DAVAO CITY — The Mindanao Development Authority (MinDA) wants municipal governments on the island to firm up their respective investment codes to serve as basis for identifying priority ventures that the agency can match with prospective private investors, a spokesman of the agency said in a recent statement.
IMPORTERS and brokers have been urged to get the required clearances from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) as the deadline will no longer be extended.
THE BUREAU of Internal Revenue (BIR) yesterday sued the country’s exclusive distributor of Kopiko products, and several other businesses, for allegedly evading billions of pesos worth of taxes.
THE GOVERNMENT’s debt payments dipped year on year in May, with the decrease capped by a surge in interest expenses, data from the Bureau of the Treasury showed.
STEEL IMPORTERS have been forced to deal with rising logistics cost due to ongoing port congestion in Manila, which an industry leader said could put the sector’s sales growth target for this year beyond reach.
“THUS, as a matter of efficiency, the government forgoes taxes which should have been spent to address public needs, because certain private entities already assume a part of the burden. This is the rationale for the tax exemption of charitable institutions. The loss of taxes by the government is compensated by its relief from doing public works which would have been funded by appropriations from the Treasury (The Rationale for Exempting Nonprofit Organizations from Corporate Income Taxation by H. Hansmann, as cited by the Supreme Court in the case of the Commissioner of Internal Revenue vs. St. Luke’s Medical Center, 2012).”
THE POWER SECTOR Assets and Liabilities Management Corp. (PSALM) is seeking offers for the supply and delivery of industrial diesel oil worth around P106.11 million for this semester.
FOREIGN portfolio investments of resident Filipinos declined last year amid market uncertainty brought about by speculations on the US Federal Reserve’s winding-down of its massive stimulus program, according to Bangko Sentral ng Pilipinas (BSP) data.
SIXTY-FOUR stores in Metro Manila have been found selling consumer goods at above their suggested retail prices (SRPs), the Department of Trade and Industry (DTI) said in a statement yesterday.
TANAUAN, LEYTE — The proposed $508.25-million Philippine Rural Development Program will be submitted next month to the World Bank’s Board of Executive Directors for approval, visiting World Bank (WB) Group President Jim Yong Kim said in a briefing here yesterday.