Tax reform philippines 2016

Department of Finance (DoF) submitted to Congress the first package (out of four) of its proposed tax reform program , the purpose of which is to create a tax system that is simpler, fairer and more efficient, characterized by low rates and a broad base. The income-tax rate for both individuals and corporations would be cut to percent. To help make up for the revenue shortfall , the tax on oil products would be raised substantially. Under the proposed scheme, those earning ₱20or less a. CITIRA Corporate Income Tax and Incentives Rationalization Act Package of the Comprehensive Tax Reform Program (CTRP) seeks to lower the corporate income tax (CIT) rate gradually from to , reorient fiscal incentives toward strategic growth industries, and make incentives available to investors who make net positive contributions to society.

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The country’s proposed tax reform package , initiated by the Department of Finance (DOF) under the administration of Pres. Rodrigo Duterte, is getting close to becoming a law. The House of Representatives passed the bill on third and final reading in with 2“Yes” votes, nine “No” votes, and one abstention.

Tax expert Benedict Tugonon, president of TMAP, suggested that the government should find other sources of revenue. Rappler reports that the tax reform aims to lower these taxes from to around in the next five years. Below, we’ve compiled every tax proposal that this season’s presidential candidates have offered during the campaign.

This chart will be updated as candidates issue more detailed tax plans in the coming months. To learn more about this chart, see this post. No tax for Filipinos earning P20or below monthly under revised DOF proposal.

For instance, a call center agent who earns P20a month with a gross income of P270inclusive of the 13th. Tax is a significant cost in business. As such, properly managing and controlling inherent tax risks is a must. And to keep up with tax developments and have a clearer understanding, top businessmen seek professional tax advice to help them manage tax risk, control costs, and seize tax planning opportunities. The Duterte Administration has embarked on a tax policy and administration reform plan that will hopefully promote inclusive growth in the near future and propel the country to advanced nation status in the next two decades.

CITIRIA will reduce corporate income tax from percent to percent over a 10-year period as well as rationalize specific tax incentives. The new version of the tax reform will exempt around of workers (or at least three million employees) from income taxes. On law enforcement, the Bureaus of Internal Revenue (BIR) and of Customs (BOC) have joined efforts to intensify the government’s campaign against smuggling and tax evasion, resulting in the destruction of million packs of fake cigarette brands worth P1.

The new Duterte administration is planning to undertake a reform of the country’s tax system. This paper provides a background to options available to the government moving forwar starting with basic principles of taxation, criteria for evaluation, tax instruments and mix of instruments. The Tax Reform for Acceleration and Inclusion, more popularly known as TRAIN, has amended the tax code to increase the VAT Threshold from P1.

Article list related to tax-reform. Second round of tax reforms to spur investments, says finance official. This tax reform plan proposes significant changes to the tax system that will reduce tax rates, the impact of which will be compensated by measures that will broaden tax base. BPO leader backs tax reform A leader from the business process outsourcing (BPO) sector has sought speedy congressional approval of the first package of Comprehensive Tax Reform Program (CTRP), which he described as a “win-win” for both labor and management as it will raise the take-home pay of workers and enhance the workplace environment leading to higher productivity.

Tobacco taxes and prices among lowest in the world. Strong tobacco lobby with deep business and political connections. Tobacco lobby hindered previous excise tax reform efforts.

Philippines among top smoking countries in Southeast Asia.