First 250K income of compensation earners exempted from tax under TRAIN (2024)

FIRB approves tax perks for Project Agila, supports Hanjin shipyard rehabilitation Dominguez says DOF successes on Duterte watch result of predecessors’ good work, policy continuity Dominguez thanks DOF family for commitment in working on reforms to prep PHL for new economy FIRB says WFH setup for incentivized IT-BPM enterprises was temporary measure at height of pandemic FIRB to look into regulating fees collected by IPAs FIRB approves tax perks for Project Agila, supports Hanjin shipyard rehabilitation Dominguez says DOF successes on Duterte watch result of predecessors’ good work, policy continuity Dominguez thanks DOF family for commitment in working on reforms to prep PHL for new economy FIRB says WFH setup for incentivized IT-BPM enterprises was temporary measure at height of pandemic FIRB to look into regulating fees collected by IPAs Duterte admin personal-income tax effort average of 2.4 pct highest since 1986 FIRB upholds non-extension of WFH scheme for IT-BPM enterprises, moratorium on new ecozones in Metro Manila [BICOLANO TRANSLATION] The next president will inherit significant economic reforms [CEBUANO TRANSLATION] The next president will inherit significant economic reforms [TAGALOG TRANSLATION] The next president will inherit significant economic reforms [ILOKANO TRANSLATION] The next president will inherit significant economic reforms IPAs point to COVID-19, high costs of doing business, and foreign equity restrictions as among barriers to investments in the Philippines FIRB approves tax incentives for Mindanao-based cement company DOF hopeful on Congress OK of remaining tax reform packages Dominguez prods DOLE to go digital to speed up assistance to workers Dominguez urges foreign businessmen to invest in Philippines’ ‘game-changing’ initiatives to sustain strong recovery amid pandemic Duterte admin ready to assist next presidency on 4 economic stability issues during transition Dominguez urges Japanese businesses to invest in PHL ‘brightening’ economic prospects FIRB upholds Resolution 19-21 and denies PEZA request to exempt its registered IT-BPM enterprises from the rules on WFH arrangements FIRB approves tax incentives for railway operations of subway project in Makati FIRB grants work-from-home authorization for IT-BPM companies in ecozones Dominguez sees bright PHL economic prospects amid Gov’t pandemic recovery support for businesses Duterte admin’s reforms to pave way to innovation, robust growth of real estate sector, says Dominguez FIRB okays tax breaks, other incentives for 3 investment projects worth P29-B Dominguez cites tax reform as among key achievements of Duterte administration DOF, DTI sign CREATE IRR ahead of the 90-day deadline PHL gets highest rating among ASEAN countries in global study on cigarette tax policy performance Dominguez calls for early meeting of new FIRB under CREATE Dominguez thanks President Duterte, Congress for timely enactment of CREATE Law Dominguez hopeful on passage of CREATE bill before yearend Dominguez tells American investors PHL is back in business Gov’t bent on building better, post-COVID economy amid foreseen strong 2021 recovery from pandemic CREATE, FIST to address top concerns of Covid-hit businesses–DOF DOF thanks Congress for Bayanihan 2 passage, seeks support on remaining economic recovery bills DOF welcomes DOLE-commissioned study showing CREATE bill will generate jobs, lower poverty incidence Economic managers propose 4 legislative ‘imperatives’ to ensure strong, sustainable, resilient PHL recovery Former gov’t execs, experts push Congress OK of CREATE bill PCCI head says CREATE to give PHL ‘fighting chance’ in attracting more investments Business groups urge Congress to pass CREATE bill next week Economic team asks business sector to help convince Congress to pass CREATE bill Dominguez: Now is the best time to pass ‘recalibrated’ corporate tax reform DOF wants to tailor-fit tax, non-tax incentives to attract right kind of investors under ‘new normal’ Dominguez urges Senate to include stimulus measures in calibrated corporate tax reform bill Dominguez: Building on strong economic fundamentals will let PHL recover next year from COVID-19 crisis Gov’t banks on fundamental reforms, recovery measures to revive economy Dominguez proposes 5 priority measures to restart economy Dominguez thanks Congress for preparing Government for COVID crisis with TRAIN, 2020 budget approval ‘Sin’ tax collections almost double to P269.1-B in 2019 DOF welcomes Senate version of CITIRA, thanks tax panel for keeping reform principles CITIRA draws on best tax incentive systems in other Asean economies Gov’t on track to reduce poverty rate to 14% or lower by 2022—Dominguez DOF says FIRB to promote good governance, enhance grant of tax incentives to firms E-cigarette manufacturer backs ‘sin’ tax reform Dominguez optimistic on passage of remaining CTRP packages this year CTRP packages gain headway in Congress, says DOF Filipinos start benefiting from Build, Build, Build PIFITA deepens PH capital markets Real property valuation reform ushers speedy infra developments SMEs welcome CITIRA Congress approves increased excise taxes on alcohol and e-cigarettes Philippines on track to eradicate extreme poverty by 2040 2019 a year of achievements for DOF, says Dominguez TRAIN revenues exceed January-September estimates — DOF DOF thanks Congress for ratifying bill on tax hikes for alcohol, e-cigarettes Pinoys aim to unlock long-term financial security with PIFITA Real property valuation reform to speed up infra lift Phl economy Pinoy youth groups back sin tax CITIRA: Leveling the playing field, creating opportunities for SMEs Boost in PHL competitiveness sought: Former Finance chiefs support tax reform Priming the economy with Build, Build, Build Capital markets, insurance sector to get boost from Package 4 How the real property valuation reform can benefit Filipinos Closing the health care funding gap via sin taxes SMEs expected to boom with passing of CITIRA Former finance chiefs support game-changing reforms to boost PH competitiveness DOF welcomes House OK of Real Property Valuation Reform bill Dominguez: No turning back on PHL reform agenda for sustained rapid, inclusive growth Record spending on human capital to let young Filipinos reap demographic dividend, says Dominguez DOF: No conflict between sin tax revenue and health goals DOF thanks Cayetano, Salceda for ‘unified’ position on higher vapes tax WHO hails PHL as global “forerunner” in taxing ‘sin’ products to promote health DOF supports Sen. Cayetano call for higher alcohol taxes Dominguez open to proposed sovereign wealth tax on mining Gov’t to continue ‘barrage of reforms’ to boost growth DOF, BSP making joint push for lifting of bank secrecy in tax amnesty bill CITIRA to let PHL truly prioritize key industries, areas–DOF DOF maintains CITIRA to create 1.5 million jobs DOF unfazed in pushing for CITIRA despite PEZA fallacies DOF thanks Sen. Cayetano for sponsoring bill on higher ‘sin’ taxes for alcohol, e-cigarettes Former DOF secretaries, eminent economists join top legislators in seeking urgent passage of remaining tax reform packages Surge in FDI pledges proves investors not scared of CITIRA—DOF ASEAN members cite TRAIN’s sweetened beverage tax as successful policy—DOF Dominguez wants review of fiscal incentives once every two years–like MICC mining audits CTRP to ensure revenues for PHL economic modernization Econ managers seek closer partnership with Congress on PRRD priority bills Firms to get superior incentives, extra deductions under proposed corporate tax reform bill DOF debunks PEZA claim on its alleged P10-trillion contribution to economy Dominguez cites Salceda panel for swift approval of CITIRA bill DOF debunks Petron’s claim of income drop due to TRAIN Dominguez lauds 2nd reading approval of bill increasing taxes on alcohol, e-cigs PHL granted P1.12 trillion tax incentives to favored firms in 2015-2017 Dominguez lauds BIR for helping President Duterte attain promise of real change for all Filipinos DOF to focus on congressional OK of higher taxes on alcohol, e-cigarettes for UHC program New tobacco tax reform law to ensure expanded healthcare for poor families Dominguez urges Congress to pass remaining CTRP bills, higher excise taxes on alcohol, e-cigarettes before year-end Business community backs tax program, other measures in Congress to attract FDIs MICC to conduct 2nd round of audit of mining firms in July Steps to develop human capital, attract FDIs top proposals in 2019’s 1st Sulong Pilipinas PRRD has kept 2016 promise of real change World Bank exec lauds PHL’s ‘proactive, forward-looking’ tax reform program DOF thanks Congress for approving ‘sin’ tax reform bill LGUs losing P30.5-B revenues to outdated real property valuation Non-passage of new sin taxes to make UHC ‘a third-class’ law Civil society groups join clamor for higher ‘sin’ taxes DOF appeals anew to senators for passage of new ‘sin’ tax hike PIDS papers commit ‘sins of omission’ in ignoring TRAIN impact on infra, households DOF, DOH to make final push for Congress OK of higher ‘sin’ taxes on tobacco, alcohol Pacman vs Yosi Kadiri in fight for Universal Health Care TRAIN, rice tariffication are game-changers, says Dominguez Taxpayers reap P111.7-B cash windfall from hefty income tax cuts–DOF DOF to urge Congress to pass higher tobacco tax rates to further discourage smoking, raise more healthcare funds Over 1,000 entrepreneurs take part in ‘Sulong’ regional forums DOF tells Malacañang most MSMEs support corporate tax reform Dominguez to US businesses: Now is best time to invest in ‘Asia’s next powerhouse’ DOF to BIR: Check excise tax payments of beverage makers Alcohol tax hike to raise P237-B in revenues over 5-year period TRAIN boosts Filipino consumers’ spending power, says Dominguez Smoking prevalence to go down 17% with higher cigarette tax of P60 PRRD econ team takes decisive steps vs inflation in 2018 YEARENDER DOF ensures funding for ‘Build, Build, Build’ projects Over 100 medicine brands for treatment of diabetes, hypertension, high cholesterol now cheaper under TRAIN Law DOF to BIR: Check excise tax payments of beverage makers PRRD econ team takes decisive steps vs inflation in 2018 Corporate tax reform to create 1.4 M jobs over the next 10 years FEF backs property valuation reforms Over 1,000 entrepreneurs take part in ‘Sulong’ regional forums DOF to urge Congress to pass higher tobacco tax rates to further discourage smoking, raise more healthcare funds 4 regional ‘Sulong’ forums generate ‘Top 10′ proposals Regional ‘Sulong’ forums underscore private sector’s role in sustaining growth P571-B infra spending in 1st 9 months shows much better absorptive capacity Duterte admin delivers on 1st ‘Sulong’ recommendations Last leg of ‘Sulong’ 2018 SME workshops to be held in Clark, Davao Visayas and Luzon SMEs back lower corporate income tax, EODB reforms DOF asks PEZA why it favors subsidizing corporate giants at the expense of Filipino taxpayers and 90,000 SMEs DOF says economic headwinds won’t hamper growth momentum Corporate tax reform offers better, more attractive incentives–DOF DOLE backs job-generating corporate and fiscal incentives reform bill PHL strong enough to “weather” eco storms—Dominguez Eligible investors to continue enjoying incentives under TRABAHO bill Gov’t seeks end to indiscriminate grant of costly fiscal incentives DOF wants public listing of favored firms receiving tax perks DOF hopeful Congress will consider long-term benefits of tax reform DOF thanks Congress for approving first tax reform package Favored firms got P86-B in income tax perks, but declared P142-B in dividends in 2015 Corporate Income Tax Reform Bill to create 1.4-M jobs DOF says PHL possibly losing P43-B yearly to corporate abuse of transfer pricing schemes Book imports, purchases to remain tax-exempt Economist-lawmaker lauds first 2 tax reform packages DOF thanks House for final OK of corporate tax reform bill Eco, infra managers to brief financial community on PHL outlook TRAIN’s P181-B revenues to help raise P3.2-T in 2019 Gov’t lost P178.5-B to tax incentives given to only around 3,000 firms in 2016 Gov’t lost P301-B in tax incentives for only 3,000 firms in 2015 alone—DOF Eminent Economists urge Congress to pass corporate tax reform bill DOF seeks support of top economists in improving corporate taxation SMEs get multibillion-peso tax breaks under TRAIN Salceda: TRAIN ‘skillfully crafted’ to tax rich more while protecting poor TRAIN putting more money into the hands of consumers to make up for the slight increase in prices—DOF Filipinos reaping benefits of PRRD eco reforms, says DOF exec Dominguez: Tax reform, infra buildup to revolutionize PHL eco development Dominguez optimistic on 7% GDP growth Duterte admin to maintain fiscal discipline as it sustains aggressive infra spending—DOF SSS, other agencies back corporate tax reform Eco reform advocacy group backs corporate tax reform Social mitigation measures in place vs inflation ID system, rice tariffs to complement TRAIN’s social mitigation measures Higher domestic demand drives up inflation as Filipinos have P32 billion more to spend monthly Gov’t has measures to ease impact of global oil prices, says DOF TRAIN not to blame for inflation More private sector groups support corporate tax reform Dominguez seeks congressional OK of 2nd tax reform package Former DOF chiefs back reforms in corporate taxation, modernization of investors’ incentives Inflation manageable with TRAIN, says DOF chief economist Hybrid PPP ensures private sector role in infra buildup EU ambassadors back 10-point socioeconomic agenda, express willingness to invest in PHL Suspending TRAIN will derail infra, social protection programs—DOF Senator says PHL starting to reap fruits of TRAIN, “Build, Build, Build” Ex-DOF chief backs corporate tax reform DOF asserts legality of TRAIN Package 2 Dominguez cites adept fiscal management, TRAIN as DOF achievements TRAIN Package 2 aims to boost pro-poor investments, create jobs Business leaders back corporate tax reform DOF welcomes filing in Congress of corporate tax reform bill Taxpayers have P10-B cash bonanza per month under TRAIN Corporate tax reform to level playing field, make system fairer & more accountable–DOF 7.4 million households to receive unconditional cash transfers in 1st quarter TRAIN to eventually rescue 21-M Filipinos from poverty TRAIN removes oppressive rates for delinquent tax payments DOF cites better collection of tobacco excise taxes with TRAIN Employees see cash bonanza with higher take-home pay under TRAIN Individuals earning above P250K also getting bigger take-home pay under TRAIN DOF fine-tuning CTRP Package 2 Plus to ensure ‘solid, well-consulted bill’ DOF seeks overhaul of corporate tax system to correct inequities, improve compliance Dominguez cites broad reform coalition, past gov’t initiatives for TRAIN success Over 6-M compensation earners to enjoy zero tax starting January Reforms needed to end “policy overload” in fiscal incentives system for corporations DOF submits CTRP Package 2 to Congress Dominguez says inclusive growth goal now achievable with TRAIN 10-M poor households to benefit from TRAIN Fiscal incentives pull down corporate income tax collection rate YEARENDER: TRAIN, infra program herald even better year for PHL economy DOF to submit CTRP’s Package 2 to Congress this month BIR assures DOF of streamlined documentary requirements for MSMEs THE TAX REFORM FOR ACCELERATION AND INCLUSION (TRAIN) ACT. Non-taxpayers to benefit from new tax reform law TRAIN is Duterte admin’s “best Xmas and New Year’s gift” to Filipino people, says Dominguez Duterte orders DOF to ensure TRAIN’s effective implementation DOF thanks Congress for ratifying TRAIN NEDA exec says tax reform to create 500,000 jobs Personal income tax rates in TRAIN aligned with ASEAN practices—NTRC Foreign business leaders back TRAIN PNP backs tax reform bill Former finance, NEDA chiefs support DOF tax plan Dominguez thanks Senate for passing its TRAIN version DOF expects fuel marking system in place by 2nd semester 2018 Former DOF execs ask Senate to preserve TRAIN’s original revenue goal AmCham joins biz community support for tax reform TRAIN needed for PHL to join elite club of high-income economies DOF hopeful on TRAIN implementation by January 1 next year TRAIN to benefit 99 percent of Filipino families DOF thanks Angara committee for endorsing TRAIN for Senate OK JAZA lauds Duterte admin for ‘boldness’ in infra, tax reform P30B additional oil excise tax collections to go to 2018 social benefits programs Non-taxpayers to also benefit from TRAIN PPSTA head backs TRAIN Tax reform needed to fully implement ‘Build, Build, Build’ program Miss Earth Philippines backs fuel tax hike More pro-health groups back fuel excise tax adjustments in TRAIN DOF seeks FPI’s support behind tax reform The country’s governors, councilors support TRAIN First 250K income of compensation earners exempted from tax under TRAIN DOF expresses hope over Senate’s speedy passage of tax reform IC backs insurance sector-friendly TRAIN Automotive industry to benefit from TRAIN Medical specialist backs SSB tax Dominguez: BIR, BOC pursuing reforms to plug tax leakages, increase revenues Pro-poor SSB tax gains wider support BPOs to continue high growth under tax reform TRAIN to end ‘unjust taxation’, shift tax burden to the rich DOF to hold tax reform awareness forum this week Ex-NEDA chief says slight, temporary inflation hike under tax reform won’t hurt low-income earners Mass-market cars to remain affordable despite higher excise taxes under TRAIN More execs back TRAIN LGU accountants, gov’t workers back tax reform BIR can collect extra P433-B from tax policy, administration reforms DOF to hold tax reform awareness forum Pro-health groups back tax reform bill Effects of revenue measures in tax reform ‘muted’ AER says retained VAT exemptions ‘extremely unfair’ to small coops, entrepreneurs Some 6 million or 83% of Filipinos exempted from personal income tax under TRAIN Tax Reform vital to ‘Golden Age” of PHL Infrastructure NTRC, TMAP back CTRP cuts in property transfer taxes Progressive auto tax plan won’t affect industry growth Expert lauds fuel marking plan in tax reform bill DOF thanks House for final OK of TRAIN bill Clean Air Asia backs DOF tax reforms Ex-President GMA urges Congress to pass tax reforms as one package BPO leader backs tax reform PRRD certifies tax reform bill as urgent Fuel marking to plug P27-B annual losses from oil smuggling, says DOF exec Removal of VAT exemption for property developers to still benefit low-income renters, house buyers VAT exemptions for cooperatives unfair to 100 million taxpayers Netizens back tax reform SSC says CTRP to spur growth, create jobs DepEd, DOH, DBM execs urge Congress to pass ‘pro-poor’ tax reform bill 102 congressional reps back tax reform bill NGOs urge Congress to ‘swiftly’ pass tax reform bill Gov’t losing P91 B yearly from VAT exemptions Gov’t to hold Luzon-wide dialogue on tax reform tomorrow DOF welcomes final House committee approval of pro-poor tax reform bill TUCP, FINEX lead groups for DOF income tax reforms Gov’t losing P145-B in foregone revenues from non-adjustment of fuel excise taxes Income tax cuts sans new revenue measures anti-poor, fiscally unsustainable–DOF DOF lauds “substantial progress” in CTRP bill in Congress CTRP ‘cornerstone’ of infra buildup funding DOF underscores consensus-building in crafting tax reform package Taxpayers earning P21,000 monthly and below to pay zero tax under revised CTRP Package One Ex-finance chief urges swift passage of tax reform package Tax reform ‘key link” to PHL breakout from low-growth cycle DOF facing tough task of cutting income taxes, raising more funds for inclusive growth agenda CTRP to ensure vibrant future for next generations of Filipinos SP Pimentel gives full support to CTRP bill Phoenix Petroleum to pre-pay 2017 taxes in support of CTRP Ex-President GMA urges Congress to pass tax reforms as one package Clean Air Asia backs DOF tax reforms ‘Ambitious’ CTRP wins support in Congress DOF welcomes House panel move to “approve in principle” tax reform package Veteran solon declares DOF’s CTRP as “best-studied tax reform bill” Tax reform “key link” to redeeming PHL future—Dominguez Cabinet execs bat for speedy passage of DOF’s CTRP in Congress Cabinet officials pitch support for CTRP before Congress Civil society coalition backs auto tax hike plan Veteran solon declares DOF’s CTRP as “best-studied tax reform bill” Various groups back DOF call for lower estate tax, one-time amnesty CTRP to exempt 4.6-M Filipinos from income taxation Hotel owners group chief backs tax reforms ADB backs DOF’s ‘progressive’ excise tax reforms Dominguez optimistic on CTRP approval by Congress Auto tax reform won’t hurt car industry’s robust growth–Dominguez Ex-PM Virata impressed with wide support by ex-finance officials for DOF tax reforms Gokongwei backs DOF tax reform plan Tax reform to create buffer vs global protectionism wave Senior citizen backs tax reform plan Local, foreign biz groups urge Congress to pass CTRP, 11 other measures PRRD fully supportive of tax reform, says Dominguez CTRP is “progressive” as it will shift tax burden to rich, provide subsidies to poor families—DOF Ex-DOF chief, sectoral leaders back CTRP diesel tax DOF welcomes criticisms but challenges critics to present fairer tax plan – Alvarez Tax reform to close infra gap, make PHL more competitive Fuel tax adjustments in CTRP to stop subsidizing rich, says DOF No taxes, no infra House bill to pave way to “progressive,” pro-poor new tax system Angara informs DOF of Senate’s Sin Tax Law review Tax reforms to net P206.8-B in 1st year of implementation Improvements in BIR, BOC in place as part of tax reform measures Tax reform to fund infra buildup and spur growth above 6 percent Fuel tax adjustments to have minimal impact on poor, low-income groups — DOF Gov’t losing P145-B revenues from non-adjustment of fuel taxes Former finance, NEDA chiefs support DOF tax plan YEARENDER: DOF crafts “game-changing” tax reform package in 2016 FAQs