DOF optimistic on passage of Duterte’s tax reform packages this 2019 |

DOF optimistic on passage of Duterte’s tax reform packages this 2019

By: - Reporter / @NCorralesINQ
/ 06:43 PM July 24, 2019

MANILA, Philippines — The Department of Finance (DOF) is optimistic that the entire comprehensive tax reform program of the government would be passed this year.

The government’s tax reform package 1C needs to be refiled in 18th Congress after it failed to pass in the 17th Congress. This tax package includes raising the motor vehicle user’s charge, the lifting of bank secrecy and the automatic exchange of information to finally implement a general tax amnesty, and Tax Reform for Attracting Better and High-quality Opportunities bill that will reduce corporate income tax rates while rationalizing investors’ fiscal incentives.

ADVERTISEMENT

The tax reform package 2-plus that calls for higher alcohol excise; package 3 for reforming the property valuation system; and package 4 on capital income taxation also needed to be refiled in the 18th Congress.

“Actually we’re targeting all of these by this year,” Camarines Sur Rep. Luis Raymund Villafuerte Jr., who is also the House Deputy Speaker for Finance, said in an economic briefing in Malacañang on Wednesday. 

FEATURED STORIES

Finance Undersecretary Karl Kendrick Chua also expressed optimism that all the tax packages would be passed this year.

“But in general, we would like, as Congressman Villafuerte said, to have all of them approved by Congress – both Houses, within the year, and hopefully the regular meetings and coordination between the Executive and Congress and the House and the Senate will facilitate that process,” he said.

In a text message, Finance Assistant Secretary Antonio Lambino said working to ensure the passage of all the tax reform packages were upon the directive of Finance Secretary Carlos Dominguez III.

“Those are our marching orders from Secretary Dominguez,” Lambino said. 

“We believe it can be done,” he added.

In his fourth State of the Nation Address (Sona), Duterte called on Congress to pass the second tranche of his planned tax system overhaul known as the Tax Reform for Attracting Better and Higher-quality Opportunities Trabaho bill or TRAIN 2.

READ: Duterte urges Congress to pass Trabaho bill

/kga

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, business news, Department of Finance, DoF, Karl Kendrick Chua, Law, local news, News, Philippine news updates, president, Rodrigo Duterte, tax, tax reform package, taxation, train
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.