CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Philippines Hopes To Have Overhauled Tax Code By 2018

Philippines Hopes To Have Overhauled Tax Code By 2018

by Mary Swire, Tax-News.com, Hong Kong

24 February 2017


The Filipino Government is optimistic that it can overhaul the Philippines' tax regime by 2018 through a two-step approach.

House Bill No. 4774 was submitted to the House of Representatives on January 17. It is now before the House Ways and Means Committee.

The Bill would cut personal income taxes as well as donor and estate taxes. It would also broaden the tax base by adjusting excise tax rates for automobiles and fuel and plug value-added tax leakages. It would retain the current exemptions enjoyed by seniors and persons with disabilities.

Speaking recently, Finance Secretary Carlos Dominguez III said the Department of Finance's timetable is to get this first group of measures approved by June 2017, so that it can be implemented partially by the second half of the year. A second bill, including the remaining tax reform measures and most notably a five percent cut to the corporate income tax rate to 25 percent, would then be in place by 2018, when the individual income tax measures would also become effective.

TAGS: Finance | tax | investment | business | value added tax (VAT) | law | Philippines | ministry of finance | tax authority | legislation | tax rates | tax reform | legislation amendments | services | Tax

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »