BULACAN STATE UNIVERSITY

BUSTOS CAMPUS

L. Mercado Street corner C.L. Hilario Street, Poblacion, Bustos 3007, Bulacan
044-7618303

PROJECT
IN
INCOME TAX

Submitted by:

AMETHYST MARGARET DR. GARCIA

STUDENT

JESSICA COLLEEN DR. SAN MATEO

STUDENT

Submitted to:

MA’AM CINDI ESPIRITU

SUBJECT INSTRUCTOR
1. Bureau of Treasury

The Bureau of Treasury (BTR) have a purpose of increasing the firm's worth towards
its owners and also consequently responsible for securing the adequacy of the
government's financial resources, which would include active management and
investment of excess cash along with providing funds for different governmental
initiatives and projects.

Policy Procedures Results

Artificial Intelligence • The cornerstone to • Artificial intelligence can

(AI) creation. Treasury
intelligent machines will
indeed automate todays
modern cash and
treasury operations and
will also advocate steps
to be taken and discover
policy deviations with
the use of machine
learning.
• A solution in
• An AI method
achieving the support business treasurers
artificial to remain aware of vast
intelligence amounts of data that would
possibility is data. otherwise need time-
Treasury is consuming human
improving its data interpretation. These
collection platform enables employees
capabilities through to focus on tasks which
business provide organizations a
intelligence competitive advantage.
programs.
• Artificial Intelligence (AI)
may raise the overall
Payables, effectiveness of many
Receivables, and occupations by increasing
Reporting that AI their efficacy while lowering
may enable the demands of work.
employees spend
less time manually • One of the Treasurer's
doing foreseeable critical challenges is that
as well as routine corporate cash be given to
operations, illegitimate receivers. AI,
handling exceptions notably machine learning,
and conflicts, and can serve to prevent this.
detecting risk.
• Adopting technological
advances was hard and
itself and campaign expensive, but it is the only
against option to do something
misappropriation of about it. Treasury and
funds financial professionals have
a rare chance to not only
stay up with innovative
developments like AI, but
moreover embrace them.
2. Bureau of Local Government Finance

The Bureau of Local Government Finance (BLGF) Deliver technical guidance and
help to Department officials in the formulation and implementation of policies, rules,
and regulations governing local taxation, real property valuation/assessments, and the
administration of local government's financial affairs. BLGF is mandated to assist the
Department of Finance in providing consultative services and technical assistance to
the local governments and the general public on local taxation, real property
assessment, and other related matters.

Policy Procedures Results

The Department should • Publish an official • Taxpayers will know if the

have the proper
information and guidance
for the taxpayer on how the
taxes are paid and
calculated.
• The Department should
paper or videos that
show how they review
and approve the
budgets, tax rates, and
tax levies for ensuring
property tax • The department can assess
assessment.
change its approach
away from simply
processing taxpayer
data and toward
strategic improvements
in compliance, policies, • Taxpayers can disagree
and efficiency. Modern
revenue strategies will,
to a large extent, be
dependent on digital
platforms in order to
effectively pursue
critical policy
objectives.
department collects a fair
amount of their tax based
on the property or
properties they have.
the value of your property
and/or the tax rate to
increase or decrease your
bill without a doubt
because they are
transparent in assessing the
tax for the property.
with your property tax bill
if proven wrong on the
calculation for their
property tax assessments,
they can check with the
local tax authority on how
to formally request a
reassessment.
3. Insurance Commission

The Insurance Commission is a government agency that reports to the Department of

Finance. The Commission oversees and stabilizes the operations of life and non-life
insurance companies, mutual benefit associations, and charitable trusts. Insurance
agents, general agents, resident agents, underwriters, brokers, adjusters, and actuaries
are all licensed by it. It also has the right to suspend or cancel such licenses.

Policy Procedures Results

Stricter requirements of • The Insurance • Insurance Commissions

the Republic Act No. Commission must
10173, otherwise known acknowledge efficient
as the Data Privacy Act and equitable initiatives
of 2012. that would strengthen the
proceeding, liability law,
liability rules, and
conceptual rein.
• The Insurance
Commission must always
respect citizens'
privileges and follow the
overall data privacy
principles and lawful
requirements outlined in
the Act
with reliable, improved
legal systems are more
highly probable trusted by
the public. In a broad sense,
advancements in the rule of
law spur growth who value
the safety, security, and
protection provided by the
truthful, righteous, and
morally acceptable
department. Furthermore, a
department that has grown
with improving rule of law
policies have grown for a
short time before falling
backward, causing long-
term economic and limited
growth.

• Privacy protection is critical

to ensuring fundamental
human rights, safety, and
identity. It allows people to
freely develop their own
dispositions.

• With a stricter policy personal

information is vulnerable to
misuse in the absence of these
laws, which can result mostly
in a violation of privacy and
also cybersecurity threats such
as identity theft and
transaction fraud.