BIR: Online filing of ITRs to be rolled out next year

 Economy
Sep 172013
 
BIR: Online filing of ITRs to be rolled out next year

MANILA, Philippines – Bureau of Internal Revenue (BIR) Commissioner Kim Hernares on Tuesday said the tax collecting agency is now putting in place measures for the electronic filing of income tax returns (ITRs) by April next year. Henares said the agency is in talks with the Department of Budget and Management for the online payment system. “We will put up interactive forms for self-employed individuals to file their ITRs online with an option to pay electronically or through banks,” said Henares. She added that by next year, taxpayers will soon have the option to file their ITR either electronically or manually. She added that BIR is now pilot-testing other tax-related payments such as the value-added tax which it plans to implement by the end of the year. Other measures include the improvement of information technology capacity of registering corporations as well as properties, the state agency said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This will provide us assurance that those who registered with us are legitimate persons,” Henares said.

Appealing a BIR ruling

 Economy
Sep 162013
 

ASIDE from the pork barrel scam issue, I think that by now, many taxpayers are aware that the Bureau of Internal Revenue (BIR) is working doubly hard to attain its collection goal. One of its strategies to achieve its target is to strictly enforce tax laws. This has resulted in the denial of request for rulings issued to some taxpayers, including the rulings on upstream merger (BIR Ruling No. 508-2012, Aug. 3, 2012), deductibility of royalties (BIR Ruling No. 014-2012, Jan. 4, 2012) and NOLCO (BIR Ruling No. 214-2012, March 28, 2012), among others.

Avoiding a lost generation

 Economy
Sep 152013
 

IN THE PHILIPPINES, youth unemployment is becoming a major concern. Unemployment rose to 7.3% in July from 7% in the same month in 2012. Last week, the National Statistics Office (NSO) reported that although the local economy generated 620,000 new jobs, over three million of the more than 41-million-strong labor force remain jobless. Included in the three million unemployed are youth workers, or those who are at least 15 years old and looking for work.

Port cargo volume rises 5.3% in H1

 Economy
Sep 142013
 
Port cargo volume rises 5.3% in H1

MANILA, Philippines – The volume of cargo shipped in and out of the Philippines grew 5.3 percent in the first half, mainly driven by the continued expansion of the local economy according to data from the Philippine Ports Authority (PPA). Total cargo volume reached 97.96 million metric tons (MT) from January to June or 4.93 million higher than the 93.03 million MT recorded in the same period last year. Cargo shipped within the Philippines rose 8.2 percent to 40.77 million MT, while cargo shipped in and out of the country climbed 3.34 percent to 57.18 million MT. Private ports handled 58.5 million MT, accounting for 59.7 percent of the total cargo volume, while government-run ports handled 37.5 million MT for a share of 40.3 percent. PPA general manager Juan Sta. Ana attributed the increase in cargo volume to the expansion of the country’s domestic output as measured by the gross domestic product (GDP) by 7.6 percent in the first semester, from 6.4 percent in the same period a year ago. For the second quarter alone, the country’s GDP grew 7.5 percent from 6.3 percent in the same period last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Sta. Ana also traced the improvement to the increase in cargo volume handled in 16 port management offices (PMOs). The port of Tagbilaran booked the highest growth of 49.7 percent followed by Legazpi with 46.3 percent due to the increase in domestic shipment of aggregates, heavy equipment and construction materials and Read More …

Real estate sector to benefit from tourism

 Economy
Sep 142013
 
Real estate sector to benefit from tourism

MANILA, Philippines – Tourism is still the next big thing in the real estate sector, according to Jones Lang LaSalle (JLL), a leading real estate services firm. JLL country head David Leechiu, in his speech during the recent general membership meeting of the Chamber of Thrift Banks, said for the next four years, there are over 12,431 rooms that are expected to be built. He noted that around half of the upcoming hotels will rise in the Entertainment City. “There are expected about 8,550 supply of hotel rooms in Entertainment City (launched and planned),” he said. The hotels that would be constructed in Entertainment City include: Belle Grande Manila Bay of Belle Corp. (2013); Manila Bay Resorts (2014); Radisson Hotel Manila of SM Investments Corp. (2014); Resorts World Bayshore of Genting Berhad Group/Alliance Global Inc. (2016); Luxury Hotel of Bloomberry Resorts and Hotels Inc.; and Mercure Hotel Manila of CDC Holdings Inc. Other hotels in the pipeline which will be located all over the metropolis and expected to be constructed within 2013-2017 include: WorldHotel Residences of WorldHotels (Makati); Marco Polo Ortigas of Edsa Grand Realty and Development Corp. (Ortigas); Ascott of CDC Holdings Inc. (Bonifacio Global City); Novotel Manila Araneta Center of Araneta Group (Araneta, Quezon City); Citadines of CDC (Makati); Citadines Millennium of CDC (Ortigas); Shangri-La at the Fort of Shang Properties (BGC); Grand Hyatt Manila of Federal Land Inc. (BGC);Conrad Hotel Manila of SMIC (Seaside Boulevard, Pasay City; Movenpick Hotel Manila of Picar Development Inc. (Makati); Savoy Hotel Read More …

Key BSP rates to hold up until 2014 – DBS

 Economy
Sep 142013
 
Key BSP rates to hold up until 2014 – DBS

MANILA, Philippines – The Bangko Sentral ng Pilipinas is expected to keep rates steady until the second quarter of next year, Singapore-based DBS said. This, as inflation remains manageable and amid the country’s favorable external balances, the bank said in its quarterly report published Friday. “From a price stability standpoint, there is again no urgency for the central bank to hike rates. Despite multiple quarters of strong GDP (gross domestic product) growth, inflation has been trending lower,” DBS said. “Stable food prices and depressed commodity prices have gone a long way towards keeping a lid on headline inflation. Barring an upward shock to these two components, a mild updrift in CPI (consumer price index) is expected as the global recovery gains traction, eventually translating into higher commodity prices,” DBS continued. Inflation has averaged 2.8 percent in the eight months to August, below the central bank target range of 3 to 5 percent for the year. The level is also below the BSP’s forecast of 3 percent. At the same time, DBS noted credit expansion may grow in the next few months as funds being flushed out of the central bank’s special deposit accounts find their way into the financial system. This may stoke inflation in the coming months, but DBS pointed out the rise in consumer prices is expected to remain manageable. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We maintain that inflation will average 3.1 percent in 2013 before rising to 4.1 percent in 2014. Monetary tightening Read More …

 Older Entries  Newer Entries