THE BUREAU of Internal Revenue (BIR) has given business establishments more time to comply with a new rule specifying the content which should appear in an official receipt.
Oct 082015
BusinessWorld Online: Economy
Oct 072015
THE DEPARTMENT of Justice (DoJ) has signaled its opposition to a bill in the Senate which will extend the maximum land lease tenure granted to foreigners, calling such proposals unconstitutional.
Oct 072015
DAVAO CITY — Mindanao could have access to about 500 megawatts (MW) of solar power if all 31 projects now pending are approved and implemented, data from the Mindanao Development Authority (MinDA) and the Department of Energy (DoE) showed.
Oct 072015
The recent Supreme Court (SC) case on the timing of withholding tax on compensation income has caused quite a stir among corporate taxpayers. While the case dealt with a deficiency withholding tax assessment on unsubstantiated business expenses (representation, travel and entertainment), the SC also ruled on the subject of withholding tax on accrued bonuses based on the taxpayer’s earlier claim that the amount in question refers to bonuses accrued during the years 1996 and 1997 but paid out in 1997 and 1998.
Oct 062015
THE HOUSE of Representatives is on track to approve the P3.002-trillion national budget for 2016 on final reading by Friday, well ahead of the expected disruptions to legislative work caused by the election campaign, officials said.
Oct 062015
PRESIDENT Benigno S. C. Aquino III has certified as urgent the proposed P3.002-trillion national budget for next year, allowing the Lower House to expedite the approval of the measure.
Oct 062015
ILOILO CITY — Member nations of the Asia-Pacific Economic Cooperation (APEC) have adopted the Iloilo Plan of Action, which promotes inclusive growth through food security and climate resiliency for the fisheries sector.
Oct 052015
PROSPECTIVE bidders for the P170.7-billion South Line of the North-South Railway Project (NSRP) have asked the government to push back the timetable of the biggest project under the government’s public-private partnership (PPP) program.
Oct 052015
A MEASURE creating a trust fund controlling the assets from the Marcos-era coconut levy will soon be up for plenary vote at the House of Representatives after it clinched committee approval yesterday.
Oct 052015
The call for tax reform is ever growing in the Philippines, out of fear we are being left behind by our neighbors in Southeast Asia, coupled with concerns that our people are at the mercy of the current tax system. Our legislators have put forward revenue bills to finally amend the almost two decade-old income tax brackets set forth in the 1997 National Internal Revenue Code of the Philippines. Unfortunately a few days ago, the House of Representatives shelved the bill proposing the reforms.