BusinessWorld Online: Economy

No teleconferencing for shareholders

General

Mar 092016

As we near the end of the first quarter of the year, most companies are also busy finalizing their audited financial statements for the financial year ending December 2015. In parallel with this and as a matter of good corporate practice, an annual stockholders’ or members’ meeting should be arranged. The Philippine Corporation Code mandates the holding of an annual stockholders or members meeting on a date fixed in the by-laws, or if not fixed, on any date in April of every year as determined by the board of directors or trustees.

Monetary Board standing pat after tame Feb. inflation — ING

Economy

Mar 082016

BENIGN INFLATION seen in February will allow the Bangko Sentral ng Pilipinas (BSP) to keep monetary policy settings unchanged during this month’s meeting, an economist from ING Bank NV said, as the markets also await fresh hints from the United States about the next “lift-off.”

Power plants win diesel exemption as RA 10745 allowed to lapse into law

Economy

Mar 082016

NATURAL GAS-FIRED power plants can now legally use pure diesel as their alternative fuel in times of gas shortages after a proposed measure from Congress submitted to the Office of the President lapsed into law late last month.

WTO opens door to technical aid requests ahead of TFA deal

Economy

Mar 082016

THE WORLD Trade Organization (WTO) has asked its members to start preparing for the enforcement of the new trade facilitation agreement (TFA) by notifying the agency about their technical assistance and capacity-building needs to ensure its effective implementation.

Power plant’s troubles boost anti-coal lobby

Economy

Mar 072016

DAVAO CITY — The troubled launch of a much-touted new coal-fired power plant in the Davao Region is playing into the hands of anti-coal activists, who with foreign and Church backing oppose the expanded use of the fuel in the Philippine energy mix.

ICTSI says Manila terminal operations normal

Economy

Mar 072016

THE INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said an ongoing protest of truckers and custom brokers against an online terminal booking system has not adversely affected the operations of the Manila International Container Terminal (MICT).

Can the BIR’s 5-year plan make an impact?

Economy

Mar 072016

Taxation will always be contentious. Many Filipino taxpayers still struggle to understand taxation and tax compliance; among them there has emerged the view that the Bureau of Internal Revenue’s (BIR) regulations and processes are far from ideal. So let’s examine the bold statement in the Bureau’s vision and mission — “The Bureau of Internal Revenue is an institution of service excellence and integrity. We collect taxes through just enforcement of tax laws for nation building and the upliftment of the lives of Filipinos.” That guiding principle informs Revenue Memorandum Order (RMO) No. 6-2016, which was issued prescribing the strategic plan of the BIR for 2016 to 2020.

Smart’ TIN cards due for limited launch

Economy

Mar 062016

THE BUREAU of Internal Revenue (BIR) may start issuing electronic taxpayer identification number (TIN) cards by end-June.

Prison PPP bid submission delayed again

Economy

Mar 062016

THE DEPARTMENT of Justice’s (DoJ) procurement panel has reset to March 22 the submission of bids for the P50.2-billion prison facility to be built via public-private partnership (PPP).

BEPS Action Plan 4: Limiting base erosion arising from interest deductions

Economy

Mar 062016

Debt planning and restructuring is a common mechanism to minimize taxable income by increasing deductions among different entities in a multinational group of companies. As interest on debt is generally a deductible expense of the payor and taxed in the hands of the payee, groups may create intercompany loans to place high levels of debt in high-tax countries, generate interest deductions in excess of actual third party interest rates, or fund the generation of tax-exempt income.

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