IMPORTERS could once more resort to a voluntary disclosure program for errors in their Bureau of Customs (BoC) records, with a draft memorandum order for the implementation of the post-clearance audit provisions of the Customs Modernization and Tariff Act (CMTA) providing for a Prior Disclosure Program (PDP), restoring the bureau’s post-clearance audit functions.
(First of two parts) After a long wait, the new accounting standard on leases, International Financial Reporting Standards (IFRS) 16, was finally issued by the International Accounting Standards Board (IASB) in January 2016. IFRS 16 will replace the currently used International Accounting Standards (IAS) 17, Leases. It will have a significant impact on lessees as they will be required to recognize most of their leases on their balance sheets. On the other hand, there will be little or virtually no impact for the lessors as their accounting for their lease contracts will be substantially the same.
MARKET participants should not get carried away by negative sentiment arising from the President’s unguarded remarks, a central bank official said, with the peso still gaining competitiveness despite continuing to slump this week.
THE Department of Energy (DoE) has asked oil companies operating in Mindanao to explain reports of “unusual price reductions” in gasoline products, saying the movements are in possible breach of provisions under the law.
THE Philippine Solar Power Alliance (PSPA) has asked the Department of Energy (DoE) to resolve the issue of over-subscription to the 500-megawatt (MW) installation target set under the past administration as well as persistent questions on how the developers qualified to the guaranteed feed-in-tariff (FiT), its top official said.
BUDGET Secretary Benjamin E. Diokno said the peso’s weakness was not due to any manipulation by the United States, contrary to claims made by President Rodrigo R. Duterte.
THE tax reform package submitted by the Department of Finance (DoF) to the Congress is currently being evaluated for its feasibility, with some politically sensitive measures deemed unlikely to pass, House Speaker Pantaleon D. Alvarez said.
Nonstock, nonprofit educational institutions may have reason to be upbeat this school year with the issuance of Revenue Memorandum Order (RMO) No. 44-2016, excluding them from the renewal requirements of their tax exemption status. Readers may recall that in 2013, the Bureau of Internal Revenue (BIR) issued RMO No. 20-2013, requiring nonstock, nonprofit organizations under Section 30 of the National Internal Revenue Code (NIRC) to secure confirmatory BIR rulings or certificates of tax exemption by submitting an application and supporting documents for evaluation. However, this requirement was declared null and void as far as nonprofit schools were concerned when a Regional Trial Court in 2014 cited the constitutional protections enjoyed by such institutions.
THE Philippine Competition Commission (PCC) has committed to release early next year the results of a study that seeks to bolster antitrust policy, including a recommendation to ease restrictions on foreign investments.
MORE than 1,000 megawatts (MW) of new power capacity have been added to the electricity grid in the first half of 2016, bringing the country’s total installed capacity to 20,055 MW as of June, latest data from the Department of Energy (DoE) show.