THE Information Technology and Business Processing Association of the Philippines (IBPAP) expects the industry to grow in the next six years, earning as much as $38.9 billion in revenue by 2022 as it expands its reach in the global market.
LEAKAGE from value-added tax (VAT) exemptions and corporate tax incentives cost the government P105 billion in foregone revenue annually, according to the Department of Finance (DoF).
INFRASTRUCTURE spending expanded by about a third in August, driven by the repair, maintenance and construction of several roads, educational, health and agricultural facilities, data from the Department of Budget and Management (DBM) showed.
EUROPEAN UNION (EU) businesses are bullish on investing in the Philippines, according to the Department of Finance (DoF), following meetings between ambassadors from the bloc and Finance Secretary Carlos G. Dominguez III.
TAX-EXEMPT status will be revoked from cooperatives that fail to submit the tax identification numbers (TINs) of their members, the Bureau of Internal Revenue (BIR) said in a memorandum circular.
On Sept. 26, the Department of Finance (DoF) submitted to Congress the first package (out of four) of its proposed tax reform program, the purpose of which is to create a tax system that is simpler, fairer and more efficient, characterized by low rates and a broad base. This is a huge change in our tax system, and one that took a long time coming, I must say, since our National Internal Revenue Code has been in existence for almost two decades, and yet no major reforms (at least not of this magnitude) have been formally passed, until last month. Also, with the ASEAN integration, and the Philippines having one of the highest personal income tax rates and one of the narrowest tax bases within the Asia-Pacific region, it is high time that a major revamp of our existing tax system be considered.
THE Environment department has once again delayed releasing the results of its environmental-compliance audit of metal mines.
THE Department of Finance (DoF) plans to raise the value-added tax (VAT) exemption threshold for micro, small, and medium enterprises (MSMEs), in a bid to eliminate complexity and encourage greater compliance among small businesses.
BUDGET Secretary Benjamin E. Diokno said the government’s pivot to China buys the country a measure of stability and freedom of action by eliminating the “distraction” of territorial disputes.
THE Philippine delegation expects to bring home about $2 billion worth of private-sector deals, based on preliminary estimates, from a three-day visit to Japan this week, the Trade secretary said yesterday.