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Posts tagged with "Department of Finance"

BIR, BOC tasked to escalate drive vs illegal tobacco operations

BIR, BOC tasked to escalate drive vs illegal tobacco operations

Jul. 11 | A raid last month on a warehouse in Valenzuela City found illegally imported printing machines and cutting machines used for printing unauthorized cigarette pack labels and carton labels with brands Fortune, Mark, Hope, More, and Jackpot. Photo from the...

BOC eyes 200 more firms for audit this year

BOC eyes 200 more firms for audit this year

Jul. 10 | At the customs audit seminar Q&A were Bureau of Customs assistant Commissioner Atty Vincent Philip Maronilla (left), head of the Bureau of Customs Post Clearance Audit Group, and tax consultant Atty Emer Aceron. The Bureau of Customs (BOC) is looking...

Fuel marking program to produce P5B this year—finance chief

Fuel marking program to produce P5B this year—finance chief

Jul. 9 | The Philippines’ fuel marking program is scheduled to be implemented in the third quarter of this year and will bring in at least P5 billion in revenues for 2019, according to Finance Secretary Carlos Dominguez III. The implementation follows the publication...

PH fuel marking program implementing rules issued

PH fuel marking program implementing rules issued

Jul. 6 | Image by Rudy and Peter Skitterians from Pixabay The Philippine government has finally released implementing guidelines for the fuel marking program designed to curb oil smuggling and plug revenue losses arising from illegal importation or misdeclaration...

Rice tariff collection hits P5.9B; Subic contributes biggest share

Rice tariff collection hits P5.9B; Subic contributes biggest share

Jul. 6 | The Philippine government has so far collected P5.9 billion in tariffs from 1.43 million metric tons (MT) of rice stocks imported by private traders, following the enactment of the Rice Tariffication Law that liberalized imports of the grain, preliminary...

PH 2018 economic growth at 6.2%, short of lowered target

PH 2018 economic growth at 6.2%, short of lowered target

Jan. 26 | The Philippine economy grew 6.2% in 2018, lower than the government’s downgraded target of 6.5% to 6.9% and down from the 6.7% growth in 2017, as manufacturing and agriculture recorded slower growths in the last quarter. The Philippine Statistics Authority...

Tax Academy set to rise in Tagaytay, New Clark City

Tax Academy set to rise in Tagaytay, New Clark City

Jan. 15 | The Department of Finance (DOF) is planning to set up permanent campuses of the Philippine Tax Academy (PTA) in Tagaytay City in Cavite and New Clark City at the Clark Special Economic Zone in Pampanga. Under Republic Act No. 10143, or the Philippine...

CAAP, PPA and MIAA in top 7 of ‘billionaires’ club’ of GOCCs

CAAP, PPA and MIAA in top 7 of ‘billionaires’ club’ of GOCCs

Jan. 8 | Three transport agencies—Civil Aviation Authority of the Philippines (CAAP), Philippine Ports Authority (PPA), and Manila International Airport Authority (MIAA)—were among the top government-owned and controlled agencies (GOCCs) that turned over the...

Fake tobacco suppliers shift to producing counterfeit brands in PH

Fake tobacco suppliers shift to producing counterfeit brands in PH

Dec. 13 | Finance Secretary Carlos Dominguez III has directed the Bureau of Customs (BOC) and Bureau of Internal Revenue (BIR) to work with their counterparts in China to stop the illicit entry in the Philippines of cigarette-making machines used to manufacture...

Additional fuel excise tax may be implemented in 2019 after all

Additional fuel excise tax may be implemented in 2019 after all

Nov. 30 | The Development Budget Coordinating Committee (DBCC) has retracted its recommendation to suspend the second increase in excise tax on fuel under the Tax Reform for Inclusion and Acceleration (TRAIN) law in light of the favorable outlook in the price of...