DOF polish CTPR Package 2 Plus
- Kezia Dominguez | Jazz Lapitan
- Jan 31, 2018
- 1 min read
Certain aspects of Package 2 Plus of Duterte's administration's Comprehensive Tax Reform Program (CTRP) is being fine-tuned by the Department of Finance (DOF) to make sure that the proposal it will submit to the Congress will be "solid, well-consulted and well-researched"
Some aspects of the Package 2 Plus on the removal of value-added tax (VAT) exemptions for coal and casino operations have already been included in package 2 which covers corporate taxation and the modernization of fiscal incentives based on Finance Undersecretary Karl Kendrick Chua.
Package 2 Plus was submitted to the House of the Representatives last January 16, 2018 after the reopening of the congress on its yearend break.
Chua also mentioned that the DOF will no longer submit a new proposal on adjusting the excise taxes on tobacco products which is part of the Package 2 Plus but would instead support the bill filed by Senator
Manny Pacquiao on this tax and proposed amendments.
Meanwhile, the corresponding hike in alcohol excise taxes is now undergoing final review, Chua said.
Another component of Package 2, the proposal on comprehensive mining tax would still require consultations with the Mining Industry Coordination Council (MICC).
"So we are early in some and a bit late in some. But this will ensure that the bill is solid, well-consulted and well-researched," Chua said.
Aside from Package 2 Plus, the DOF will also submit Package 3 (Property Taxation) and Package 4 (Capital Income) within this year.