Department of Finance
OVERSEAS FILIPINO WORKERS (OFWS) REMITTANCE PROTECTION ACT
The Overseas Filipino Workers (OFWs) Remittance Protection Act aims to protect the remittances of OFWs by regulating fees charged by financial institutions and providing financial literacy education to OFWs and their families.
ESTATE TAX REPEAL ACT
This bill seeks to repeal the estate tax under the National Internal Revenue Code of 1997, which is imposed on the transfer of property upon death. It aims to alleviate the financial burden on heirs during a time of mourning and simplify the process of transferring property.
BAWAS, BUWIS, GINHAWA PARA SA PILIPINO ACT
The Bawas Buwis, Ginhawa para sa Pilipino Act aims to abolish the Value-Added Tax (VAT) in the Philippines, which is seen as a regressive tax burden on low- and middle-income families. The bill proposes to repeal specific sections of the National Internal Revenue Code related to VAT and establish alternative revenue sources.
OVERSEAS FILIPINO WORKERS (OFWS) REMITTANCE PROTECTION ACT
The Overseas Filipino Workers (OFWs) Remittance Protection Act aims to protect the remittances of OFWs by regulating fees and ensuring transparency in remittance transactions.
EXEMPTION OF REFINED PETROLEUM IMPORTERS FROM THE BOND REQUIREMENT
This bill proposes to exempt importers of refined petroleum products from the bond requirement under Section 160 of the National Internal Revenue Code, provided they have no outstanding customs assessments from prior years.
AMENDING SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE OF 1997
This bill amends the National Internal Revenue Code to give the Bureau of Internal Revenue exclusive authority over tax-related cases, removing the Department of Justice's role in these prosecutions.
REINSTITUTING MANDATORY CREDIT ALLOCATION FOR MICRO, SMALL AND MEDIUM ENTERPRISES
This bill aims to reinstate mandatory credit allocation for micro, small, and medium enterprises (MSMEs) by requiring lending institutions to set aside a portion of their loan portfolio for MSME credit, while imposing penalties for noncompliance.