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News and Events

Call It TRAIN 2 or TRABAHO, Small Businesses Stand to Benefit From Lower Corporate Income Taxes

New tax reform bills aim to reduce income taxes on companies from 30% to 20-25%

The second package of the Comprehensive Tax Reform Package is back in the spotlight after President Rodrigo Duterte urged its approval in his third State of the Nation Address. According to the President, Package 2 will benefit all businesses especially small and ...

by Raymond Abrea  | August 22, 2018 10:00:00
News and Events

Coming Soon: An Online Payment Gateway for Gov’t Transactions

The Department of Finance is preparing to roll out PHPay, which aims to improve ease of doing business

The Department of Finance (DOF) has announced that it will soon roll out PHPay, an online payment system that will facilitate digital transactions across various government agencies.“[It] will cover the development of a payment gateway and a payment ledgering management system for ...

by Lorenzo Kyle Subido  | April 04, 2018 04:00:00
News and Events

Why is the PH Gov’t Turning to Jack Ma’s Ant Financial to Lower Remittance Costs for OFWs?

The new Overseas Filipino Bank could be the platform for Ant Financial’s low-cost mobile payment tech

The Department of Finance (DOF) announced on Thursday, February 8, that they are looking to tap Chinese tycoon and Alibaba founder Jack Ma’s Ant Financial Services Group to lower remittance costs for overseas Filipino workers. Ant Financial is Alibaba’s financial technology (fintech) ...

by Pauline Macaraeg  | February 12, 2018 10:00:00
News and Events

Are You One of the 943,967 Taxpayers Expected to Earn Higher Take Home Pay Under TRAIN Law?

The extra cash may help offset price increases because of higher taxes on goods and services

One of the biggest winners under the Tax Reform for Acceleration and Inclusion (TRAIN) Law which took effect Jan. 1, 2018 were employees earning Php250,000 and below a year because they no longer have to pay any income tax. They number some ...

by Elyssa Christine Lopez  | February 09, 2018 09:00:00
News and Events

DOF Begins Testing Online Platform That Eases Trading with Other ASEAN Countries This Month

TradeNet will be pilot tested by five Bureau of Customs-approved exporters this month

The Department of Finance (DOF) will start testing this month TradeNet, a platform that will allow Filipino businesses importing from and exporting to other member countries of the Association of Southeast Asian Nations (ASEAN) to apply for the necessary permits through a ...

by Lorenzo Kyle Subido  | February 05, 2018 06:00:00
News and Events

Gov’t to Tap Jack Ma to Help Craft Strategy to Speed Up Digital Shift for Micro and Small Businesses in PH

Finance secretary and other top officials to meet Alibaba founder on Feb. 1

Finance Secretary Carlos Dominguez is set to meet with Alibaba founder and Chinese billionaire tycoon Jack Ma in Hangzhou, China for discussions on financial regulations in the midst of e-commerce growth on February 1.“We will look at the financial regulations in China ...

by Elyssa Christine Lopez  | January 29, 2018 05:00:00
News and Events

Planning Ahead: Want to Know How Much Estate Taxes Your Heirs Will Pay Under TRAIN Law?

The new law cuts the tax on inherited assets and simplifies the process of computing it

Among the many taxes revised by the Tax Reform for Acceleration and Inclusion or TRAIN law, which officially took effect at the start of 2018, is the estate tax. It’s the government’s cut on inheritance or the transfer of assets belonging to ...

by Lorenzo Kyle Subido  | January 19, 2018 10:00:00
News and Events

The Peso Was Asia’s Third Weakest Currency in 2017 But PH Gov’t Says It’s a Good Thing

Despite its slight depreciation, the peso’s stability was a sign of strong economic fundamentals, says DOF

The Philippine peso closed last year at Php49.85 per US dollar, 0.50 percent weaker than the previous year’s close of Php49.60.That kind of change doesn’t look like much but it stands out in Asia, where most currencies, on average, appreciated or got ...

by Entrepreneur Staff  | January 08, 2018 05:00:00
News and Events

Cash Transfers for the Poor, Tax Cuts for the Middle Class and Tax Hikes for the Very Rich

Is the Duterte administration’s first tax reform package equitable enough?

 As with most government policies, the impact of the Duterte administration’s proposed first tax reform package on households depends to a large extent on their income level.Called the Tax Reform Acceleration and Inclusion (TRAIN) Act, the proposed tax measure was approved on ...

by Entrepreneur Staff  | June 19, 2017 03:00:00
News and Events

Microfinancing soon to be available for small entrepreneurs

Microfinance law will benefit small businesses in small communities

Micro and small entrepreneurs may soon acquire business loans from government-accredited NGOs, following the signing of the implementing rules and regulations of Microfinance NGOs Act (RA 10693) on August 17.“By providing financial assistance to small entrepreneurs who would otherwise be turned away ...

by Entrepreneur Staff  | August 22, 2016 06:00:00
News and Events

Kick start your day, July 5: DOF eyes to slap higher soft drinks tax

Plus, analyst says Duterte administration is off to a good start.

Higher tax Raising the taxes slapped on sweetened beverages would be raised Tuesday, July 5, in a Cabinet-level, inter-agency Development Budget Coordination Committee (DBCC) meeting.The Department of Finance (DOF) would put forward the proposal to slap higher taxes on beverages such as ...

by Entrepreneur Staff  | July 05, 2016 09:00:00
News and Events

Kick start your day, May 24: Department of ICT law signed

And incoming and outgoing PH finance chiefs meet to ensure smooth transition.

DICT law signedThirty-six days before he steps down from office, President Benigno S. Aquino III signed on Monday, May 23,  the Republic Act 10844 creating the Department of Information and Communications Technology (DICT)—a long awaited law that was thought would never be ...

by Entrepreneur Staff  | May 24, 2016 08:00:00