Tax reform, eco bills passed this year: DOF

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    The Department of Finance (DOF) will continue to engage Congress on the passage of the other priority bills of the Duterte administration, including the remaining packages under the comprehensive tax reform program (CTRP).

    The agency in a statement yesterday identified these priority bills, which include packages 3 and 4 of the CTRP, namely, the proposed Real Property Valuation and Assessment Reform Act, and the Passive Income and Financial Intermediaries Reform Act.

    “Also, the DOF’s Domestic Finance Group (DFG) will work this year on the passage of amendments to the Public Service Act and Retail Trade Liberalization Act; the Motor Vehicle Road Users’ Tax bill; a new fiscal mining regime; the Warehouse Receipts bill; and a law converting the Insurance Commission into a collegial body,” the DOF said.

    The DOF said it has worked closely with lawmakers in 2020 in providing technical support leading to swift congressional action on legislative measures that aim to rescue businesses, provide emergency assistance to vulnerable sectors and keep the economy afloat amid the crisis arising from the coronavirus pandemic.

    Among these measures are the two Bayanihan laws – the Bayanihan to Heal As One Act and the Bayanihan to Recover As One Act – and the Corporate Recovery and Tax Incentives for Enterprises bill.

    In its report to Finance Secretary Carlos Dominguez, the DFG said it has also assisted the congress in finalizing the Financial Institutions Strategic Transfer Act, which was ratified by both legislative chambers last year, and is awaiting the signature of President Duterte for its enactment into law.

    The DFG also provided technical support for the drafting of the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery bill, which the DOF expects to be passed this year.

    “It shepherded key legislative measures in the Senate and House of Representatives. These include House Bill No. 6136 or the proposed Motor Vehicle Road Users’ Tax Act, which was passed on third and final reading in the House of Representatives; and the laws that increased the excise tax rates on tobacco products, alcohol, and e-cigarettes,” the DOF said.

    To facilitate the DOF’s work on these measures and other pending bills, the DFG set up a web-based Legislative Monitoring Portal within the department, which contains all the legislative information from both chambers of the congress as well as the tracking of the DOF position papers on these measures.