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Senator Win Gatchalian asked the Department of Finance and the National Economic Development Authority for a detailed impact of the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA) on the country's economy.
Senator Win Gatchalian is seeking to encourage more Filipinos to invest in the local capital and debt market by simplifying and harmonizing taxes on passive income and financial intermediary taxes.
My congratulations to my kababayan, Batangas Rep. Ralph Recto, on his well-deserved appointment as the new Secretary of the Department of Finance.
Finance Secretary Benjamin E. Diokno has highlighted the need to strengthen real property taxation to boost the financial capacity of local government units (LGUs) during the Key Stakeholders’ Dialogue on Collaborating for Local Government Commitment to the Local Governance Reform Project (LGRP) on December 11, 2023.
Finance Secretary Benjamin E. Diokno has outlined the Department of Finance’s (DOF) priority tax measures for 2024, the majority of which are in advanced stages in Congress.
MANILA, Philippines (Updated 2:41 p.m.) — The Supreme Court (SC) announced on Tuesday that 3,812 out of 10,387 examinees passed the 2023 Bar, resulting in a passing rate of 33.77%.
MANILA: The Philippines' lower house on Tuesday approved a bill that overhauls the tax system for mining, which the government said will be simplified to make the industry more attractive to investors. However, with the Senate yet to pass its own mining fiscal regime bill, it will be some time before the new rules are implemented. The Philippines is one of the biggest nickel ore suppliers to top metals consumer China, and also produces copper, gold and other critical minerals. Under the bill, part of tax reform measures under President Ferdinand Marcos Jr.'s administration, large-scale metallic mining operations within mineral reservations shall be subject to a royalty rate of 4% of the gross output. Large-scale miners operating outside mineral reservations shall pay a margin-based royalty on income from mining operations. Small-scale mining operations shall be subject to a royalty rate equivalent to one-tenth of 1% of gross minerals output.