THE PHILIPPINE Stock Exchange (PSE) is the world’s third-best performing market in terms of annual domestic market capitalization last year, driven by an attractive investment climate at home, the bourse said in a statement yesterday.
Feb 262013
BusinessWorld Online: Economy
Feb 262013
THE GOVERNMENT has stepped up its campaign to plug revenue leaks as it filed more tax evasion and smuggling cases to start the year.
Feb 262013
THE BUREAU of Customs (BoC) has revoked the accreditation of 39 rice importers as part of its efforts to purge its records of fictitious firms attempting to smuggle the commodity into the country.
Feb 252013
DEPOSITS or cash advances received by general professional partnerships (GPPs), such as accounting or law firms, from their clients or customers may be claimed by the latter as deductions to their gross income if they are covered by official receipts, the tax bureau has said.
Feb 252013
THE CIVIL Aviation Authority Philippines (CAAP) has re-validated air operating certificates (AOCs) of local airlines as part of efforts to comply with international aviation safety standards, an official said yesterday.
Feb 252013
THE BUREAU of Internal Revenue’s (BIR) new issuance, Revenue Memorandum Circular No. 16-2013 (RMC 16-2013) clarified the tax treatment of deposits/advances given by clients/customers to their suppliers/providers. This new issuance is an offshoot of RMC 89-2012, which involves cash advances given to General Professional Partnerships (GPPs). Unlike RMC 89-2012, RMC 16-2013 covers all taxpayers, other than GPPs, doing business in the Philippines. The latter details all the tax implications to and obligations of the taxpayer and the client for purposes of recording and documentation of the deposits/cash advance made.
Feb 202013
DAVAO CITY — The provincial government of Davao Oriental has mapped out a rehabilitation plan for three towns devastated by typhoon Pablo. It will start with coconut farms where six million coconut trees were either uprooted or felled by strong winds.
Feb 202013
THE NATIONAL Government’s outstanding debt grew by 9.8% last year as it borrowed more from domestic sources in a bid to shield itself from foreign exchange risk, data from the Bureau of the Treasury (BTr) showed.
Feb 202013
THE BUREAU of Internal Revenue (BIR) has a period of three years from the last day for the filing of the return to conduct an assessment; otherwise, the right to assess will prescribe. However, if there is prima facie evidence of tax fraud through the filing of a false or fraudulent return or non-filing of a return, the assessment period is extended from three years to 10 years.
Feb 192013
THE GOVERNMENT will revisit the Foreign Investment Negative List (FINL) to open up the economy even more, but it reiterated that it will not consider lifting limits stated in the Constitution.