BusinessWorld
May 21, 2021 | 7:18 pm
BW FILE PHOTO
The share of tax collections in the country’s economic output rose to a record first quarterl level of 14.41% in January to March, according to the Department of Finance (DoF), a sign of improved economic activity amid a coronavirus pandemic.
State tax revenue went up by 0.44 percentage point during the quarter from a year earlier, the agency said in a bulletin.
The DoF traced the improvement to fiscal reforms under the government of President Rodrigo R. Duterte.
“These reforms made the country one of the few emerging economies to maintain investment grade rating and avoid a credit rating downgrade which would have pushed up interest rates and delayed nascent economic recovery,” it added.
BusinessWorld
May 19, 2021 | 8:36 pm
PHILIPPINE STAR/ KRIZ JOHN ROSALES
DUTIES AND TAXES collected from marked fuel totaled P229.5 billion as of mid-May, the Department of Finance (DoF) said Wednesday.
Around 23.6 billion liters of fuel products were marked between September 2019 and May 15, according to a document released by Finance Secretary Carlos G. Dominguez III via Viber.
Some P201.58 billion was generated by the duties and taxes collected by the Bureau of Customs. The Bureau of Internal Revenue generated P27.92 billion.
Luzon accounted for 73.54% or 17.35 billion liters, Mindanao 21.13% or 4.99 billion liters and the Visayas 5% or over 1.26 billion liters.
Diesel made up 61% or 14.34 billion liters of the total, followed by gasoline with 38% or 7.6 billion liters. Kerosene accounted for 127.92 million liters.
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BusinessWorld
May 16, 2021 | 7:59 pm
PHILSTAR
THE HOUSE Committee on Ways and Means said its priorities on resuming session Monday include grappling with out-of-control pension liabilities for military and uniformed personnel (MUP).
In a statement Saturday, Committee Chairman Jose Ma. Clemente S. Salceda said: âMUP pension reform will be painful but crucial. Itâs some pain now or very big pain in the future. The unfunded pension liabilities, according to the GSIS, amount to some P9.6 trillion based on 2019 data. Itâs a serious threat to our economic prospects in the long term.â
Pension reform proposals are contained in House Bill No. 9271, or the Fiscal Framework for Military and Uniformed Personnel (MUP) Pensions.
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