A PROPOSED measure governing the condonation of taxes of local water districts was approved by the bicameral conference committee, with the report ratified in the Senate on the same day.
Dec 152015
BusinessWorld Online: Economy
Dec 142015
THE SENATE ratified the bicameral conference report on the P3-trillion national budget for 2016, with three days to spare before the chamber breaks for the holidays.
Dec 142015
A BILL institutionalizing the Pantawid Pamilyang Pilipino Program (4Ps) which provides conditional cash grants to improve the health, nutrition, and the education of children, hurdled the House Appropriations Committee on Monday.
Dec 142015
The presumption of regularity afforded to the revenue examiners in the assessment of taxes and the vested power of the Bureau of Internal Revenue (BIR) to unilaterally determine any deficiency tax make the playing field in the Philippine Tax System unevenly matched. In the recently concluded Grant Thornton International tax academy held here in Makati City, I had the chance to glimpse the prevailing tax systems of some Asia-Pacific countries, namely: Australia, Malaysia, China, Indonesia, Japan, Singapore, Thailand, and India. During the conference, I discovered that the indirect tax systems in these countries are closely similar to ours.
Dec 102015
A WIDER revenue base to support public finances coupled with sustained policy reforms and robust economic performance could bag the Philippines a credit upgrade in the next two years, Fitch Ratings said in its latest report.
Dec 102015
DAVAO CITY — The United Nations’ (UN) Food and Agriculture Organization (FAO) is calling for funding support from donor agencies to roll out the Mindanao Strategic Programme for Agriculture and Agribusiness (MSPAA), a six-year project that aims to strengthen the south’s agriculture sector.
Dec 102015
DAVAO CITY — The banana export industry, a major user of cargo in the Davao Region, said the planned modernization of the Sasa Port located in the city should be downsized because the projections made in the study are “extremely unrealistic”.
Dec 092015
LEGISLATORS remained confident of ratifying the 2016 Budget before their year-end break after the bicameral conference nailed down last-minute items relating to government salaries and veterans benefits, among others.
Dec 092015
THE HOUSE Ways and Means Committee is set to approve next week the measure classifying large-scale smuggling of agricultural products as economic sabotage and prescribing life imprisonment for violators.
Dec 092015
In 2013, when the Supreme Court rendered a decision imposing 20% delinquency interest on a taxpayer that was under audit by the Bureau of Internal Revenue (BIR), the act of computing for penalty interest on taxes certainly became more interesting, to say the least. In September, the Court of Tax Appeals (CTA) sitting en banc issued a decision that will make things even more interesting. If the Supreme Court decision didn’t pique your interest two years ago, this one certainly will.