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THE Department of Finance (DoF) said the Commission on Audit (CoA) issued notices of disallowance to four textile firms seeking tax credits, bringing the total rejections to P606 million.
THE Department of Finance (DoF) expressed the hope that the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is passed sometime this month, before Congress takes a month-long break in mid-October, Finance Assistant Secretary and the department’s spokesman, Assistant Secretary Antonio G. Lambino II, said.
THE fuel-marking program has generated P126.51 billion so far from duties and taxes on fuel products since the program was launched in September 2019, according to the Department of Finance (DoF).
THE Department of Finance (DoF) has suspended the issuance of P262 million in tax credits and P57 million in refunds to a Bulacan textile firm after the Commission on Audit (CoA) cited “irregularities” in its tax credit certificates (TCCs).
FINANCE SECRETARY Carlos G. Dominguez III said the government’s various cash aid initiatives can follow the lead of the Small Business Wage Subsidy (SBWS) program in adopting electronic fund transfers, which he said reduces opportunities for corruption.
A RECENTLY approved $300-million (P14.6 billion) loan from the Asian Development Bank (ADB) will support the faster rollout of the national ID system and help the country achieve its goal for broader financial inclusion, the Department of Finance (DoF) said.
THE Department of Finance (DoF) has ruled out a new tax on luxury goods this year, saying it is focusing its efforts on passing the remaining tax reform legislation, particularly the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which has been repositioned as tax relief for businesses hurting from the pandemic.
GENERAL GOVERNMENT (GG) debt as a share of the economy fell to 34.1% in 2019 from 34.4% a year earlier, the Department of Finance (DoF) said, providing a baseline for economic conditions before borrowing swelled due to the pandemic.
THE Department of Finance (DoF) and the Bangko Sentral ng Pilipinas (BSP) renewed their call for the lifting of bank secrecy, after the Philippines was dragged into a financial scandal involving German payments company Wirecard AG last month.
AROUND 77% of all taxes collected as of mid-June were coursed through electronic payment (e-payment) channels, the Bureau of Internal Revenue (BIR) reported, after the lockdown coincided with income tax season.
THE Department of Finance (DoF) said it plans to keep spending “fiscally responsible” in case of a second wave of coronavirus infections and declared that the government will be able to finance the required measures if the next wave hits.
FINANCE Secretary Carlos G. Dominguez III said discussions are currently ongoing to address funding for Universal Health Care (UHC) after its implementing agency floated the idea of possible delays in rolling out the program.
THE Department of Finance (DoF) said it will propose a tax on digital services provided by online platforms once an international consensus emerges on how to tax the industry.
THE Department of Finance (DoF) and the Department of Energy (DoE) on Friday rejected a proposal to suspend value-added tax (VAT) on power consumption as a relief measure during the pandemic.
TAXING the digital economy could yield up to P17 billion in fresh value-added tax (VAT) revenue in the first year of implementation, the Department of Finance (DoF) said.
THE Pasay City Prosecutor is indicting a Filipino who was recently linked to the laundering of millions of pesos in foreign currency. He is being charged for not declaring the amount of money he brought into the country last September.
THE Department of Finance (DoF) said on Tuesday that the lease contract between a unit of a state-led corporation and privately owned Chevron Philippines, Inc. contains “onerous” provisions as the oil firm is paying lower-than-market rental fees on a government property in Batangas.
THE Philippines is monitoring the reported kidnapping of eight mariners of an oil tanker from a port in Cameroon, two of which were Filipinos, the Foreign Affairs department said in a statement on Wednesday.
DEPARTMENT OF Finance (DoF) officials expressed skepticism about the government’s ability to curb salt consumption via taxation, and said the problem might be better addressed via health education.
THE finance department has formally proposed import liberalization for the sugar industry modeled on the opening up of the rice market, signaling a showdown for another key commodity as economic managers sought to make prices more competitive.
THE finance department said rice effectively continues to enjoy tariff protections, forcing industries that are downstream from rice, such as those that depend on it for feed, to be more efficient to compensate for increased costs.
PRICE increases are expected to lose momentum until October before a recovery in headline inflation to around the 2% level in December, according to an economic bulletin issued by the Department of Finance (DoF).
THE DEPARTMENT of Finance (DoF) said state-owned Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) will not have to remit around P15 billion to the government following the issuance of an order slashing their dividend rates on Monday.
GOVERNMENT-OWNED and controlled corporations (GOCC) remitted a record P61.3 billion to the Treasury in the year to date, the Department of Finance (DoF) said Friday.
REGIONAL inequality in the Philippines eased in 2018 compared to 2016 and 2017, the Department of Finance (DoF) said in an economic bulletin on Friday, citing lower measures of variability in regional domestic product.
FORTY-SIX government-owned and controlled corporations (GOCCs) remitted a total of P38.9 billion worth of dividends to the Treasury in the five months to May, or just 3% less than the record P40.17 billion remitted in all of 2018, the Department of Finance (DoF) said.
THE DEPARTMENT of Finance (DoF) wants to convert the Philippine Crop Insurance Corporation (PCIC) into a reinsurer rather than an insurance provider so it will not compete with private insurance providers.
THE DEPARTMENT of Finance (DoF) is hopeful the easing of bank secrecy laws, which was lacking in the provisions of the partly vetoed Tax Amnesty Act signed earlier this year, will be implemented within 2019.
THE 69 container vans of garbage scheduled to be shipped back to Canada may not be returned before the May 15 deadline of President Rodrigo R. Duterte, due to bureaucratic red tape on the part of the Canadian government, the Department of Finance (DoF) said on Tuesday.
GOVERNMENT DEBT in proportion to economic output settled at 42.3% in the nine months to September, bigger than the 41.7% recorded in the same period last year, the Department of Finance (DoF) said in an economic bulletin on Friday.
THE SENATE version of the second tax reform package that cuts corporate income tax rates and streamlines fiscal perks may result in bigger foregone revenues than the bill approved last week by the House of Representatives, a senior official of the Department of Finance (DoF) told reporters on Wednesday.
THE PHILIPPINES hopes to tap Chinese-currency loans from the Asian Infrastructure Investment Bank (AIIB) to take advantage of favorable borrowing costs, the Department of Finance (DoF) said.
THE DEPARTMENT of Finance (DoF) is considering vouchers for students in lieu of granting lower tax rates for all for-profit schools regardless of performance.
THE FINANCE department has warned against rushing into a decision to select the third major entrant to the telecommunications industry, or “third player,” before the proper regulatory groundwork is laid.
A BLISTERING 7.7% gross domestic product (GDP) expansion this semester — needed for the economy to hit the bottom of an official full-year target for 2018 — may still be “possible” on the back of strong capital formation, according to a senior official of the Department of Finance (DoF).
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