The Department of Finance (DOF) said on Wednesday, Jan. 27, that it expects the full nationwide implementation this year of several digitalization projects to improve tax administration in step with its goal of utilizing new technologies to boost tax compliance and fight corruption.
The cyber theft, which was first reported by local finance website bilyonaryo.com, occurred during the Independence Day weekend this year. Hackers were said to have used a combination of ATM withdrawals and online transfers to undertake the heist.
Department of Finance secretary Carlos Dominguez III said digitalization of transactions and distribution of aid through banks and e-wallets were the reasons for the success of the small business wage subsidy (SBWS) program.
DOF secretary Carlos Dominguez III said they cannot make secure projections on PhilHealth’s fund life as its information system is incapable of generating relevant data despite spending “close to P200 billion”.
The national government, spearheaded by the Department of Finance and Landbank, has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless government bank that allows overseas Filipinos to perform banking transactions anytime and anywhere in the world.
The Department of Finance (DOF) said tax payments made through electronic channels last year amounted to P1.8 trillion, which was 84 percent of the total collections of the BIR.
The Department of Finance (DOF) has warned the public against false information that DOF secretary Carlos Dominguez III is promoting a cryptocurrency auto-trading program called Bitcoin Revolution.
The Department of Finance and the Bureau of Internal Revenue are currently crafting regulations and designing a system to collect VAT on digital transactions to help the government raise revenues.
The Department of Finance (DOF) has announced that it will launch two digital-based programs aimed at improving tax compliance and expanding financial inclusion, especially among Filipino migrant workers.
The DOF is pushing for the reform of incentives being given to businesses, among them the BPO sector, as it vies to increase revenues to finance the government?s massive infrastructure program.
