THE BUREAU of Internal Revenue (BIR) will fine taxpayers who failed to file their returns electronically by deadline, Commissioner Kim S. Jacinto-Henares yesterday said.
May 042015
BusinessWorld Online: Economy
May 042015
Filipinos worldwide were dismayed by the outcome of the match between Manny Pacquiao and Floyd Mayweather, Jr. But the Filipino ring icon earned the respect of fans for his valiant stand despite suffering a shoulder injury in training. Pacquiao will of course still take home unimaginable riches from what was touted as the highest-grossing bout in boxing history. Unfortunately, from the tax point of view, such earnings mean he has an appointment with the BIR.
May 032015
THE PHILIPPINES registered a slightly improved score in an index measuring social progress, with gains recorded across all indicators from the year-earlier period.
May 032015
THE Philippine economy is expected to grow by 6.4% this year, as government spending is seen picking up ahead of the 2016 elections, the research arm of the Metropolitan Bank & Trust. Co. (Metrobank) said.
May 032015
In August 2013, President Benigno S. C. Aquino III signed into law Republic Act No. 10607, otherwise known as “The Amended Insurance Code,” which revised the 1978 Insurance Code and brought it up to date with the current business environment. The Amended Code introduced a number of significant changes, one of which is the change in the valuation of the life insurance companies’ policy liabilities, which under Section 216, should be prescribed by the Commissioner of the Insurance Commission (IC) in accordance with internationally accepted actuarial standards. On Oct. 30, 2014, the IC issued Circular Letter No. 2014-42-A, “Valuation for Life Insurance Policy Reserves,” pursuant to which life insurance companies and mutual benefit associations will be changing the basis of valuation of their life insurance reserves from Net Premium Valuation (NPV) to Gross Premium Valuation (GPV).
Apr 302015
INFLATION, as experienced by low-income families, slowed in the first quarter of 2015 as fuel, light and water costs dropped further and food remained cheap, the Philippine Statistics Authority (PSA) reported yesterday.
Apr 302015
THE 420-MEGAWATT (MW) expansion of the Pagbilao coal-fired power plant in Quezon is scheduled to be operational by late 2017, data from the Energy department showed.
Apr 302015
DAVAO CITY — Sea and air links between Mindanao and Palawan are being pushed by the Mindanao Development Authority (MinDA) as a component of the strategy to strengthen the Philippine’s network within the Brunei-Indonesia-Malaysia-Philippines (BIMP) sub-region.
Apr 292015
MORE FILIPINOS took their talents to overseas job markets last year, further highlighting the role remittances play in the Philippine economy, with lower-paid workers accounting for a larger share of the total year-on-year while the proportion of professionals and managers declined.
Apr 292015
TEXTILE MANUFACTURERS enjoying incentives from the government yesterday wrote an open letter to senior Department of Finance (DoF) officials over the agency’s alleged failure to issue tax credits since late last year.