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Included in the first set are the restructuring of the income tax brackets and adjustment of tax rates for individuals; widening of the tax base through the removal of tax exemptions for certain types of incomes; deletion of the personal and additional exemptions for dependents otherwise granted to individual taxpayers; and the reduction of the optional standard deduction, in lieu of the itemized deductions, from 40 percent to 20 percent for individuals and scrapping of such privilege for corporations.

The Department of Trade and Industry (DTI) and Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship (PCE), in partnership with local chambers of commerce, have launched a laudable project to empower Micro and Small Enterprises (MSEs) by encouraging entrepreneurship in the country. Called the “Mentor Me Program,” it aims to help MSEs improve their entrepreneurship fundamentals to scale up and sustain their businesses by providing them with the needed skill sets by way of conceptual discussions and mentoring sessions.

The Philippine Chamber of Commerce and Industry (PCCI) in cooperation with the USAID is currently conducting roadshows to inform taxpayers and solicit comments and suggestions that may be considered in the proposed tax reforms. These events are co-hosted by the Department of Finance (DOF) from whom the proposed tax reform packages originated.

It is only 19 days to go before Christmas. But before the merriment of Christmas engulfs us, we should also prepare for the upcoming rush of renewing local government unit (LGU) registrations for businesses.

THE SENIOR CITIZEN discount privilege has been in focus again recently because of the proposed removal of its 12% vat exemption component as part of the tax reform proposals of the new government.

Across a number of countries, the way internationally mobile employees are taxed is being shaken-up. This follows the G20/OECD-led Base Erosion and Profit Shifting (BEPS) Action Plan recommendations set out over a year ago.

More than 80 percent of all businesses in the Philippines are family-owned. The nature of these businesses covers a whole range, from the small sari-sari stores to the big malls like those of SM and Ayala. Yet, despite the vast disparity in their sizes and profits, most family businesses share the same quest to preserve and grow their businesses.

The Philippine travel and tourism industry contributed a total of P1.43 trillion to the economy in 2015, equivalent to about 10.6% of gross domestic product (GDP), according to the World Travel and Tourism Council (WTTC), a global body representing the Travel & Tourism private sector. This figure is expected to rise by 6.6% this year and is forecasted to increase further by 5.4% to P2.6 trillion by 2026.