Jul 092014
 

IN THE recently issued Revenue Memorandum Circular (RMC) No. 46-2014, the Bureau of Internal Revenue (BIR) clarified that a financial lease is essentially a mode of extending credit, and is therefore subject to documentary stamp tax (DST) as a loan and not as a lease. Generally, a lease is an agreement whereby a person (lessor) binds himself to give a property to another — (lessee) for use and enjoyment for a certain period of time in return for rental payments.

Jul 082014
 

IN ORDER to ensure adequate water supply in prospective tourism areas — including some of the poorest in the country — the government, through the Department of Budget and Management (DBM), has released P1.73 billion to the Department of Public Works and Highways (DPWH) to implement relevant projects nationwide, according to a DBM statement yesterday.

Jul 072014
 

MANUFACTURING, agribusiness and fishery, services, energy, public infrastructure and logistics, as well as public-private partnership projects are among the sectors included in the 2014 Investment Priorities Plan (IPP) the Trade department intends to submit to Malacañang this month for approval, a senior official confirmed to reporters yesterday.