LOCAL GOVERNMENTS will continue to receive higher internal revenue allotment (IRA) shares from the national government next year, with the Department of Budget and Management (DBM) capping the amount at P486.885 billion.
Jun 222016
BusinessWorld Online: Economy
Jun 222016
Even with the upcoming change in leadership, the Bureau of Internal Revenue (BIR) has not scaled back on efforts to meet its steep collection target of more than two trillion pesos. To this end, it is no coincidence that the BIR has come up with more detailed guidelines and strict control measures to plug possible loopholes in our tax system. In recent issuances, the BIR has provided guidelines covering the conduct of investigation on the capacity of parties to acquire properties and clarifying the tax treatment of gross receipts tax passed on to borrowers.
Jun 212016
DAVAO CITY — The Philippines can expect more investment from European Union (EU) member states especially with president-elect Rodrigo R. Duterte’s decision to prioritize the battle against corruption.
Jun 212016
THE DEPARTMENT of Energy (DoE) has endorsed seven solar projects to receive a subsidized rate of P9.68 for each kilowatt-hour (kWh) they feed into the electricity distribution or transmission network while 17 others are to get P8.69 per kWh, ending speculation about the outcome of its installation target for the renewable energy.
Jun 212016
DAVAO CITY — The Department of Transportation and Communication (DoTC) is bent on resolving the issues surrounding the P19-billion Sasa Port project in the city within the year.
Jun 202016
THE PHILIPPINES has emerged as among the world’s most promising destinations of foreign investments in the next three years, according to the United Nations Conference of Trade and Development (UNCTD).
Jun 202016
THE BUREAU of Customs (BoC) has issued operational guidelines granting the Manila North Harbour Port, Inc. (MNHPI) sub-port the status of an international container port.
Jun 202016
Most, if not all, individuals and corporate entities alike, have had some experience buying, selling, exchanging, transferring, inheriting or donating real and/or personal property/ies. We are well aware that such transfers of properties are subject to applicable income/capital gains taxes (based either on the selling price or fair market value of the properties transferred or gain realized on the transfer) as well as documentary stamp tax (DST) in the case of transfers of real properties and shares of stock not traded in the stock exchange. In the case of transfers of real or personal properties that are held for sale or lease or are used in the business, the same are also subject to value-added tax (VAT). In addition to these national taxes, the sale or exchange of real properties is subject to applicable transfer taxes payable to the concerned local government unit.
Jun 192016
THE PHILIPPINES improved in terms of transparency in the budget process under the Aquino administration, as assessed by the international Public Expenditure and Financial Accountability (PEFA) network, the government said over the weekend.
Jun 192016
THE MANILA Electric Co. (Meralco) has obtained provisional authority from the regulator on two interim power supply agreements (IPSA) in light of an expected high electricity demand during months when a contracted plant is on maintenance shutdown.