BusinessWorld Online: Economy

Tax sparing spared

Economy

Sep 072016

If a taxpayer was given two benefits which cannot be simultaneously availed, who should choose which benefit to avail — the government or the taxpayer? If we apply Revenue Memorandum Order (RMO) No. 27-2016 dated June 23, 2016 with regard to the final withholding tax (FWT) on dividends paid to foreign corporate shareholders, it appears that it is the government who can choose. However, the effectivity of this RMO was suspended by the BIR under Revenue Memorandum Circular No. 69-2016 dated July 1, 2016. Is the suspension good news?

LEDAC meet set as efforts to pass bill come together

Economy

Sep 062016

THE Executive is looking to convene a meeting with Congressional leaders within the next two months to lobby for the speedy passage of the government’s priority measures such as tax reform and the creation of a Housing department, the country’s Budget chief said.

Small auto parts makers to BoI: Don’t leave us out of CARS scheme

Economy

Sep 062016

A LOCAL auto parts maker group wants the government to lay down clearly the policy that would allow it to benefit from the so-called Comprehensive Automotive Resurgence Strategy (CARS) Program.

Suspension of BIR audit lifted: BIR is back to the grind

Economy

Sep 062016

The first of September 2016 marks the resumption of the previously-suspended tax audits being handled by the Bureau of Internal Revenue (BIR). This was by virtue of Revenue Memorandum Circular (RMC) No. 91-2016. The said RMC mentioned that the lifting of the suspension was done since “the conferred authority under the laws to the BIR for the collection of taxes, to be more effectively administered and implemented, requires some form of enforcement activities to ensure the collection of correct taxes at the times prescribed by the law.”

Plan to export Philippine pork to Singapore revived

Economy

Sep 042016

THE government is reviving a long-stalled bid to export pork to Singapore, according to Department of Agriculture Secretary Emmanuel F. Piñol.

Summit seeks unified declaration on mining

Economy

Sep 042016

DAVAO CITY — Members of the Mindanao Association of Mining Engineers (MAEM) will hold their annual summit this month, now on its 22nd year, but this time with the participation of all stakeholders in an attempt to get a consensus on the direction of the industry that is undergoing a shake-up from the Duterte administration.

DTI seeks to revive manufacturing sector

Economy

Sep 022016

THE Trade department has laid out its plans to address the sluggish growth of the country’s manufacturing sector in a bid to help curb the poverty incidence rate.

Bataan nuclear plant repair, operation to cost less than $1B

Economy

Sep 022016

THE REPAIR and possible commercial run of the Bataan nuclear plant could cost lower than the initial estimate of $1 billion and could attract funds other than those coming from the government, proponents of nuclear energy for the country said on Friday.

BFAR suspends De Oro accreditation over tainted scallops

Economy

Sep 022016

THE AGRICULTURE DEPARTMENT’S Bureau of Fisheries and Aquatic Resources (BFAR) has temporarily suspended the accreditation of De Oro Resources, Inc. to export fishery products with a pending audit on reports that the company exported hepatitis A virus-infected frozen raw scallops to the United States.

Philippines closes new rice supply deal at $424.85/MT

Economy

Sep 012016

THE GOVERNMENT has accepted the bids of Vietnam and Thailand in a tender that closed on Wednesday for a combined 250,000 metric tons (MT) of rice imports for shipment later this month and the next.

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