{"id":146781,"date":"2018-01-16T21:16:41","date_gmt":"2018-01-17T02:16:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=146781"},"modified":"2018-01-16T21:16:41","modified_gmt":"2018-01-17T02:16:41","slug":"package-4-of-tax-reform-to-simplify-tax-rates-on-investment-products","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/01\/16\/package-4-of-tax-reform-to-simplify-tax-rates-on-investment-products\/","title":{"rendered":"Package 4 of tax reform to simplify tax rates on investment products"},"content":{"rendered":"<figure id=\"attachment_122538\" aria-describedby=\"caption-attachment-122538\" style=\"width: 500px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/10\/Finance_Secretary_Carlos_Dominguez_III.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-122538\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/10\/Finance_Secretary_Carlos_Dominguez_III.jpg\" alt=\"FILE: Finance Secretary Carlos Dominguez III (Photo By Department of Finance, CC BY-SA 4.0)\" width=\"500\" height=\"347\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/10\/Finance_Secretary_Carlos_Dominguez_III.jpg 500w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/10\/Finance_Secretary_Carlos_Dominguez_III-300x208.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-122538\" class=\"wp-caption-text\">FILE: Finance Secretary Carlos Dominguez III (Photo By Department of Finance, CC BY-SA 4.0)<\/figcaption><\/figure>\n<p>MANILA \u2014 Finance officials aim to simplify tax rates on investment products in the Philippines partly to help improve services being offered to the public and address the complex tax rates of financial products.<\/p>\n<p>\u201cWe just want to clear the underbrush,\u201d Finance Secretary Carlos Dominguez III said.<\/p>\n<p>The Finance chief said package four of the tax reform program, which Department of Finance (DOF) officials target to submit to Congress by the middle of this year, will correct years of attrition and simplify the rates.<\/p>\n<p>He said a peso-denominated investment product that has a tenor of less than five years is being slapped a 20 percent withholding tax for interest it earned but the rate is zero for those that have tenors of more than five years.<\/p>\n<p>He said a dollar-denominated investment product has a 7.5 percent withholding tax regardless of tenor.<\/p>\n<p>\u2018We want to simplify it so that it becomes easier to file, administer,\u201d he said.<\/p>\n<p>Dominguez said package four of the tax reform will be revenue neutral.<\/p>\n<p>He is optimistic that the financial industry will welcome the proposed reform in the tax rates of the products they offer.<\/p>\n<p>Finance Undersecretary Antonette Tionko said the proposed reform on financial products\u2019 tax rates will help the public determine which products are best for them.<\/p>\n<p>\u201cWhat we want is for the rates to be similarly close to each other so that the providers will improve their service. So you know it\u2019s not one against the other because of tax but because the services are better,\u201d she added. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2014 Finance officials aim to simplify tax rates on investment products in the Philippines partly to help improve services &hellip;<\/p>\n","protected":false},"author":33,"featured_media":122538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[13684,43547,43546],"class_list":["post-146781","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-finance-secretary-carlos-dominguez-iii","tag-investment-products","tag-tax-rates","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/146781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=146781"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/146781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/122538"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=146781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=146781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=146781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}