform package and its recent ratification, Finance Secretary Carlos Dominguez III said it is an achievement since the country is not facing any crisis right now.
Date: 17 December 2017; Type: Tax News; Source: Philippine News Agency

Industry Updates

Swiss Institute of Federalism ink Academic Cooperation with UP

MANILA, Feb 16 (PNA) - The University of the Philippines-National College of Public Administration and Governance (NCPAG) and the University of Fribourg’s Institute of Federalism (IFF) have entered into a Memorandum of Understanding (MOU) for academic cooperation and exchange, the Department of Foreign Affairs (DFA) said.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Group urges DOLE: release Rules on 'Workplace Romance'

MANILA, Feb 13 (PNA) - A group called on the Department of Labor and Employment (DOLE) to issue guidelines on workplace romance policy to prevent employers from implementing oppressive management prerogatives.

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Individuals earning above P250K also getting Bigger Take-Home Pay under TRAIN

The Tax Reform for Acceleration and Inclusion Act (TRAIN) effectively increases the take-home pay not only of salaried workers earning P250,000 yearly and below but also of those with annual taxable income from P250,000 to a maximum of P2 million.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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DOJ provides Legal Aid to 11,833 Persons in 2017

MANILA, Feb 4 (PNA) - Close to 12, 000 people were given legal assistance through the Department of Justice Action Center (DOJAC) in 2017.

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UP Board of Regents names Proffessor Fides Cordero-Tan as new UP Law Dean

The UP Board of Regents announced the appointment of Atty. Fides Cordero-Tan as the new dean of the UP College of Law on Jan. 26, 2018.

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IPOPHL to heighten IPR Enforcement; seeks MOU with Anti-Crime Body

The Intellectual Property Office of the Philippines (IPOPHL) is seeking to intensify intellectual property rights enforcement in the country, targeting to craft a Memorandum of Understanding (MOU) with other members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOC).

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Century-Old Biz Group wants Mining Law amended

MANILA, Jan 31 (PNA) - The country’s oldest business organization, the Chamber of Commerce of the Philippines Islands (CCPI), has sought sponsorship in Congress to amend mining laws.

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IPOPHL eyes to expand Enforcement of Intellectual Property Rights

MANILA, Jan 29 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) aims to further expand intellectual property rights (IPR) enforcement through cooperating with members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOS).

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SC to act on Mamasapano Trial Transfer

MANILA, Jan 26 (PNA) - The Supreme Court is set to tackle the transfer of trial of the criminal case over the Mamasapano clash that killed more than 60 persons, including 44 members of the elite Philippine National Police-Special Action Force (PNP-SAF).

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