THE PALACE on Monday said it was too early to tell how the incoming US government’s stated policy against the outsourcing of jobs overseas will affect the business process outsourcing (BPO) industry here.
Dec 122016
Dec 122016
Here is some good news: Issuance of rulings on the tax exemption of benefits paid to employees separated because of retrenchment or closure of the business are now devolved to the Revenue District Offices (RDOs) of the Bureau of Internal Revenue (BIR). As we all know separation pay received by an employee, or his heirs, because of death, sickness, or other physical disability, or for any cause beyond the control of the employee, is exempt from income tax, and consequently from withholding tax pursuant to Section 32(B)(6)(b) of the Tax Code. Cause beyond the control of the employee includes retrenchment due to redundancy or installation of labor-saving devices, or due to closure of the business.
Dec 112016
MANUFACTURERS have promised not to raise prices until the first quarter of 2017, when the impact of foreign exchange movements will be felt, a trade official said.
Dec 112016
THE Department of Energy (DoE) has asked the Climate Change Commission (CCC) for a plan to access international funding to help the country adapt to global warming, Energy Secretary Alfonso G. Cusi said.
Dec 112016
IFRS 15, Revenue from Contracts with Customers, the highly anticipated revenue standard issued by the International Accounting Standards Board (IASB), will change the rules for revenue recognition. IFRS 15 replaces all existing revenue recognition standards and provides companies and industries a comprehensive and consistent set of guidelines by which to account for revenue transactions and in preparing relevant disclosures.
Dec 092016
THE Trade Secretary met with officials of large South Korean manufacturing companies last week, with the latter considering investment and expansion plans here in the Philippines in light of the country’s fast-growing economy.
Dec 092016
THE National Economic and Development Authority, along with Congress, will be coming up with an updated Foreign Investments Negative List (FINL) by May.
Dec 092016
THE Department of Environment and Natural Resources (DENR) intends to tap workers of suspended mining firms for the government’s planned expansion of bamboo and mangrove plantations to fight climate change and poverty.
Dec 082016
AUTO SALES in November rose 22.2% from a year earlier, boosted by promotional offers, with robust demand expected to continue through to the end of the year, industry representatives said.
Dec 082016
THE Mines and Geosciences Bureau, which is in charge of the environmental audit of the country’s remaining metal mines, may reach a final decision on the fate of the 31 such facilities after about five months.