BusinessWorld Online: Economy

Revisiting Customs compliance: Changes in post-entry audit

Economy

Jul 062016

To keep up with the changes of enhanced international trade and automated import-export procedures, Republic Act (R.A.) No. 10863 or the Customs Modernization and Tariff Act (CMTA) was signed into law on May 30, 2016. It took effect on June 16, 2016. The CMTA was Drafted bearing in mind the provisions of the Revised Kyoto Convention (RKC), to which the Philippines is a signatory. The RKC or the International Convention on the Simplification and Harmonization of Customs Procedures is widely regarded as the blueprint for modern and efficient customs procedures. In the simplest terms, it is the international standard for making customs regulatory procedures as efficient as possible.

DoF to sell all PSALM assets in three years — Dominguez

Economy

Jul 052016

THE Department of Finance (DoF) plans to dispose of all the assets of the Power Sector Assets and Liabilities Management Corp. (PSALM) within three years, Finance Secretary Carlos G. Dominguez III said.

Bill may close casino loophole in 2001 money-laundering law

Economy

Jul 052016

A BILL seeking to include casino operators in the coverage of the Anti-Money Laundering Act has been filed at the House of Representatives.

Leyte geohazard study warns of landslides, coastal erosion

Economy

Jul 052016

THE coastal geohazard assessment conducted in the province of Leyte revealed that municipalities on the northwest coast are threatened by landslides and rockfall, while some towns on the eastern seaboard are at moderately to high risk of coastal erosion.

Federalism in play as bills set charter agenda

Economy

Jul 042016

MOVES to overhaul the 1987 Constitution continued in Congress, with key legislators signaling their intent to assemble a body to review the charter, broaden foreign ownership in the economy, and reorganize the government along federal lines.

DoE’s Cusi to review energy mix

Economy

Jul 042016

NEW Energy Secretary Alfonso G. Cusi expects to open his term of office reviewing with his staff the target energy mix set by the previous government of 30% each generated from coal, natural gas and renewables, as well as 10% from fuel oil.

BIR Chief’s first order of business: Review previous tax issuances

Economy

Jul 042016

When the new Bureau of Internal Revenue (BIR) Commissioner, lawyer Cesar Dulay, formally assumed office on July 1, it appeared to many that he intended to make an impression. Wasting no time, the Commissioner took many by surprise with three new issuances. The three, released on Friday, consisted of two revenue memorandum circulars (RMC) — RMC Nos. 69-2016 and 70-2016, and one revenue memorandum order (RMO) — RMO No. 38-2016.

DA’s Piñol in initial talks to obtain Japan MAV rice

Economy

Jul 032016

AGRICULTURE Secretary Emmanuel F. Piñol said he has sounded out Japan about providing access to the latter’s stocks of mandatory rice imports, in order to diversify the Philippines’ sources of supply.

Israeli chamber seeks increased farm, tech investments in PHL

Economy

Jul 032016

THE new president of the Israel Chamber of Commerce of the Philippines (ICCP) hopes to attract more Israeli businesses to the Philippines, with a focus on agriculture and information and communications technology.

Overview of changes under the Customs Modernization and Tariff Act

Economy

Jul 032016

(Last of 5 parts) In last week’s article, we listed down some of the changes introduced under the new Customs Modernization and Tariff Act (CMTA), particularly on the new rules relating to abandonment, period of storage in a Customs Bonded Warehouse, advance customs rulings, post clearance audit, record keeping requirements and penalties. In addition to the above, the CMTA also provides the following changes:

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