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Credit raters caution against watering down tax reforms

THE CURRENT FORM of the second tax reform package, as approved by a House of Representatives committee earlier this month, risks slowing momentum of progress in state revenues and infrastructure spending, senior executives of Fitch Ratings and Moody’s Investors Service warned.

Second round of sin tax hikes seen to generate P61.3-B revenue...

THE DEPARTMENT of Finance (DoF) said the government may get an additional P61.3 billion revenues in the second round of sin tax hikes proposed...

LGUs raise issue on local business tax amnesty provision

The House Committee on Ways and Means is closer to approving the substitute bill of Package 1B of the Tax Reform for Acceleration and...

Senator to block tax reform provision that could lead to rise...

Senator Paolo Benigno A. Aquino IV said he will block the removal of the 10% preferential tax rate for private non-profit schools under the...

Second tax reform package up for plenary debate

THE HOUSE ways and means committee approved the Department of Finance's (DoF) second tax reform package on Tuesday, Aug. 7. The unnumbered substitute bill, now...

July inflation seen at 5.6%

Inflation likely surged to 5.6% in July led by higher electricity rates and rice prices plus a new wave of excise taxes on cigarettes,...

Lawyer files petition seeking to suspend TRAIN

By Gillian M. Cortez A NEW PETITION for a temporary restraining order (TRO) to halt the implementation of Tax Reform for Acceleration and Inclusion (TRAIN)...

Finance dep’t seeks support from economists for pushing second tax reform...

THE DEPARTMENT of Finance (DoF) is seeking the support of local and international economists from the academe, private sector, government and international organizations, for...

‘Better-than-expected’ tax gains cited

“IMPRESSIVE” gains from tax reform bode well for the Philippines’ credit rating, Moody’s Investors Service said, even as local political noise and tighter global financial conditions pose risks for the economy.

Finance dep’t eyes April 2019 for tax amnesty

THE GOVERNMENT is looking at offering its planned one-time tax amnesty program in April next year, coinciding with the deadline for filing income tax returns, the Department of Finance (DoF) said.

Electronics firms brace for higher tax cost

ELECTRONICS companies in the country -- a key driver of merchandise exports -- are bracing for bigger costs once planned changes to current fiscal incentives are implemented.

SEIPI sees production cost rising by 40% because of TRAIN 2

The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said the proposed terms under the tax reform's second package may hike the...

DBM’s Diokno says not yet time to lower value-added tax rates

THE GOVERNMENT will let the comprehensive tax reform proposals run their course first before studying the possibility of a lower value-added tax (VAT) rate, the Budget secretary said.

Wage boards briefed on impact of TRAIN law

THE National Wages and Productivity Commission (NWPC) said regional wage boards have been briefed about the impact of tax reform by key government agencies, which provided data that the boards are expected to consider when they rule on wage petitions.

FDI pledges drop 37.9% in first quarter

APPROVED foreign investment pledges fell to their lowest level in nearly eight years last quarter in the face of external developments and uncertainties due to planned changes to the corporate income tax and incentives schemes.

Finance dep’t touts sustained fiscal performance as of May

THE GOVERNMENT’S “impressive” fiscal performance was sustained in May, the Finance chief said, adding that this showed successful implementation of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Q2 GDP growth likely on target — Budget chief

ECONOMIC growth likely picked up this quarter to fall within the 7-8% official full-year 2018 target, the Budget chief said on Tuesday, as the Philippine Statistics Authority (PSA) reported that factory output began those three months with its biggest improvement in eight years.

Lawmakers call for social mitigation on TRAIN

LAWMAKERS on Tuesday urged the government to fast-track implementation of social mitigation measures in the light of the Tax Reform for Acceleration and Inclusion (TRAIN) Law and rising inflation.

Duterte leaves the fate of tax reform law to Congress

President Rodrigo R. Duterte on Sunday, June 3, said he is leaving the fate the controversial Tax Reform for Acceleration and Inclusion (TRAIN) amidst...

Around half of establishments with productivity schemes in 2015 availed of...

OF THE 2,448 establishments that set up productivity schemes in 2015, around half availed themselves of tax incentives under the Productivity Incentives Act of 1990 (Republic Act 6971), according to the latest biennial Integrated Survey on Labor and Employment conducted by the Philippine Statistics Authority (PSA).

ECCP to keep urging government to retain fiscal incentives under TRAIN...

By Arjay L. Balinbin, Reporter The European Union (EU) business community in the Philippines on Tuesday, May 29, vowed that they will “continue to strongly...

House panel mulls local tax shield for firms in line with...

THE HOUSE committee on ways and means will look into how businesses in the Philippines can be shielded from dealing with varying tax schemes among local government units while still rationalizing fiscal incentives under the second package of the tax reform program.

Five metrics to watch as Italy turmoil sweeps global markets

As populist parties in Rome mobilize for an early election, Italian assets are once again being scrutinized for stresses that undermine the euro project. The...

DoF: Tax incentives remain under second tax reform package

By Arjay L. Balinbin, Reporter The Department of Finance (DoF) clarified on Monday, May 28, that it is not the administration’s “thrust” to remove all...

DoE to call for fuel tax suspension when average oil prices...

The tax reform law has a mechanism that calls for the Energy department to prompt the suspension of another increase in taxes imposed on...

LGU share of internal revenue allotment up by 7% — DBM

THE BUDGET department has fully released local government units' (LGUs) share in national government taxes as of mid-April. According to the Department of Budget and...

First-quarter tax collections hit fresh record high

The government's tax effort saw a substantial improvement relative to the Philippine economy in the first quarter, with collections hitting a fresh record high,...

Senator files bill aimed at automatically suspending fuel tax when inflation...

Senator Paolo Benigno A. Aquino IV on Thursday, May 10, filed a bill amending Republic Act No. 10963 or the Tax Reform for Acceleration...

BPOs remain bullish despite TRAIN 2 passage — Colliers

Business process outsourcing (BPO) firms remain bullish on expanding in the Philippines despite the removal of tax perks under the proposed second package of...

More taxes needed for gov’t reforms

By Melissa Luz T. Lopez Senior Reporter THE PHILIPPINES needs to collect more taxes to address the “urgent task” of traffic congestion and efficient public transport,...

OSG to SC: Dismiss anti-TRAIN petitions

THE OFFICE of the Solicitor-General (OSG) has petitioned the Supreme Court (SC) to dismiss for lack of merit the petitions seeking to nullify Republic...

Supreme Court urged to dismiss anti-TRAIN petitions

The Office of the Solicitor General (OSG) has urged the Supreme Court (SC) to dismiss for lack of merit the petitions seeking to nullify...

DBM chief sees Philippines bagging credit rating upgrade within the year

THE DEPARTMENT of Budget and Management (DBM) expects an improvement of the Philippines' sovereign credit rating this year, noting that it will be favorable...

Stronger than ever

The Philippine insurance industry had a remarkably successful 2017, with its assets, investments, net worth, net income and premium all growing at double-digit rates...

Consumer group calls for regulation of price hikes after TRAIN

A consumer group has called on government to regulate the continuous increase in the prices of goods and services partly brought about by the...

Comparison-shopping site says interest in car loans stable despite TRAIN

Moneyguru Philippines Corp., the company that operates financial comparison website MoneyMax.ph, said interest in car loans remained steady after the implementation of the tax...

Excise tax take surges, beats target on increased rates

EXCISE TAX collections surged by nearly three-fourths in the first two months of the year, driven by bigger taxes on cars, tobacco, alcohol and...

DoF expects remaining tax reform packages approved this year

THE DEPARTMENT of Finance (DoF) is confident that Congress will stick to the planned 2018 approval of all of its succeeding tax reform proposals,...

Budget surplus widens in January

The government posted a wider budget surplus in January, the Bureau of the Treasury reported Friday, March 23, as revenues surged to outpace public...

February vehicle sales decline on new excise tax regime

Automotive sales contracted in February, as the new tax regime that raised excise taxes on vehicles began to bite particularly the passenger car segment. Sales...

BMI sees investment slowdown as tax reform creates ‘uncertainty’

Investments could slow over the next few months amid uncertainties over corporate taxes, BMI Research said, noting that the second tax reform package being...

Tax concerns make businesses less bullish this quarter

BUSINESSES turned less optimistic about prospects as 2018 opened amid worries about the impact of the tax reform law particularly on fuel prices, according...

Risks ahead for financial markets in 2018

THE LAST THREE MONTHS of 2017 were, for the most part, a good quarter for local financial markets amid strong economic growth, stock market...

Consumption growth could ease due to tax reform — ANZ

Consumer spending could ease in response to higher commodity prices due to tax reform, analysts at ANZ Research said. “Domestic demand is strong and is...

House panel targets ‘early March’ approval of tax amnesty measure

By Elijah Joseph C. Tubayan Reporter THE HOUSE of Representatives’ Ways and Means committee hopes to approve a tax amnesty measure by “early March,” its chairman...