The Department of Finance (DOF) encourages local government units (LGUs) to effectively use their amplified tax shares to deliver better services to Filipinos. Finance Secretary Ralph G. Recto emphasizes the DOF's commitment to ongoing dialogues with LGUs to bolster their fiscal capacities and optimize resource utilization. He assures transparency and accountability in implementing the Mandanas-Garcia ruling, which increased LGU NTA shares to 40 percent of all national taxes.
THE Department of Finance called on local government units to effectively use their increased tax shares to provide improved services to Filipinos.
A total of P1.034 trillion in national tax allotment shares of LGUs will cover 43,634 LGUs in the Philippines. According to the DOF, Recto is set to meet the League of Cities this week to discuss the computation of the NTA. Under the 2019 Mandanas-Garcia ruling of the SC—in effect since 2022—the NTA shares of LGUs were increased to 40 percent of all national taxes beyond those collected by the Bureau of Internal Revenue .
Lgus TAX SHARES MANDANAS-GARCIA TRANSPARENCY ACCOUNTABILITY
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines Urges Climate Finance as Developing Nations Face Mounting ImpactsThe Philippines is urging wealthy nations to deliver on promised climate finance as the country grapples with the devastating effects of climate change. Developing nations, including the Philippines, are demanding more funding to cope with extreme weather events and other climate-related challenges. Meanwhile, efforts to establish systems for tracking commercial fishing in the Philippines have been hampered by political and bureaucratic obstacles, raising concerns about the sustainability of the country's marine resources.
Read more »
Philippines Secures $5.67 Billion in Financing for Infrastructure and Development ProjectsThe Philippine Department of Finance (DOF) has secured $5.67 billion in concessional financing and grants from development partners in 2024 to support high-impact infrastructure projects under the “Build Better More” program and other critical development initiatives. The DOF signed 12 financing agreements for projects spanning infrastructure, transport, defense, digital technology, health, and agriculture. Notable projects include the Metro Manila Subway (Phase 1), the Dalton Pass East Alignment Alternative Road Project, and the Bataan-Cavite Interlink Bridge Project. The DOF also secured funding for digital transformation, healthcare, agriculture, and climate change action programs.
Read more »
DENR Urges Local Governments to Improve Waste ManagementThe Department of Environment and Natural Resources (DENR) is calling on local government units (LGUs) to strengthen their commitment to proper waste management in response to public complaints about uncollected garbage. The DENR emphasizes the importance of Republic Act No. 9003, the Solid Waste Management Act, for public health and environmental protection. The agency warns that the National Solid Waste Management Commission (NSWMC) will take action against LGUs that fail to comply with the law, including investigations and potential administrative or criminal charges. The DENR also offers technical assistance to LGUs to help them meet their obligations under the law.
Read more »
DTI, DOF bare interim rules to hasten application of CREATE MORE provisionsTHE Department of Trade and Industry (DTI), through the Board of Investments (BOI), and the Department of Finance (DOF) have released interim rules to facilitate the immediate application of some provisions under Republic Act (RA) No.
Read more »
In hunt for revenue sources, DOF tapped ‘creativity’ well | Reine Juvierre S. AlbertoIT felt like three years. This is how Finance Secretary Ralph G. Recto detailed his leadership of a department expected to raise P15.8 billion a day to keep the Philippines afloat amid headwinds.
Read more »
DOF Sets Revenue Target for 2024Despite aiming to collect trillions from taxes and non-tax sources, the Department of Finance (DOF) projects a revenue shortfall of P1.686 trillion for the 2024 national budget. The DOF plans to address this gap through asset sales and aims to exceed revenue targets, driven by the country's strong fiscal performance in 2023.
Read more »