Maniolas

Exactly 11 working days from today is April 15, the last day for filing of income tax returns (ITR) for individuals and corporations operating on a calendar year basis. The number 11, according to Bible commentators, represents lawbreaking, leading to disorder, chaos and judgment, which seems like fair warning for those who choose to wait until the last moment to file their returns. It’s a strong hint for procrastinators to aim for some other date before April 15, just to be on the safe side.

THE GOVERNMENT’S tax and revenue efforts continued to improve last year compared to 2013 on the back of improved collections and administration from key agencies, data from the Finance department showed.

(Second of two parts) Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides a list of all the constituent entities for which financial information is reported. It includes details such as the individual entity’s tax jurisdiction, revenue, profit (loss) before income tax, income tax paid and accrued, stated capital, main business activities, and accumulated earnings, among others. A constituent entity is any separate business unit of the multinational enterprise (MNE) group that is included in the consolidated group for financial reporting purposes.

THE 23-megawatt (MW) plant of San Carlos Solar Energy, Inc. (Sacasol) has been certified under the feed-in tariff (FIT) system, allowing the company to dispatch the plant’s output to the grid at a premium rate.