THE Subic Bay Metropolitan Authority (SBMA) will propose P140 billion worth of projects for implementation in the next six years, largely roads and bridges to cut the travel time to and from Northern Luzon and Metro Manila.
Dec 082016
Dec 072016
ECONOMISTS at ANZ Research have revised upward the bank’s growth forecast for the Philippines for this year and 2017, taking into account an above 7% expansion seen during the third quarter and the sustained strength in private investment which are seen supporting the country’s robust growth story.
Dec 072016
CAR manufacturing is not expected to suffer from automobile and oil excise tax increases starting 2018, with fiscal incentives for the industry continuing to to be effective,the Department of Finance (DoF) said.
Dec 072016
In an attempt to generate a greater sense of accountability among tax officials conducting investigations and to ensure an effective feedback mechanism for taxpayers, two new tax issuances were recently released — Revenue Memorandum Order Nos. 54-2016 and 61-2016. Through RMO 54-2016, the Bureau of Internal Revenue (BIR) created a Special Disciplinary Committee for the purpose of investigating revenue officers over questionable tax audits and investigations. The committee was established for the expeditious investigation of revenue officers who failed the test of integrity, competence, and efficiency in the performance of their audit functions or in the conduct of tax investigations uncovered in the process of implementing Revenue Memorandum Circular (RMC) No. 70-2016. Readers may recall that RMC 70-2016 suspended all field audits and investigations including issuances of Letters of Authority subject to certain exceptions. Moreover, it ordered the inventory of existing tax investigations.
Dec 052016
THE DEPARTMENT of Finance (DoF) is seeking a review of tax matters that may be subject to legal challenge in order to do away with “unfair” collections that may later be reversed by the courts and detract from the government’s ability to execute its ambitious spending program.
Dec 052016
THE Board of Investments (BoI) is conducting a series of consultations this week with various stakeholders on the proposed 2017 Investment Priorities Plan (IPP).
Dec 052016
It is only 19 days to go before Christmas. But before the merriment of Christmas engulfs us, we should also prepare for the upcoming rush of renewing local government unit (LGU) registrations for businesses. The Local Government Code of the Philippines provides that all local taxes, fees, and charges shall be paid on or before Jan. 20 of each year. For quarterly payments, succeeding payments must be paid not later than 20th day of the first month of the quarter. The local government unit (LGU), however, may for a justifiable reason or cause, extend the time for payment of such taxes, fees, or charges without surcharges or penalties, but only for a period not exceeding six months.
Dec 022016
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Dec 022016
GOVERNMENT DEBT, relative to gross domestic product (GDP), remained below the previous year’s levels at the close of the third quarter, although the ratio was higher than the government target of 42.66%.
Dec 012016
THE Department of Labor and Employment (DoLE) said that the government is targeting the creation of 7.2 million jobs by 2022, a target which if realized will exceed the estimated work force generated by the previous government.