INFRASTRUCTURE spending expanded by about a third in August, driven by the repair, maintenance and construction of several roads, educational, health and agricultural facilities, data from the Department of Budget and Management (DBM) showed.
EUROPEAN UNION (EU) businesses are bullish on investing in the Philippines, according to the Department of Finance (DoF), following meetings between ambassadors from the bloc and Finance Secretary Carlos G. Dominguez III.
TAX-EXEMPT status will be revoked from cooperatives that fail to submit the tax identification numbers (TINs) of their members, the Bureau of Internal Revenue (BIR) said in a memorandum circular.
On Sept. 26, the Department of Finance (DoF) submitted to Congress the first package (out of four) of its proposed tax reform program, the purpose of which is to create a tax system that is simpler, fairer and more efficient, characterized by low rates and a broad base. This is a huge change in our tax system, and one that took a long time coming, I must say, since our National Internal Revenue Code has been in existence for almost two decades, and yet no major reforms (at least not of this magnitude) have been formally passed, until last month. Also, with the ASEAN integration, and the Philippines having one of the highest personal income tax rates and one of the narrowest tax bases within the Asia-Pacific region, it is high time that a major revamp of our existing tax system be considered.
THE Environment department has once again delayed releasing the results of its environmental-compliance audit of metal mines.
THE Department of Finance (DoF) plans to raise the value-added tax (VAT) exemption threshold for micro, small, and medium enterprises (MSMEs), in a bid to eliminate complexity and encourage greater compliance among small businesses.
BUDGET Secretary Benjamin E. Diokno said the government’s pivot to China buys the country a measure of stability and freedom of action by eliminating the “distraction” of territorial disputes.
THE Philippine delegation expects to bring home about $2 billion worth of private-sector deals, based on preliminary estimates, from a three-day visit to Japan this week, the Trade secretary said yesterday.
THE GOVERNMENT’S income from port operations grew by around 16% in the first nine months of 2016, on higher revenue from cargo-related fees and lower expenses, the Philippine Ports Authority (PPA) said.
One week from now, we commemorate All Souls Day. Many of us will visit the cemetery to remember departed loved ones. For some, this occasion is a reminder that, after all the toils and struggles in life, our physical bodies will be laid to rest in the same place. Then, what happens? Aside from the spiritual and religious aspects of death, there is another aspect which we might not be able to avoid — tax. In particular, upon death, our estate could be subject to estate tax. Others call it the death tax. Is this applicable only to rich people?