THE Philippines’ oil import bill grew in the first half of this year owing to higher prices of fuel from abroad and increased volumes, data from the energy department showed.
Sep 292014
Sep 292014
CONGRESS IS eyeing to present the 2015 budget for signature to President Benigno S. C. Aquino III by Dec. 15.
Sep 292014
THE BUREAU of Internal Revenue (BIR) is in a surprisingly merry mood these days. The reason could be one of three things: 1) the nearing yuletide season; 2) the P9.45 billion increase in revenue collection as of August 2014 compared to August 2013; 3) the P62 billion worth of tax evasion cases filed in the courts as of July 2014.
Sep 292014
Roxanne Barcelo has remade herself into Roxee B. and boyfriend Will Devaughn approves wholeheartedly.
Sep 292014
MANILA, Philippines – The Philippines has signed a multilateral agreement on mutual administrative assistance in tax matters to boost its participation in global efforts to fight tax evasion. Internal Revenue Commissioner Kim Henares signed the convention on behalf of the Philippine government last Friday in Paris. By signing the accord, the Philippines has become the 68th signatory to the convention, which has now taken on increasing importance with the G20’s call for automatic exchange of information to become the new international tax standard of exchange of information. The convention was developed jointly by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe with the aim of promoting international cooperation for effective implementation of national tax laws. The G-20 is a forum for the governments and central bank governors from 20 major economies. Collectively, the G-20 economies account for around 85 percent of the gross world product, 80 percent of world trade and two-thirds of the world population. The convention facilitates international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers. It also provides for all possible forms of administrative cooperation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “As the Philippines continues to grow, the government continues to look for ways to increase revenues to support this growth and ensure that critical investments in infrastructure and social services Read More …
Sep 292014
MANILA, Philippines – Leading multimedia and telecoms provider Philippine Long Distance Telephone Co. (PLDT) is looking at other options to put up a new headquarters aside from the proposed campus-type complex patterned after the “Googleplex” of Google Inc. in California. PLDT president Napoleon Nazareno said in an interview that the company is considering putting up a high-rise building at the Ramon Cojuangco Building along Makati Avenue corner Ayala Avenue in Makati City. Nazareno said the company is carefully studying the planned high-rise building as this would involve tearing down of the existing building and putting up a new one without damaging the equipment at the basement of the existing headquarters. He added that the PLDT would have to find a place to relocate its employees while the planned high-rise building is being constructed. Nazareno earlier told The STAR that the telecom giant is looking at establishing a “campus type” complex as the company was assessing whether to put up a new building or acquire a building that would serve as its new headquarters. The planned acquisition of the Alphaland Building owned by former Trade Minister Roberto Ongpin along Ayala Ave. in Makati City might no longer push through. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan earlier said the PLDT Group was looking at Sta. Rosa in Laguna and Alabang in Muntinlupa City due to the size of property of between 10 and 15 hectares needed for the “campus type” complex. He added that the company is still Read More …
Sep 292014
A number of businesses here and abroad are concluding transactions through electronic means. It has allowed the buying and selling of goods and services from one company to another across borders. In this age, commerce is no longer limited to the physical purchase and payment. Transactions can now be electronically done. Recently, the Supreme Court held that instructions by investor-clients from abroad to debit their local or foreign currency accounts with a Philippine bank and to pay the purchase price of their investments in shares of stocks in domestic corporations through SWIFT, “Society for Worldwide Interbank Financial Telecommunications”, are not subject to documentary stamp tax (DST). In purchasing shares of stock and other investment in securities, the investor-clients would send electronic messages from abroad instructing its Philippine bank to debit their local or foreign currency accounts and to pay the purchase price. Section 181 of the Tax Code provides that “any bill of exchange or order for the payment of money purporting to be drawn in a foreign country but payable in the Philippines shall be subject to DST at P0.30 on each P200 or a fractional part thereof, of the face value of any such bill of exchange or order”. On Aug. 23, 1999, the Bureau of Internal Revenue (BIR), through Commissioner Beethoven L. Rualo, issued BIR Ruling No. 132-99 and ruled that instructions or advises from abroad on the management of funds located in the Philippines which do not involve transfer of funds from abroad are not subject Read More …
Sep 292014
MANILA, Philippines – Government officials will be promoting today the sustainability of the country’s gains beyond 2016 at the Philippine Economic Briefing. “The country has achieved a lot over the last four years. With the Aquino administration ending in two years, it is keen on promoting confidence that the economic gains and the good-governance agenda will persist beyond 2016,” Editha L. Martin, executive director at the Bangko Sentral ng Pilipinas’ Investor Relations Office (IRO), said. “The subject of sustainability has been etched in people’s minds given the significant gains in the economic and governance fronts over the last four years,” Martin said. The economy expanded by a strong 7.2 percent last year, sustaining the already faster-than-expected 6.8 percent in 2012. The government hopes to grow the economy by 6.5 to 7.5 percent this year despite the six-percent average recorded in the first half. The country has also received investment-grade credit ratings from the three largest international debt watchers which are seen boosting foreign investments and in turn, creating more jobs. The briefing will be opened by Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. and will be attended by Socioeconomic Planning Secretary Arsenio Balisacan, Public Works Secretary Rogelio Singson, and Bases Conversion and Development Authority President Arnel Casanova, who will all be discussing big-ticket infrastructure projects that will be pursued in the next two years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Trade and Industry Secretary Gregory Domingo, Tourism Secretary Ramon Jimenez Jr., and Senator Paolo Benigno Read More …
Sep 292014
Just before we enter the fourth and last quarter of the year, let’s take a breather by giving way to our readers. The first two letters tackle complaints about the irregularity of perks for senior citizens, particularly about parking allocation in malls. I hope the local governments, particularly of cities, can meet and discuss about standardizing the benefits that accrue to senior citizens. Understanding that not all cities are as affluent as Makati, which has become the model for providing benefits and privileges to seniors, a categorized standard could be agreed on to avoid confusion and complaints. The next two letters feature contributions from readers about our worsening traffic in Metro Manila, which we can expect to even deteriorate now that the gift-giving month of December is fast approaching. Read on. Limited parking slots This one is from Gilda “Vanessa” Figueroa: “May I just inform you that Robinsons Magnolia has only 40 allotted parking slots for seniors; likewise Ayala Trinoma (I forget now how many slots); and others. The senior is asked to pay if there are no more available vacant slots. “Is there a law that says malls and establishments can only give a number of senior citizen slots? Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Please enlighten because we are made to fall in line and wait for a next available slot for seniors even if there are normal slots available. Sometimes it takes almost an hour or more until we just give up and relent Read More …
Sep 292014
Kapuso talent Gabrielle Garcia says she plans to compete in Binibining Pilipinas beauty pageant when she turns 20.