THE Department of Agriculture (DA) is preparing a 2017 budget proposal of nearly double its 2016 funding, with rural infrastructure making up the bulk of its wish list, according to the department’s presentation materials obtained by BusinessWorld.
One of the withholding tax schemes adopted in the Philippines is the creditable withholding tax (CWT) system. Under the CWT, income payments made to Philippine residents enumerated in the CWT regulations should be subjected to the different CWT rates. The income subject to CWT still needs to be reported in the income tax return of the recipient, the income tax calculated thereon, and the CWT claimed against the CWT so withheld. Any excess of the tax income due on the return over the CWT withheld should then be paid by the recipient to the Bureau of Internal Revenue (BIR). On the other hand, if the CWT exceeds the income tax due on the return, then the excess CWT may either be refunded or carried over to the next period by the taxpayer.
THE Department of Agriculture (DA) has maintained its palay production estimate for 2016 at just under a million metric tons (MT) over 2015 levels, saying it is confident that damage from the strongest El Niño to ever hit the country will be less than initially expected.
THE PHILIPPINES is looking to climb the rankings of the best countries for doing business by simplifying registration and tax procedures, two categories where the country did poorly in a World Bank (WB) study last year.
MEGAWIDE Construction Corp. is postponing Friday’s groundbreaking for the P2.5-billion Integrated Transport System (ITS) — Southwest Terminal Project under the public-private partnership (PPP) scheme, citing the unavailability of President Benigno S. C. Aquino III.
CAGAYAN DE ORO CITY — More than 11,000 farmers from Northern Mindanao who have been affected by the drought brought about by the prevailing El Niño have received rice and other food supplies from the Department of Social Welfare and Development (DSWD).
THE use of electric vehicles has gained more attention since E-Motors, Inc. launched its flagship branch in the Visayas in 2014 but more support is needed from the government to encourage its greater acceptance, the company’s top official said.
For corporations using a calendar fiscal year, it’s that time of the year again to file annual reports, and as deadlines draw near, finding the most efficient way to do this becomes a relevant concern. Under current rules implementing Section 141 of the Corporation Code, there are two basic reports which a regular corporation is required to submit to the Securities and Exchange Commission (SEC) on an annual basis: 1) General Information Sheet (GIS) and 2) Audited Financial Statements (AFS) for the preceding fiscal year, stamped received by the Bureau of Internal Revenue.
THE BUDGET department earmarked more funds from next year’s P3.35-trillion national budget for projects proposed by local government units (LGUs), communities and civic organizations.
THE Philippines’ external payments position reverted to a surplus in March, with the indicator posting its strongest showing in over a year, according to data from the Bangko Sentral ng Pilipinas (BSP).