The government is expected to raise P20 billion and boost the country’s war chest against the pandemic following President Duterte’s order to add a 10-percent duty on crude oil and refined products. Bureau of Customs (BOC) spokesperson…
The Department of Finance (DOF) is opposing a bill at the Senate that aims to make fuel cheaper by removing the value added tax (VAT) on petroleum products. Senator Aquilino “Kiko” Pimentel filed in January Senate Bill…
Malacañang is supporting the decision of government economic managers to push through with the second round of fuel tax increases next month. Presidential spokesperson Salvador Panelo said the economic managers had their reasons for withdrawing their initial…
CLARK – Amid declining global prices, the government is reviewing the temporary suspension of the scheduled hike in oil excise taxes early next year even as it was already green-lighted by President Rodrigo Duterte, Finance Secretary Carlos…
The government is set to suspend the excise taxes on fuels in case global oil prices average above $80 a barrel for three straight months. An interagency committee would issue in the next few weeks the guidelines…
The Bureau of Internal Revenue has issued the guidelines for the increase in the excise taxes on minerals, cigarettes, vehicles, and in the documentary stamp tax rates under the Tax Reform for Acceleration and Inclusion (TRAIN) act.…
Market leader Toyota Motor Philippines Corp. (TMP) is disappointed that even locally produced cars would be slapped with higher excise taxes, making the incentive under a flagship manufacturing program “meaningless.” TMP President Satoru Suzuki told reporters on…
Personal income tax of salary-earners has been lowered but the excise tax on a host of goods and services such as automobiles, tobacco, coal, oil products and cosmetic procedures, has been increased under the Tax Reform for…
The Senate voted 17-1 to approve the Tax Reform Acceleration and Inclusion (TRAIN) bill, with Sen. Risa Hontiveros being the lone dissenter. The TRAIN bill imposes a two-tier tax scheme on automobiles— 10 percent on price of…
The fuel marking system to be implemented early next year as part of the first tax reform package will generate P20 billion in additional revenues for the government and combat oil smuggling, Department of Finance officials said.…
