BusinessWorld Online: Economy

Rethinking the Expanded Withholding Tax system

Economy

Oct 102016

For the past months, the push for tax reform has been increasing, to rationalize our 19-year-old Tax Code in response to our changing economic environment, including the impact of ASEAN integration. Among the issues surfacing in the news are: updating the tax brackets for individual income tax, reducing corporate income tax rates, and simplifying certain tax administration procedures. Not to be left behind is the possible reform of the withholding tax system, particularly on the expanded withholding tax (EWT). This article focuses on EWT.

FiT, LNG project considered for funding by EU

Economy

Oct 092016

THE feed-in-tariff allowance, a fund collected from electricity consumers and given to renewable energy developers, is among the energy-related outlays that the Department of Energy (DoE) is considering for the P3-billion aid extended by the European Union (EU).

DoF sees inflation above 2% after September rise

Economy

Oct 092016

INFLATION is expected to stay above 2% in the short term, after a half-percentage point increase for September breached the low end of the central bank’s target range of 2%-4% for 2016, according to the Department of Finance (DoF).

The impact of IFRS 16, Leases, on lessees in the retail industry

Economy

Oct 092016

(Second of two parts) In last week’s article, we discussed how the International Accounting Standards (IAS) Board released the new accounting standard on leases, International Financial Reporting Standards (IFRS) 16, Leases, early this year. We also highlighted that the standard will have an impact on different industries, and perhaps even different companies in the same industry. We focused our discussion on lessees in the retail industry, and talked about the requirements for identifying a leased asset and the considerations for determining the commencement of the lease date. We will now look at the other lessee accounting implications of IFRS 16.

EU launches P6-B program for PHL energy programs

Economy

Oct 072016

THE European Union (EU) has P6 billion waiting to be tapped by proponents of energy projects in the Philippines, with the possibility of replenishing the allocation depending on how the money is spent, the EU ambassador to the Philippines said on Friday.

Streamlined BIR, BoC prosecutions mark DoF’s hundred days

Economy

Oct 072016

INITIATIVES reducing red tape and corruption, and improving revenue collection were cited as key achievements by the Department of Finance in the first 100 days of the Duterte administration.

NFA budgets additional P2.3-B for palay procurement

Economy

Oct 072016

THE NATIONAL Food Authority has set aside P2.3 billion to boost its procurement of unmilled rice in the four months ending December this year.

Senior benefits emerging as key tax reform battleground

Economy

Oct 062016

TAX reform, a key initiative in the new government’s first hundred days, has run into obstacles as legislators balked at eliminating senior-citizen entitlements and raising taxes on fuel, among other politically-sensitive measures.

HSBC raises 2016 PHL growth estimate

Economy

Oct 062016

HONG KONG and Shanghai Banking Corp. (HSBC) said it once more raised its growth forecast for the Philippines, with strong government spending expected to prop up further expansion during the second half of the year, helping offset the fading impact of election spending and slowing growth in fund inflows.

Foreign aid commitments firm despite Duterte controversies

Economy

Oct 062016

OFFICIAL Development Assistance (ODA) commitments remain firm despite a number of comments by President Rodrigo R. Duterte that may have offended foreign governments, the Department of Budget and Management said.

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