Some 164 members of the Mandaue Chamber of Commerce and Industry (MCCI) attended the tax reform roadshow on March 9 at the Cebu Parklane International Hotel. The event was designed to inform the public on the newly enacted Tax Reform for…
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The Philippine Chamber of Commerce and Industry (PCCI), together with its partners, the Department of Finance and the USAID Facilitating Public Investments (FPI) Project, invite you to a Tax Reform Roadshow: Understanding the TRAIN and Package 2 of the Comprehensive Tax Reform Program. The Forum in Cebu is scheduled on March 9,2018 from 8:30am to 12:00 noon. The venue will be announced shortly. The Forum is FREE to Chamber members but due to space limitation early confirmation is appreciated. The TRAIN (Tax Reform for Acceleration and Inclusion) Act was enacted into law on December 2017. It provides for the lowering of personal income taxes, simplifying the income tax brackets and lowering of the estate and donor’s tax. It also increased the excise tax on fuel, coal, automobile, sweetened sugar beverages, mining, cosmetic and tobacco; repealed 54 out of 61 special laws with non-essential VAT exemptions; and, increase in Documentary Stamp Tax, Foreign Current Deposit Unit, capital gains of non-traded stock and Stock Transaction Tax. Package 2 of the CTRP on the other hand, proposes the lowering of corporate income taxes and modernization of fiscal incentives following 4 principles: performance-based, targeted, time bound and transparent. Also, to be presented is Package 1B of the CTRP, which will cover estate tax amnesty, general amnesty, motor vehicle user tax, and the relaxation of bank secrecy and automatic exchange of information. Should you have any concerns or inquiries, you may contact the MCCI Secretariat at (032) 3433491 or (032) 2368245.
Tagged with: tax reform