VAT on isolated transactions

 Economy
May 292013
 

THE VAT TREATMENT of sale of motor vehicle by persons who are not in the regular business of selling cars has often been raised as an issue in tax examinations. The provision usually cited is Section 105 of the Tax Code which provides that VAT shall be imposed on any person who, in the course of trade or business sells, barters, exchanges, leases goods or properties, and renders services. The phase “in course of trade or business” is defined in the same section as “the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto.”

Philippines called 'brightest' in Southeast Asia

 Economy
May 282013
 
Philippines called 'brightest' in Southeast Asia

Photo shows the Makati City skyline during sunset. ANDY ENERO MANILA, Philippines – A report by the Institute of Chartered Accountants in England and Wales (ICAEW) said the Philippines is significantly contributing to the “glowing” Southeast Asian region with its bright economic prospects. “The Philippines is the brightest spark in glowing Asean region,” the report said, citing the recent quarterly review Economic Insight: South East Asia by its partner organization Cebr that highlights Indonesia, Malaysia, the Philippines, Singapore and Thailand. ICAEW said that the “very positive” outlook for the country which is expected to grow 5.1 percent in GDP this year and in 2014 can be attributed to strong exports, “booming” household expenditures and the government’s heavy infrastructure investments. “The country looks set to shake off its former reputation as the ‘sick man of Asia’,” Cebr’s macroeconomics head Charles Davis said in a statement. Davis said, however, that the country’s capacity constraints will likely lead to a slowdown in growth, which is seen to fall to 4.5 percent in 2015. Such constraints cause higher inflation and tighter monetary policy. Furthermore, the growth in stock prices in the Philippines–currently at 34 percent–is seen unsustainable and suggests a bubble to emerge, Davis warned. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Stagnation in industrialized nations means investors are turning to emerging economies in search of higher yield,” Davis, also an economic advisor at ICAEW, said. ICAEW South East Asia director Mark Billington, meanwhile, added that the Philippines’ emergence in the region Read More …

Power users allowed to look for best deal

 Economy
May 282013
 
Power users allowed to look for best deal

MANILA, Philippines – The Department of Energy (DOE) and the Energy Regulatory Commission (ERC) will allow power consumers more time to enter into a retail supply contract as part of the open access regime. Under a draft resolution issued by the ERC, contestable customers who have not yet signed a contract with a supplier shall continue to be served by their franchised distribution utilities until they are able to negotiate a more competitive retail supply contract. “The intent is to ease pressure on the contestable customers in securing a retail supply contract and to avoid being disconnected from service or be served by a supplier of last resort which have higher rates,” the DOE said. The DOE said the ERC resolution is intended to address the growing concerns of many contestable customers of possible disconnection due to the inability to sign a retail supply contract with a supplier. The so-called retail competition and open access (RCOA) will make power distribution companies more competitive. Both the DOE and ERC are looking into how RCOA will better operate to achieve the intent of the Electric Power Industry Reform Act (EPIRA) in terms of promoting customer choice, better services and competition in the power supply sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the so-called open acccess regime, large power users will be able to choose their own suppliers, in contrast with the current system where they are limited to the supplier that has jurisdiction over their areas. Mandated under Read More …

Solar names 2 new officers

 Economy
May 282013
 
Solar names 2 new officers

(From left) Wilson  Tieng, Solar Entertainment president  and CEO; Maria Theresa Borromeo, chief operating officer; Manuel Quiogue, chief commercial officer. MANILA, Philippines – The country’s leading cable network, Solar Entertainment Corp., recently appointed two officers to manage its broadcasting and cable businesses. Joining Solar’stop management are Manuel “Meckoy” Quiogue as chief commercial officer and Maria Theresa “Mitos” Borromeo as chief operating officer. Quiogue joins Solar with an illustrious management track record in both advertising and broadcasting industries. He started in marketing, handling major accounts such as Coca-Cola, and Unilever brands. He moved to advertising, becoming the president and chief operating officer of J. Walter Thompson. Then he went into broadcasting, first with ABS-CBN’s Studio 23, before becoming president and COO of GMA Marketing and Productions, Inc. Prior to Solar, he was the President and CEO of Group M Philippines, the parent company of four media agencies. As Solar’s CCO, Meckoy will oversee the programming, marketing, and sales of Solar’s cable and free-television channels. Borromeo comes with an extensive background in advertising and media. She held top positions in major advertising agencies like DY&R/Alcantara, Lowe, J. Walter Thompson, and Bates Manila.She also was managing director of Mindshare Philippines before being promoted to chief executive cfficer of Group M Philippines. As Solar’s COO, Mitos will oversee the operations of Solar Entertainment Corp. President and CEO Wilson Tieng is confident that the two will bring fresh energy and purpose to Solar Entertainment Corp. In a statement welcoming the two, Wilson said: “Mekoy’s a Read More …

DA asks DTI to monitor lead content in rice

 Economy
May 282013
 
DA asks DTI to monitor lead content in rice

MANILA, Philippines – The Agriculture department is asking the Trade department to monitor rice being sold in Metro Manila, citing reports that the packages of these goods have been found to contain lead. Department of Agriculture (DA) Secretary Proceso Alcala said in a letter dated May 24 to Department of Trade and Industry (DTI) Secretary Gregory Domingo, they would want the Trade department to monitor the packages of rice being sold in the market. This, as the DA received information from the EcoWaste Coalition of the presence of lead in rice sacks. The EcoWaste Coalition is a public interest network of community, church, school, environmental and health groups pursuing sustainable solutions to waste, climate change and chemical issues facing the Philippines and the world. “It is informed that out of 125 sacks, representing 100 brands of rice purchased between the periods of April 13 to 18, 2013 from various rice dealers in public and private markets in cities of Metro Manila, about 53 percent showed low or non-detectable levels of lead, while 47 percent were found to contain lead in the range of 124 parts per million (ppm) to 2,605 ppm,” Alcala said. Alcala noted that the lead content of the rice sacks exceeds the US limit of 90 ppm for lead in paint and surface coating. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said lead was detected in the outer portions of the sacks as well as in the inner sections, posing a concern for adulteration Read More …

Vista Land tops Finance Asia’s ‘Best Mid Cap,’ ‘Best CFO’ awards

 Economy
May 282013
 
Vista Land tops Finance Asia’s ‘Best Mid Cap,’ ‘Best CFO’ awards

MANILA, Philippines – Vista Land and Lifescapes Inc., the Philippine Stock Exchange-listed flagship company of Sen. Manny Villar, has garnered several awards from the prestigious Hong Kong-based FinanceAsia magazine. Based on the final tally of votes for FinanceAsia’s 13th annual poll of Asia’s top companies, Vista Land ranked number one in two key categories: “Best Mid Cap” company and “Best CFO.” The company also made it to the top 10 in five other categories: Best Managed Company – 8th; Best Corporate Governance – 5th; Best Investor Relations – 3rd; Best Corporate Social Responsibility – 10th; Most Committed to a strong dividend policy – 6th.  Vista Land improved its ranking from 7th in “Best Investor Relations” and 4th in “Best Mid Cap” in 2012. For the second year in a row, Vista Land’s Chief Financial  Officer, Ricardo Tan, Jr., was voted number one by investors and analysts across the region in the “Best CFO” category. Metro Pacific Investments CFO David Nicol came in second, while Emmanuel Singson of First Gen, Iker Aboitiz of Aboitiz Power, and Ismael Basa of Joillibee all came in third equal. Last year, Vista Land was the sole winner of the “Best Investor Relations award” from rival publication Asiamoney, and also received a Best Investor Relations award from CorporateGovernanceAsia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CorporateGovernancAsia also cited Vista Land as one of Asia’s Most Promising Companies in Corporate Governance in 2013. Vista Land, the largest homebuilder in the Philippines, posted a net income Read More …

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