GOVPH

Title XI of the National Internal Revenue Code (NIRC) specifies the deductions from total collections of the Bureau of Internal Revenue (BIR) to determine the amount which is allocable to the national government (NG) and the local government units (LGUs). Section 284 of Republic Act (RA) 7160 or the Local Government Code prescribed that LGUs on the third year of effectivity of the Code and thereafter, shall have a 40% share in the national internal revenue taxes reckoned from the third fiscal year preceding the current year. For instance, the applicable base year for 2020 income allocation for LGUs is 2017.>>read complete document

Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion or TRAIN 1, was signed into law on 19 December 2017. It is the first component of a comprehensive reform package which seeks to make the tax system simpler, fairer, and more efficient in order to generate more sustainable revenues that will support government infrastructure projects, public investments, and social services.

Section 12 of the National Internal Revenue Code (NIRC) authorizes the Bureau of Customs (BOC) to collect internal revenues on imported goods. Thus, the implementation of Tax Reform for Acceleration and Inclusion (TRAIN) under RA 10963 effective January 2018 is expected to boost BOC collections.

Last July 28, 2020, the Development Budget Coordination Committee (DBCC) adjusted the mediumterm macroeconomic assumptions, fiscal program and growth targets as bases for submission of the proposed budget for fiscal year 2021.

Presidential Decree No. 1869 signed in July 1983 consolidated all laws issued in relation to the Philippine Amusement and Gaming Corporation or PAGCOR (i.e. PD 1067-A, 1067-B, 1067-C, 1399 and 1632). Under the PAGCOR charter, the corporation is mandated to: (a) regulate, operate, authorize and license games of chance, games of cards and games of numbers, particularly casino gaming; (b) generate revenues to finance the government’s socio-civic and national development programs; and (c) help promote the tourism industry.

With the COVID-19 outbreak in 2020, almost all the ASEAN economies have provided large fiscal stimuli as a quick response to mitigate the impact of the pandemic. This has left many ASEAN economies with large negative fiscal balances, and significant expansion in government debt. The International Monetary Fund’s Fiscal Monitor (2021) provides the latest country-specific database of 238 countries in terms of key fiscal variables to provide public finance developments, fiscal implications of the crisis and medium-term fiscal projections.

The Philippines’ increasing demand for meat products has and will continue to outpace local production wherein it is estimated to grow by 28.67% to 5.197 million metric tons (MMT) in 2028 (OECD, 2019). This consumption is higher than projected local meat production of 4.276 MMT for the same year. As such, the country is expected to increase its reliance on meat importation to fill in supply gaps (NEDA, 2019).