ILOILO CITY — Hosting a series of Asia-Pacific Economic Cooperation (APEC) meetings is bringing in both short- and long-term economic benefits to this city, including an increase in tourism bookings, jobs, and the entry of new investors, according to the mayor.
On Sept. 24, the Bureau of Internal Revenue (BIR) organized a tax forum at the National Training Center in the National Office where the officials of the Large Taxpayer Service (LTS) discussed recent BIR issuances. It seems that the most controversial issuance is the submission of enhanced inventory lists, the target of the most number of questions and clarifications from the taxpayers in the jam-packed auditorium.
ILOILO CITY — Senior officials of the Asia-Pacific Economic Cooperation (APEC) endorsed on Friday the Iloilo Initiative, which lays down the groundwork for utilizing the Internet as the means for bringing in micro, small and medium scale enterprises (MSMEs) into the global market.
DAVAO CITY — Policies that will guide the halal industry in the Philippines will have to be laid out to prepare Mindanao towards participating in the global halal market, which is estimated to have a consumer base of two billion Muslims and an estimated worth of $1.6 trillion by 2018.
The withholding tax on, and deductibility of, year-end bonuses to employees are issues that are frequently raised during tax examinations of a company’s books of accounts. Usually, these bonuses are accrued at yearend and deducted for income tax purposes in the year accrued, although the bonus is paid to the individual employee, and the withholding tax deducted and remitted to the Bureau of Internal Revenue (BIR), in the succeeding year. In these situations, the BIR usually questions and disallows the tax deduction claimed by the employer on the ground of non-withholding.
THE PROPOSED law which will modernize the Bureau of Customs and the tariff system was passed on second reading at the House of Representatives, bringing it closer to the final passage by the chamber, though uncertainties remain whether it will be passed in the Senate before yearend.
ILOILO CITY — An Asia-Pacific Economic Cooperation (APEC) Disaster Risk Reduction (DRR) Framework has been approved for adoption at the closing of the 9th Senior Disaster Management Officials’ Forum (SDMOF) held here on Sept. 22 to 23.
THE NATIONAL Grid Corporation of the Philippines (NGCP) has doubled the capacity of its transmission facility in Ilocos to better accommodate the wind farms in the province.
THE DEPARTMENT of Justice’s (DoJ) procurement panel has adjusted the auction timetable for the P50.2-billion regional prison facility to built through the public-private partnership (PPP) program, though it still sought to meet the original target for the start of construction.
DAVAO CITY — The Davao Regional Development Council (RDC-11) has rejected a call from local government officials to withdraw its endorsement of the P18.99-billion Sasa Port modernization, a project under the national government’s public-private partnership (PPP) program, but asked the lead national agency to verify that conditions set for implementation have been met.