THE SENATE approved on third and final reading on Monday amendments to the country’s Fisheries Code, in order to comply with international conventions and avoid a possible ban by the European Union (EU) on marine and fisheries products.
Oct 272014
BusinessWorld Online: Economy
Oct 272014
THE SENATE approved on third and final reading on Monday a measure seeking to make the sugarcane industry more competitive by consolidating small farms and reiterating the exemption of refined sugar for export from value-added tax (VAT).
Oct 272014
ONCE the tax assessment is rendered final and the collection stage begins, taxpayers have an option to file for a compromise settlement to pay for a reduced amount, in meritorious cases. Revenue Regulations No. (RR) 30-2002, as amended, provides for specific grounds when a taxpayer can request for compromise settlement: (1) when there is doubtful validity in the tax assessment or (2) when there is financial incapacity on the part of the taxpayer. In either case, the taxpayer has the burden of proof and is obligated to pay the amount of the compromise offer — which ranges from 10% to 40% of the basic deficiency taxes — before filing the application for settlement. Otherwise, the application will not move forward.
Oct 262014
THE DEPARTMENT of Transportation and Communications (DoTC) is targeting to complete over P258-billion worth of infrastructure projects by 2019, in line with the target timeline for the Japan International Cooperation Agency’s (JICA) P2.61-trillion Road map for Transport Infrastructure Development for Metro Manila and Its Surrounding Areas, known simply as the “Dream Plan”.
Oct 262014
TWO BILLS seeking to impose a logging ban in areas in Mindanao have been approved on third and final reading at the House of Representatives.
Oct 262014
(First of two parts) COMPANIES engaged in agricultural activities, which is the biological transformation and harvest of crops such as banana, pineapple, sugar, coffee, palm oil and rubber, incur costs of planting (including seedlings), fertilizers and or plant/fruit care prior to commercial harvest. The aggregate of these costs is what is commonly called the costs of bearer plants. These costs are often significant since a farm may cover hundreds, if not thousands, of hectares of land. Given our rapidly growing population, there is constant pressure on agricultural companies to expand operations to meet demand — which in turn means commensurate increases in the cost of bearer plants. These costs can also be substantial when farms are damaged by typhoons or crop diseases, which in some cases require rehabilitation and even replanting.
Oct 232014
THE SENATE has approved on first reading a consolidated bill that would raise the tax exemption limit on workers’ bonuses on Wednesday, a day after it agreed with the House of Representatives to make it a priority measure.
Oct 232014
THE BUREAU of Internal Revenue (BIR) has filed tax evasion raps against Zamboanga City-based mining company Siennalyn Gold Mining Corp. (SGMC) for an aggregate deficient tax liability amounting to more than P52 million covering the years 2010 and 2011.
Oct 232014
A DECISION on the National Transmission Corp.’s (TransCo) petition to start implementing a P0.04057 per kilowatt-hour (/kWh) renewable energy (RE) charge under the feed-in tariff (FIT) system will be released soon, an official said yesterday.
Oct 192014
A P5.77-billion infrastructure project that will strengthen Metro Manila’s major water supply source is set to be rolled out by the government this month, an official said on Friday.