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The adoption of the VAT system was one of the structural reforms provided for in the 1986 Tax Reform Program, which was designed to simplify tax administration and make the tax system more equitable. It was also in 1988 that the Revenue Information Systems Services Inc. (RISSI) was abolished and transferred back to the BIR by virtue of a ...
One major economic achievement of the first Marcos administration was tax reform. Because landlords dominated the legislature, no new tax initiatives had passed since the term of Carlos P. Garcia, in 1959. As a result, by the end of the 1960s, 70 to 75% of the country's tax revenues came from indirect taxes. [4]: 127–128
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
Percentage tax is a business tax imposed on persons or entities/transactions: who sell or lease goods, properties or services in the course of trade or business and are exempt from value-added tax (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 3,000,000 ...
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public ...
"Department of Sports" [1] "Department of Fisheries and Aquatic Resources", proposed by Senator Francis Pangilinan [2] and House Speaker Alan Peter Cayetano. [3] "Department of Culture" [4] or "Department of Arts and Culture" [5] "Department of Water Resources" [6] "Department of Disaster Resilience" [7] [8]
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
It is part of the Philippines Department of Finance. The Bureau of Customs was established on February 6, 1902 by the Insular Government of the Philippine Islands when it was under control of the United States of America, during the American Colonial Era of the Philippines. [2]