philippines - Tax & Revenue - News

Revenue Regulation on Sweetened Drinks still under Review

MANILA, Apr 17 (PNA) - The Bureau of Internal Revenue (BIR) has yet to produce a Revenue Regulation (RR) on the newly-adopted excise tax for sugar-sweetened beverages. A BIR official says they are taking their time on the matter so as to address any issue that may crop up.
Date: 17 April 2018; Type: Legal News; Source: Philippine News Agency

TRAIN Law addresses Gaps in Human Capital

CLARK FREEPORT ZONE, Pampanga, Apr 13 (PNA) - Finance Secretary Carlos Dominguez III said the Tax Reform for Acceleration and Inclusion (TRAIN) Law is addressing the country’s challenges in human capital development.
Date: 13 April 2018; Type: Industry Updates; Source: Philippine News Agency

DOF cites Reason for Sin Products' Tax Hikes

MANILA, Apr 10 (PNA) - Faster rate of price increases of sin products, namely tobacco and alcoholic beverages, among others, continues to push domestic inflation higher to 4.3 percent last March from the revised 3.8 percent in February 2018.
Date: 10 April 2018; Type: Tax News; Source: Philippine News Agency

Business Leaders back Corporate Tax Reform

The country’s business leaders have expressed their full support for the Duterte administration’s proposed reforms in corporate taxation and the grant of investment incentives, which they described as “a bold move” to sharpen the Philippines’ competitiveness in the region.
Date: 01 April 2018; Type: Industry Updates; Source: Department of Finance

BIR files Tax Evasion Raps vs Gold Trader

MANILA, Mar 22 (PNA) - The Bureau of Internal Revenue (BIR) filed before the Department of Justice (DOJ) five tax evasion complaints against a gold trader.
Date: 22 March 2018; Type: Legal News; Source: Philippine News Agency

Hike in Sin Tax may push February Inflation to reach 4.1%

MANILA - Tax increases on sin products might have pushed Philippines inflation rate in February 2018 to 4.1 percent from month-ago’s 4 percent, according to the Department of Finance (DOF).
Date: 05 March 2018; Type: Tax News; Source: Philippine News Agency

Perks on Tax Reform Package 2 more relevant: DTI

MANILA, Mar 1 (PNA) - The Department of Trade and Industry (DTI) sees the rationalization of fiscal incentives under second package of the Comprehensive Tax Reform Program (CTRP) as more relevant.
Date: 01 March 2018; Type: Tax News; Source: Philippine News Agency

Government eyes Single Investment Plan under CTRP Package 2

MANILA, Feb 27 (PNA) - The government eyes a single investment priorities plan across all Investment Promotion Agencies (IPAs) under the second package of the Comprehensive Tax Reform Program (CTRP) of the Duterte administration.
Date: 27 February 2018; Type: Tax News; Source: Philippine News Agency

Tax Neutrality for Islamic Banking hurdles House Panel

MANILA, Feb 21 (PNA) - A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House of Representatives. The House committee on ways and means, chaired by Quirino Rep. Dakila Cua, approved an unnumbered substitute bill that seeks to expand the Islamic banking system in the Philippines. The H ...
Date: 21 February 2018; Type: Legal News; Source: Philippine News Agency

Reforms open Opportunities for e-Vehicles in PH

MANILA, Feb 20 (PNA) - Reforms on tax and transportation in the country opened more opportunities for electric vehicle players, Electric Vehicle Association of the the Philippines (EVAP) President Rommel Juan said.
Date: 20 February 2018; Type: Tax News; Source: Philippine News Agency

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

INDUSTRY UPDATES

Role of In-house Lawyers must evolve, says Judge

In an event that unveiled a study of local general counsel by the Singapore Corporate Counsel Association and global law firm CMS, Judge of Appeal Steven Chong has given in-house counsel several pointers on what they need to do in their evolving role.

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Passenger-Facing Cameras: encrypt Recordings and restrict Access

The new rule that allows the cab and private-hire car drivers to install infacing cameras should not threaten the passenger privacy according to customer feedback.

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INDUSTRY UPDATES

Cabinet confirms Appointment of New Permanent Secretary of Finance

BANGKOK, Apr 18 (NNT) - The Cabinet has officially confirmed the appointment of the new Permanent Secretary of the Finance Ministry.

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INDUSTRY UPDATES

Thailand preparing to host 12th ASEAN Skills Competition

BANGKOK, Apr 18 (NNT) - Thailand is making preparations to host the 12th ASEAN Skills Competition, the objective of which is to urge adolescents and workers in the region to be enthusiastic about developing their skills in line with new technology.

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Government pardons nearly 8500 Prisoners, including Student Activists’ Killer

The Presidential Office announced on Tuesday that 8541 prisoners, including 51 foreigners, were released from prisons across the country.

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INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

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GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

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Illegal OFWs in Kuwait have until Thursday to avail of Amnesty Program

KUWAIT, Apr 18 (PNA) - Philippine Ambassador to Kuwait Renato Villa has announced that the Kuwaiti Department of Immigration under the Ministry of Interior has officially declared Thursday (April 19) as the last day for Filipinos to file their application for the amnesty program set to expire on April 22.

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Indonesia, Vietnam discuss Cooperation in Fisheries and Maritime Affairs

Jakarta Apr 18 (ANTARA News) - Indonesian Foreign Minister Retno Marsudi discussed cooperation in maritime affairs and fisheries with her Vietnamese counterpart, Pham Bihn Mihn, during the third joint commission meeting between the two countries.

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Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.

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INDUSTRY UPDATES

Government approves Sekolah Menengah Chong Hwa's Federal Land Lease Application - Wan Junaidi

KUALA LUMPUR, Apr 17 (Bernama) - The government has approved the application of Sekolah Menengah Persendirian Chong Hwa, Sentul, for a 1.2 hectare of federal land under 99 years' lease for the purpose of building the school's sports complex.

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World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.

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INDUSTRY UPDATES

DILG has New Undersecretary, Assistant Secretary

MANILA, Apr 17 (PNA) - The Department of the Interior and Local Government (DILG) on Tuesday welcomed the appointment of two retired Philippine National Police (PNP) officials as the department’s new undersecretary and assistant secretary.

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INDUSTRY UPDATES

Indonesia calls on UNESCO to legitimize 19 Cultural Properties

Jakarta, Apr 16 (ANTARA News) - Indonesia is striving for its 19 cultural properties in the temporary list of World Heritage Center of United Nations Educational, Scientific and Cultural Organization (UNESCO) to be recognized soon.

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INDUSTRY UPDATES

Sri Mulyani named Best Finance Minister in Asia Pacific

Jakarta, Apr 16 (ANTARA News) - Finance Minister, Sri Mulyani Indrawati, was named the best Finance Minister in Asia and the Pacific for 2018 by Hong Kong-based financial magazine FinanceAsia for the second time in a row.

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