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News and Events

(Look) Motor Vehicle Loans Sustain Robust Growth Despite Slumping Car Sales

Outstanding vehicle loans rose 18% in July, but car sales for the month fell 24% from a year ago

Passenger and commercial vehicle sales sharply fell by almost a quarter in July compared to the same month last year after higher excise taxes on cars came into effect at the start of the year and fuel prices continued going up.In the ...

by Lorenzo Kyle Subido  | September 11, 2018 09:00:00
News and Events

House Approves Bill Cutting Corporate Income Taxes From 30% to 20% Over 11 Years

TRABAHO bill also aims to reduce and rationalize fiscal incentives

The House of Representatives has approved on third and final reading the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill, the second package of the government’s comprehensive tax reform program, according to news reports.Related story: Call it TRAIN 2 or ...

by Elyssa Christine Lopez  | September 10, 2018 07:00:00
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

Under TRAIN Law, Consumer Spending Was Supposed to Grow Faster. Here's What Really Happened

The faster pace of price increases is upending the government's neat plan

When the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect in January 2018, President Rodrigo Duterte’s economic managers expected consumer spending growth to pick up as employees were expected to receive higher take-home pay. Under the law, taxpayers earning a taxable ...

by Elyssa Christine Lopez  | August 15, 2018 09:00:00
Franchising

Want to Get into Franchising? Here's a Guide to Taxes You Must Consider

A leading tax expert says it's better to be safe than be sorry when it comes to business taxes

The economic gains and opportunities contributed by the fast-growing micro, small, and medium enterprises (MSMEs) are undeniable. As of 2016, MSMEs comprised 99.57 percent of the businesses in the country, contributing 63.3 percent of the employment for the same year.Under the Duterte ...

by Mon Abrea  | August 14, 2018 01:00:00
News and Events

Lotto Ticket Prices Up 20% Starting July 8 Due to TRAIN Tax Law

Cost of playing popular game of chance rises after doubling of documentary stamp tax rates

Lottery and other gaming tickets sold by the Philippine Charity Sweepstakes Office (PCSO) will cost 20 percent more due to higher taxes brought about by the Tax Reform for Acceleration and Inclusion (TRAIN) law that took effect early this year.Starting July 8, ...

by Pauline Macaraeg  | July 06, 2018 01:00:00
News and Events

How much does it cost to fill up a big fuel tank in 2018?

It's not cheap

Ever since the Tax Reform for Acceleration and Inclusion (TRAIN) package was passed into law, fuel prices across the country have skyrocketed. The race is ongoing to be the most frugal motorist (and manufacturer) in the land.For those of you out there ...

by Jason Tulio for TopGear.com.ph  | July 06, 2018 12:00:00
News and Events

Do You Ride the LRT-1? Here's How Much Fares Will Likely Go Up Soon

Light Rail Manila Corp. sets public consultation on July 11 for its proposed hike in ticket prices

The company operating the Light Rail Transit Line 1 (LRT-1) is proposing a fare hike averaging about 14 percent to 15 percent, a published announcement revealed on Wednesday, June 27.In a notice published on BusinessWorld newspaper, the Light Rail Manila Corp. (LRMC), ...

by Elyssa Christine Lopez  | June 26, 2018 03:00:00
News and Events

Small Stores or Supermarkets: Who's Hurting More from the New Tax on Sugary Drinks?

Revealing numbers from a Nielsen study on the effects of the new tax on sweetened beverages

Neighborhood sari-sari stores have been adversely affected by the new tax on sweetened beverages more than bigger supermarkets, according to a report by market analyst Nielsen.In the study, Nielsen revealed that sari-sari stores saw larger declines in sales volume for different kinds ...

by Lorenzo Kyle Subido  | April 20, 2018 10:00:00
News and Events

High-Profile Tax Evasion Cases: Lessons for Ordinary Taxpayers

How to avoid being the target of the next Bureau of Internal Revenue (BIR) tax investigation

The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) have been implementing their Run After Tax Evaders (RATE) program since 2005. The program aims to investigate criminal violations of the National Internal Revenue Code of 1997 and prosecute criminal ...

by Raymond Abrea  | April 11, 2018 12:00:00
News and Events

What Cars Can You Buy for Less Than Php12,000 a Month?

Here are six

Unless you've been living under a rock since the beginning of the year, you probably know that the country's automotive landscape has changed quite a bit since we rang in 2018.This is largely due to the implementation of the new Tax Reform ...

by Drei Laurel for TopGear.com.ph  | March 28, 2018 12:00:00
News and Events

Are You a VAT Taxpayer Earning Php3-M or Less? You Have Until March 30 to Change Status

Otherwise, you're still covered by 12% VAT and lose the option to pay just 8% income tax on gross sales/receipts

Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law that came into effect this year, the threshold for the value added tax (VAT) was raised to Php3 million from Php1.919 million.This presents a special opportunity for a class of taxpayers who ...

by Pauline Macaraeg  | March 20, 2018 10:00:00
News and Events

Little-Known TRAIN Law Provisions That Simplify Paying Taxes

A tax expert explains a number of items in the new tax law that make life easier for taxpayers

The Tax Reform for Acceleration and Inclusion (TRAIN) law, which took effect January 1 this year, has been widely praised for lowering the income taxes of the vast majority of salaried and self-employed taxpayers. In fact, more than 80 percent of taxpayers ...

by Pauline Macaraeg  | March 09, 2018 10:00:00
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