EXPORTS to the European Union (EU) can survive the loss of a preferential trade arrangement that allowed the tariff-free access of over 6,000 products, but some agricultural products may be more vulnerable than others, a Department of Trade and Industry (DTI) official said.
BUSINESS GROUPS generally welcome the latest Investment Priorities Plan (IPP) of the Board of Investments (BoI), but some are asking for more clarity on steps being taken to transfer incentives currently given in Metro Manila to other regions without the “risk of losing to other countries.”
One may chuckle at the fact that the word “interest” is used 135 times in different parts of the Tax Code but is never defined. “Interest” as used in the Tax Code refers to: • Income earned from “deposits,” “deposit substitutes,” “trust funds” and other similar arrangements • Income generated from loans, bonds, notes, and other forms of borrowings • The additional imposition whenever a taxpayer belatedly pays a tax • Revenue received from lending activities by bank, non-bank financial intermediaries and finance companies which is subject to the gross receipts tax (GRT) of 1% to 5% depending on the remaining maturity of the underlying debt instrument, and which is subject to readjustment of tax rates under certain conditions.
THE equities market, peso and the overall economy will remain resilient this year despite global market uncertainties, according to the Hong Kong and Shanghai Banking Corp. (HSBC), with the bank factoring into its projections strong remittances, foreign direct investment and robust domestic consumption.
A DOUBLE-DIGIT surge in remittances seen in November likely provided a boost to household spending during the fourth quarter of 2016, which is expected to prop up economic growth beyond 6% during the period, a bank economist said.
THE Philippine Ports Authority (PPA) yesterday reported a 17% rise in net profit for the first 11 months of 2016.
THE EUROPEAN Union is monitoring the government’s plan to bring back the death penalty, with the Philippines’ eligibility for a preferential trade arrangement at stake, an EU official said.
THE GOVERNMENT needs to address the quality of jobs available to workers despite the greater availability of work, economists said.
For businesses, the start of the new year means setting new goals and targets. Likewise, the Bureau of Internal Revenue (BIR) also has its own new set of plans for 2017. This year, the BIR is tasked to collect P1.829 trillion which is equivalent to 79% of the National Government’s total projected tax revenue of P2.313 trillion. Although the target amount is lower than the last year’s collection goal which was P2.025 trillion, P1.829 trillion is still undeniably an uphill challenge.
THE PHILIPPINES needs to attract more investment from both domestic and foreign sources to achieve the goal of becoming a high-income economy by 2040.