In a speech during the 2018 inaugural meeting of Management Association of the Philippines, Finance Secretary Carlos Dominguez III said package two plus will cover more taxes on tobacco, alcohol, mining, coal, and casinos. TOTO LOZANO/Presidential Photo

Tax reform program's 'Package 2 plus' to be submitted to Congress by end-January
Ian Nicolas Cigaral (philstar.com) - January 23, 2018 - 4:23pm

MANILA, Philippines — The Department of Finance on Tuesday said it plans to submit “package two plus” of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) by the end of January.

In a speech during the 2018 inaugural meeting of Management Association of the Philippines, Finance Secretary Carlos Dominguez III said package two plus will cover more taxes on tobacco, alcohol, mining, coal, and casinos.

That measure is apart from CTRP’s “package two,” which seeks to gradually cut corporate income tax in order to put this levy at par with those of Southeast Asian competitors, as well as to remove tax incentives from sectors that do not need them.

Package two was submitted to the House of Representatives when Congress resumed the second regular session last January 15.

READ: DOF submits Package 2 of Tax Reform Program to Congress

On December 19, President Rodrigo Duterte signed into the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which aims to generate revenue to fund a multi-billion dollar infrastructure program key to the government's economic agenda.

The TRAIN law — the first of up to five planned tax reform packages — cuts personal income tax rates while projected revenues to be foregone will be offset by higher excise levies on petroleum and automobiles, among others.

EXPLAINER: How Duterte's new tax law or TRAIN can affect you

The DOF earlier said the other tax reform packages — which the government hopes to submit to Congress ahead of the 2019 senatorial and local mid-term elections — will involve property taxation, capital income taxation, as well as health, environment and luxury taxation.

READ: DOF lists priority legislative bills for 2018

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.