2024 was marked by steady growth and resilience amid challenges. In a previous article, I discussed the tax reforms implemented last year as well as the upcoming laws we should anticipate in 2025.
As these reforms foster economic growth and drive the future of the Philippines, it is crucial that we remain proactive in addressing the opportunities and the challenges that come with them.With the Bureau of Internal Revenue's incremental improvements to the Philippine tax landscape, primarily through implementation of Republic Act 11976, or the Ease of Paying Taxes Act that brought significant amendments to the National Internal Revenue Code, we're on the right track.
Early last year, the Department of Finance presented its proposal on package 4 of the Comprehensive Tax Reform Program, formerly known as Pifita or House Bill 4339.In November, the proposal underwent further amendments and is now known as the Government Revenues Optimization through Wealth Tax Harmonization bill, which is projected to bring in an additional P300 billion by 2030, according to Finance Secretary Ralph Recto.
Evaluating Progress And Addressing Challenges
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