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News

  • Minority leader urges passages of tax amnesty bill House Minority Leader Quezon Representative Danilo Suarez urged his colleagues to urgently pass the tax amnesty bill instead of speeding up the approval of President Rodrigo Duterte’s corporate tax reform package. Rep. Suarez, who authored House Bill 3832, otherwise known as “An Act Granting Tax Amnesty on All Unpaid Internal Revenue Tax Liabilities for Taxable Period January 2006 to June 2016”, made the call as the Lower Chamber jumpstarted the plenary debates on the 2nd phase of the Comprehensive Tax Reform Program (CTRP). He noted that the implementation of tax amnesty under Republic Act 9480 dated Feb. 19, 2017, covering year 2005 and prior years was effective in terms of added revenue as it generated P5.902 billion, which accounted for 2% of the total income taxes collected, and increased the number of registered taxpayers by 20,629.
  • OFW remittances down 4.5% The government’s decision to repatriate thousands of Filipino workers suffering from abusive work conditions in the Middle East took an immediate toll on the amount of dollars being sent home as 1H2018 ended, the Bangko Sentral ng Pilipinas (BSP) or central bank disclosed. BSP added said that personal remittances for June declined by 4.9% to $2.6 billion compared to the same period last year. During the same month, cash remittances coursed through banks fell by 4.5% year-on-year to $2.4 billion. The countries that registered the biggest declines in cash remittances in June were the United Arab Emirates (UAE), Saudi Arabia and Kuwait. Cash remittances coming from the U.S., Saudi Arabia, Singapore, the United Kingdom, UAE, Japan, Qatar, Germany, Hong Kong and Canada accounted for more than 79% of total cash remittances for the first 6 months of 2018.

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