THE proposed excise tax on petroleum and expansion of the value-added tax (VAT) base in the Department of Finance’s (DoF) personal income tax reform package will affect the rich the most, with the poor shielded by subsidies, according to the department’s Chief Economist.
THE Philippines is seeking to access markets like China, the world’s top importer of sugar, to diversify its trade, which is heavily weighted towards the United States, an official with the sugar regulator said.
THE National Renewable Energy Board (NREB) is looking for other sources to fund the feed-in-tariff allowance (FiT-all) to unburden consumers from paying the monthly charge that is expected to increase in 2017 from the current 12.40 centavos per kilowatt-hour (kWh).
THE Bureau of Customs (BoC) is preparing to implement the P150,000 duty-free tax ceiling for shipments from overseas Filipino workers (OFWs) pursuant to the Customs Modernization and Tariff Act (CMTA), with public consultations scheduled on rules governing the inspection of balikbayan boxes.
Is the estate tax now a dying tax? The estate tax is a tax on the dead. It is imposed on the value of properties being passed on to the heirs from a person who has passed away. From being a tax on the dead, is it now on its way to being a dead tax?
PRESIDENT Rodrigo R. Duterte should set clear direction on energy policy amid an apparent conflict between the economy’s growing demand for reliable and affordable electricity and the need to safeguard the environment by reducing greenhouse gas emissions.
DAVAO CITY — From dearth to excess.
The new leadership of the Bureau of Internal Revenue (BIR) continues to firm up its tax collection strategies in order to help the bureau achieve its collection target for 2016 of P1.6 trillion (reduced from P2 trillion), with less than three months before the year closes. The BIR recently announced that attaining its collection targets will be one of its priorities and value-added tax (VAT) is clearly at the top of its agenda, given that this has been seen as a big source of tax leakage. Very recently, the BIR released Revenue Memorandum Order (RMO) No. 59-2016 dated Sept. 19 mandating an issue-based audit under the Value-Added Tax Audit Program (VAP).
THE Energy Regulatory Commission (ERC) gave state-owned National Transmission Corp. (Transco) more time to complete its Feed-in-Tariff Allowance (FIT-All) filing.
THE budget execution documents (BEDs) of agencies under the Department of Budget and Management (DBM) will be posted online, a new DBM circular letter mandated, as part of the preparation for the national government’s quarterly disbursement program.