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No need for tax hike on oil, just rationalize fiscal incentives - Drilon

No need for tax hike on oil, just rationalize fiscal incentives - Drilon.....»»

Category: newsSource: interaksyon interaksyonJan 12th, 2017

Drilon pushes law to rationalize tax perks for businesses

Senator Franklin Drilon called on President Duterte to exercise strong political will by directing his administration to pass a law rationalizing the grant of fiscal incentives to business enterprises in the Philippines. "I call on the President to exercise strong political will. He made a company pay the unpaid airport fees of P6 billion. He was able to collect from a cigarette company P26 billion. We applauded such political will. We would like such political will being applied in order to make the taxes more equitable," Drilon said on Wednesday.   "I urge the administration and the Congress to start working on the rationalization of fiscal incentives granted to companies...Keep on reading: Drilon pushes law to rationalize tax perks for businesses.....»»

Category: newsSource:  inquirerRelated NewsDec 20th, 2017

Rationalize fiscal incentives to boost state revenues – Drilon

MANILA, Philippines - Senate President Pro-Tempore Franklin Drilon has urged the government to review and rationalize fiscal incentives granted to businesses.....»»

Category: financeSource:  philstarRelated NewsJan 13th, 2017

DOF, PEZA set to clash over TRAIN 2 incentives

The Department of Finance and the Philippine Economic Zone Authority are bound to clash as the latter vowed to fight for the retention of the current set of incentives it is offering investors amid ongoing moves to rationalize fiscal perks......»»

Category: financeSource:  philstarRelated NewsApr 13th, 2018

PH at a crossroads when it comes to fiscal incentives

IF we take the news reports from earlier this week at face value, we might draw the conclusion that a key part of the Philippine’s economic growth formula will be put in serious jeopardy once Congress starts deliberating on the second phase of the government’s comprehensive tax reform package. Philippine Economic Zone Authority (PEZA) Director [...] The post PH at a crossroads when it comes to fiscal incentives appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsApr 18th, 2018

Delays in ecozone proclamations further hurting PEZA performance

The prolonged delays in the proclamation of new economic zones are further hurting the output of the country’s biggest investment promotion agency, which is already reeling from uncertainties caused by the proposed rationalization of fiscal incentives under the second tax reform package......»»

Category: financeSource:  philstarRelated NewsApr 18th, 2018

Revenue loss feared under 2nd tax reform

THE HOUSE of Representatives’ version of the second tax reform package could yield a net revenue loss for at least two years, a senior Finance official has warned. Finance Undersecretary Karl Kendrick T. Chua noted that while the corporate income tax cut to 20% from 30% will be automatic though gradual, reduction of fiscal incentives […] The post Revenue loss feared under 2nd tax reform appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 2nd, 2018

DoF upbeat on CIT, incentives reforms

The Finance department has expressed optimism that Congress will be able to pass tax reform measures seeking to cut corporate income taxes (CIT) and rationalize incentives within the year. The department on Tuesday welcomed last week’s filing of House Bill (HB) 7458, which is expected to be tackled once legislators — currently on a two-month [...] The post DoF upbeat on CIT, incentives reforms appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsMar 28th, 2018

Trade chief backs overhaul of incentives system

Package 2 of the Comprehensive Tax Reform Program (CTRP) will overhaul the government’s incentives system and make the Philippines more competitive, a Cabinet official said. Trade Secretary Ramon Lopez, in a text message to reporters, said that a proposal currently being considered by Congress would “rationalize incentives to make it time-bound, more performance based, relevant [...] The post Trade chief backs overhaul of incentives system appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsMar 2nd, 2018

Exporters seek more perks for MSMEs

MANILA, Philippines — Exporters have outlined their wish list in the proposed second tax reform package which seeks to rationalize incentives for companies......»»

Category: financeSource:  philstarRelated NewsFeb 16th, 2018

Group presses tax perks for small firms

The Philippine Exporters Confederation Inc. (Philexport) wants the government to offer incentives under the second tax reform package specifically designed for micro, small and medium-sized enterprises (MSMEs). Philexport said that it wanted to see some fiscal and non-tax incentives in the second tax reform package, which the Department of Finance has recently submitted to Congress. After passing the first package---also known as the TRAIN law---in December last year, the government is now pushing the second in a series of tax reform packages. While the TRAIN law lowered the personal income taxes of many Filipinos and raised consumption taxes, the second package seeks to cut cor...Keep on reading: Group presses tax perks for small firms.....»»

Category: newsSource:  inquirerRelated NewsFeb 16th, 2018

Pay hike downside noted

BUDGET Secretary Benjamin Diokno yesterday warned that doubling the salaries of public school teachers may take a toll on fiscal spending as planned and programmed under the six-year term of President Rodrigo Duterte. Diokno said he was not opposed to increasing the salaries of teachers, but fiscal responsibility must be….....»»

Category: newsSource:  journalRelated NewsJan 17th, 2018

DOF submits to House 2nd tax reform package seeking to lower corporate income tax

The reduction of corporate income tax and modernization of fiscal incentives to investors were the highlights of the second proposed package of the Comprehensive Tax Reform Program that the Department of Finance submitted to the House of Representatives this week......»»

Category: newsSource:  interaksyonRelated NewsJan 16th, 2018

Tax reform package submitted to Congress

A new tax reform package focusing on corporate profits and fiscal incentives has been submitted to the House of Representatives, the Finance department announced on Tuesday. In a statement, the department said that Package 2 of the Comprehensive Tax Reform Program (CTRP) was filed with the Office of the House Speaker on January 15, the [...] The post Tax reform package submitted to Congress appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJan 16th, 2018

PH corporate income tax collection lagging

Fiscal incentives have led to the Philippines recording the lowest collection efficiency in the region with regard to corporate income taxes, the Finance department claimed on Tuesday. In a statement, the department noted that the country — which imposes the highest corporate income tax rate in the Association of Southeast Asian Nations at 30 percent [...] The post PH corporate income tax collection lagging appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJan 10th, 2018

Incentives hinder efficiency in tax collection — DOF exec

MANILA, Philippines — The government’s efficiency in collecting corporate income taxes is suffering due to the grant of fiscal incentives and perks to variou.....»»

Category: financeSource:  philstarRelated NewsJan 10th, 2018

Drilon seeks law to rationalize tax perks for businesses

SENATE Minority Leader Franklin Drilon urged the government to push for the immediate passage of a law rationalizing the grant of tax perks to business enterprises. Drilon said the continued inaction on the measure is an affront to Filipinos who would be adversely affected by the Tax Reform Acceleration and….....»»

Category: newsSource:  journalRelated NewsDec 20th, 2017

EXPLAIN OVER P1-B HIKE | Drilon asks bicam panel to ensure ‘pork-free’ 2018 budget

Sen. Franklin Drilon said the bicameral conference committee meeting should be able to explain why the budget of some agencies in the Senate version increased substantially, while others suffered huge cuts......»»

Category: newsSource:  interaksyonRelated NewsNov 30th, 2017

BoI approves perks for plastic pellet exporter

PORTAL Steels, Inc. has won tax and fiscal incentives for its plastic pellet export business, qualifying under the Investment Priorities Plan (IPP), the Board of Investments (BoI) said. In a statement Friday, the Department of Trade and Industry’s investment promotions said it approved incentives for the company’s P46.3 million plant at Hong Chang Compound, Carmona, […] The post BoI approves perks for plastic pellet exporter appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsNov 24th, 2017

Opinion: My Cup Of Liberty -- Bienvenido S. Oplas, Jr.: "Myths in the Philippines' tax reform bill"

The current tax reform proposal of the Duterte administration promises to improve the Philippines' competitiveness mainly by reducing income tax rates and cutting exemptions in value-added tax (VAT) and other fiscal incentives. The proposal has somehow created three myths in taxation......»»

Category: financeSource:  bworldonlineRelated NewsMar 23rd, 2017

Fed’s Yellen says rate hike coming; fiscal policy adds uncertainty

Fed’s Yellen says rate hike coming; fiscal policy adds uncertainty.....»»

Category: newsSource:  manilatimes_netRelated NewsFeb 15th, 2017