THE Malampaya natural gas platform will undergo maintenance for two days on July 22 and 23, involving preliminary work on the 504-kilometer undersea pipeline ahead of more extensive work in August.
Jun 212017
Jun 212017
THE Bureau of Customs (BoC) revoked the licenses of more importers and brokers this month, following failure of the traders to provide satisfactory responses to show-cause orders.
Jun 212017
If a buyer in the Philippines purchases goods from a Philippine Economic Zone Authority (PEZA) registered enterprise, is the purchase subject to value-added tax (VAT)? Under Section 107 of the Tax Code in relation to Section 26 of Republic Act No. 7916 (PEZA Law), sale of goods by a PEZA-registered enterprise to a buyer in the Philippines (i.e., domestic sales) is considered a “technical importation,” i.e. the buyer is treated as the importer and the sale shall be charged the corresponding VAT. The rationale for this tax treatment is that an ecozone is considered a separate customs territory which creates a legal fiction that it is a foreign territory, even though located within the Philippines. In essence, purchases from an ecozone are likened to purchases made from abroad. Thus, the sale is treated as a technical importation.
Jun 202017
CHINA’S One Belt, One Road (OBOR) initiative is expected to open new markets for the Philippines, boosting the country’s manufacturing and exports, Finance Secretary Carlos G. Dominguez III said.
Jun 202017
THE Departments of Agriculture (DA) and of Trade and Industry (DTI), along with the Philippine Chamber of Commerce and Industry (PCCI), are collaborating on a project that aims to improve market access for farmers.
Jun 202017
CEBU continues to attract the most number of knowledge process outsourcing (KPO) firms in the country outside Metro Manila, due to its infrastructure and residential projects and the supply of university graduates the area produces, a property consultancy firm said.
Jun 192017
THE ECONOMY is expected to post at least a 7% expansion this year, as it sustains the momentum of strong investment-led growth, backed by foreign inflows and jacked-up infrastructure spending, analysts at First Metro Investment Corp. (FMIC) said yesterday.
Jun 192017
THE GOVERNMENT yesterday launched the framework that will kickstart the implementation of the country’s PUV (public utility vehicle) modernization program meant to improve the quality of the mass transport sector.
Jun 192017
When our loved ones pass away, we do not concern ourselves immediately with the transfer of properties they left behind. We tend to forget the obligation to settle the so-called “estate tax” with the Bureau of Internal Revenue (BIR) until we intend to sell or transfer these properties. As a result, we will have incurred penalties such as surcharges, interest and compromise penalties. The lack of interest in the estate tax is mirrored in its very low revenue performance.
Jun 182017
UNSOLICITED Proposals for various airport projects will have to take a back seat as the government prioritizes development of the Sangley and Clark airports to immediately decongest the country’s main gateway.