(First of 5 parts) On 30 May 2016, President Benigno S. C. Aquino III signed Republic Act (RA) No. 10863, otherwise known as the Customs Modernization and Tariff Act (CMTA), which amends the Tariff and Customs Code of the Philippines (TCCP). It will become effective on 16 June 2016 which is 15 days after it was published in a major daily newspaper.
THE Energy Regulatory Commission (ERC) has listed a total of 1,266 electricity end users that qualify as “contestable customers” or those who can choose to contract their electricity supply with any licensed retail electricity suppliers (RES).
THE Philippines and other Asian economies must focus on inclusive growth and on building fiscal and social buffers to cash in on the region’s greater role in global trade, Finance Secretary Cesar V. Purisima said, even with the Chinese economy currently rebalancing.
THE Bureau of Internal Revenue (BIR) said it will not accredit any receipt-printing companies which have any pending cases related to tax disputes.
A DEPARTMENT of Trade and Industry (DTI) official said an export recovery is expected once the effects of El Niño fade, and expressed confidence in the $100-billion target for 2017.
DISTRIBUTION utility Manila Electric Co. (Meralco) is exploring the legal remedies available to it as the energy regulator finally implements rules that allow greater competition in the retail electricity market as well as open to eligible users full access to the country’s transmission grid and private utilities’ distribution system.
Long before the lifeblood theory of taxation was laid down by the Supreme Court, the Roman philosopher, orator and political theorist Marcus Tullius Cicero (3 January 106 BC to 7 December 43 BC) stated: “Taxation is central to the existence and functioning of a nation, as well as to the functioning of its lower levels of government”. Under the Roman empire, paying taxes was an attribute of Roman citizenship which gave citizens the right to enforce their rights.
A MEASURE seeking to upgrade the Bureau of Customs’ (BoC) ability to fast-track import processing and install safeguards against smuggling has been signed into law by President Benigno S. C. Aquino III.
THE ENERGY Regulatory Commission (ERC) will be limiting the capacity of prospective power generating plants in the country’s three main island groups to protect the electricity grid against a “single contingency event” and its possible cost to consumers during an outage.
DEMAND for office space in the Philippines will remain robust, as technological advances allow more companies to outsource work, according to real estate consultancy Jones Lang Lasalle, Inc. (JLL).