A few days ago, I was invited to discuss estate taxes. One of the questions proferred by viewers was whether the Philippines should repeal estate taxes. The viewer probably thought that imposing estate tax on top of the various taxes that we as taxpayers have to shoulder is a huge an imposition on our overstretched budgets.
HSBC LTD. (HSBC) raised its growth forecast for the Philippine economy this year despite the weaker-than-expected gross domestic product (GDP) data from the last quarter, citing “promising” private consumption and state spending ahead.
ILOILO CITY — There is no actual shortage of cement, the Department of Trade and Industry’s (DTI) regional office said, tracing the thin inventories held by dealers to congestion in Iloilo Port.
In a bid to boost the country’s car manufacturing sector, President Benigno S. C. Aquino III recently signed Executive Order (EO) No. 182, series of 2015, creating the Comprehensive Automotive Resurgence Strategy (CARS) Program. Prior to this new EO, EO Nos. 156 (2002) and 877-A (2010) prescribed the policies and directions governing the Motor Vehicle Development Program. To enhance these policies to further develop the domestic production of automobiles, EO No. 182 covers the manufacture not only of motor vehicles but also of motor vehicle parts.
THE PHILIPPINES emerged with one of the most improved scores in a global ranking that measures the ability to attract foreign direct investment (FDI), though its absolute numbers were low in the context of regional performance.
MARINDUQUE may soon be formally closed off to ore extraction activities after a measure banning mining in the province secured approval from the House of Representatives.
DAVAO CITY — Barely a year into its launch, the P27.5-billion Philippine Rural Development Program (PRDP) is seeking to tap the World Bank for a further $500 million amid a surge in infrastructure projects proposed by local government units (LGUs).
ASIAN ECONOMIES will account for more than half of the global economy by 2050, according to a long-term forecast by The Economist Intelligence Unit (EIU).
PHILIPPINE companies need to shift their approach to corporate governance practices, focusing on attracting investors, boosting capital and taking advantage of opportunities in the impending integration of Southeast Asian economies.
The burden of proof to establish entitlement to a refund lies with the claimant, who must positively show compliance with the statutory requirements provided under the Tax Code. According to existing jurisprudence [Commissioner of Internal Revenue (CIR) vs. Mirant], GR No. 171742, in claiming a refund of excess and unutilized Creditable Withholding Tax (CWT), a taxpayer is required to: 1) File the claim with the Bureau of Internal Revenue (BIR) within the two-year period from the date of payment of the tax; 2) Show on his income tax return (ITR) that the income received was declared as part of the gross income; and 3) Establish the fact of withholding via a copy of the withholding tax certificate duly issued by the withholding agent to the taxpayer showing the amount paid and the amount of tax withheld.