FOLLOWING President Rodrigo R. Duterte’s appeal to the Senate to pass Tax Reform for Acceleration and Inclusion (TRAIN) legislation, the Finance department said its implementation is possible by the end of the year.
Jul 252017
Jul 082017
President Rodrigo Roa Duterte shows a photo of a .45 caliber pistol which he intends to provide to law enforcers during his visit to the headquarters of the 1002nd Infantry Brigade in Malungon, Sarangani Province on July 5, 2017. (MNS photo) MANILA, July 5 (Mabuhay) –The Duterte administration is earmarking P322 billion of the proposed P3.767 trillion national budget in 2018 for social services to cover the marginalized sector. “The total budgetary allocation for our social services Pantawid Pamilyang Pilipino Program, National Health Insurance, health facilities, basic educational facilities program will reach P322 billion in 2018, more than seven times its allocation in 2011,” Budget Secretary Benjamin Diokno said in his speech at the Tax Reform Forum in Mandaluyong City on Wednesday. Diokno emphasized that social services extended by the government will install safety nets for the poor and the marginalized as the government embarks on an aggressive tax reform initiative. The first package of the tax reform program, approved by the House of Representatives as House Bill 5636 or Tax Reform for Acceleration and Inclusion on May 31, seeks to lower personal income tax rates and, at the same time, adjust excise taxes and expand the value added tax base as compensating measures. Additional revenues generated from the tax reform will not only fund the administration’s ambitious P8.4 trillion massive infrastructure spending plan, but also sustain the conditional cash transfer program, the full implementation of the K-12 program, and the pursuit to universal PhilHealth coverage, among other social protection Read More …
Jun 052017
The House of Representatives passed on third and final reading what it calls the “Tax Reform for Acceleration and Inclusion” (TRAIN) Act. Unless the Senate makes amendments, it may be only a matter of time before we finally see the proposed tax reform approved into law. Thus, aside from the initial excitement created by the lower personal income taxes, it may be prudent to check on other provisions of the proposed bill.
Feb 202017
Does the current Bank Secrecy law serve as a citadel for investors or depositors against possible abuse of power by the government, or does it provide a shield for tax evaders? Balancing of interests is a continuing challenge for the State, and with the advent of the tax reforms of the Duterte administration and with the introduction of House Bill 4774, the need to balance these interests once again arises.