TIMTA: Transparency in tax incentives management and accounting

 Economy
Jan 242016
 

Fiscal and non-fiscal incentives have, for many years, formed an integral part of the government’s efforts to promote domestic and foreign direct investment (FDI). The question that has always been raised is whether these incentives — particularly the tax or fiscal incentives — are costing the government more compared to the benefits that the FDI brings. Until recently, there was no system to properly account for the tax incentives granted to these businesses, and the government has been unable to determine the magnitude of its exposure on these incentives.

Market volatility to continue

 General
Jan 242016
 
Market volatility to continue

MANILA, Philippines – The local equities market is expected to experience continued volatility this week amid a slew of negative developments on the external front, said Astro del Castillo, managing director of First Grade Finance Inc. Jason Escartin of 2TradeAsia.com said investors would also be looking at the release of the country’s fourth quarter gross domestic product performance on Thursday. “It’s a wait and see for now,” he said. Escartin said with the country still considered as one of the fastest-growing economies in the region, better-than-expected results could douse off part of the pessimism, but there are no clear signals in place yet to cap the “global volatility overhang.” Escartin sees the index at 6,100 points, with secondary support at 6,000 and resistance at 6,300. As for external developments, Escartin said investors would also be looking at the US Federal Reserve’s next move. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Investors will be anticipating the Fed’s stance on the recent spate of selloffs in global financial markets, especially to the extent the current macro picture impacts two critical factors: labor and inflation outlook. The key point of interest will be on the timing of the next rate hike.  Any consideration to delay might be lauded and could encourage slight bargain hunting,” Escartin said. Another factor is the oil prices, which have been spiraling down the past weeks. After the International Energy Agency (IEA) raised the alert, the world could “drown in oversupply” as Iran re-enters the market, some Read More …

SEC approves new rules for corporate papers

 Economy
Jan 242016
 
SEC approves new rules for corporate papers

Under the new guidelines submitted by the Philippine Dealing and Exchange Corp. (PDEx) last year, holders of securities subject to 25% and 30% final withholding tax will be allowed to trade with tax-exempt individuals. Philstar.com/File MANILA, Philippines – The Securities and Exchange Commission (SEC) has approved an expanded list of corporate bondholders who can trade with each other under new guidelines meant to boost capital market liberalization. Under the new guidelines submitted by the Philippine Dealing and Exchange Corp. (PDEx) last year, holders of securities subject to 25 percent and 30 percent final withholding tax will be allowed to trade with tax-exempt individuals. PDEx operates the country’s fixed income exchange. At present, only entities subject to 20-percent withholding tax are allowed to trade with tax-exempt entities only when interest payment is already due. These guidelines, however, do not cover transfers of non-resident foreign individuals not engaged in trade or business, which are subject to 25-percent final withholding tax. They also do not include non-resident foreign corporations subject to 30-percent final withholding tax. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PDEx said a growing number of accounts belonging to the 25-percent and 30-percent tax-withheld categories necessitate the crafting of new guidelines. “The proposed guidelines provide that transfers across different tax categories shall not be allowed except on interest payment dates that fall on a business day,” PDEx said in its letter to the Philippine Stock Exchange. “However, transfers from a tax-exempt category to a taxable category (25 percent and 30 Read More …

National Government debt payment up

 Economy
Jan 242016
 
National Government debt payment up

A total of P26.498 billion in debts were paid in November, up by more than a third from the previous month’s P19.801 billion, which was the lowest since April 2011. Philstar.com/File MANILA, Philippines – After hitting a four-year low in October, debt payments by the national government bounced back in November, but remained down from year-ago levels, the Bureau of the Treasury said. A total of P26.498 billion in debts were paid in November, up by more than a third from the previous month’s P19.801 billion, which was the lowest since April 2011. Compared to the same period in 2014 though, settlements inched down 2.07 percent, Treasury data showed. The government allots a certain portion of its budget every year for debt payments and settles its obligations on a monthly basis, depending on when they are due. Debt payments are composed of principal and interest settlements and form part of state expenditures every month. Broken down, interest payments amounted to P15.992 billion, while their principal counterparts reached P10.506 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The former was down 11.64 percent, while the latter rose 17.25 percent, data showed. On interest payments, a total of P14.122 billion was used to settle interest in domestic debts, down 12.63 percent year-on-year. Their counterparts in foreign debts also declined 3.41 percent to P1.870 billion, figures showed. Principal settlements on local and foreign debts, meanwhile, totaled P4.073 billion and P6.433 billion, respectively. They rose 16.27 percent and 22.49 percent. In a Read More …

DENR, transport sector work to improve air quality in Philippines

 Economy
Jan 242016
 
DENR, transport sector work to improve air quality in Philippines

MANILA, Philippines – The Department of Environment and Natural Resources (DENR) has partnered with the transport sector to improve air quality in Metro Manila. The agency and transport leaders signed a memorandum of agreement (MOA) for the conduct of free emission testing of public utility jeepneys (PUJs) at their respective garages and terminals. “The purpose is not to apprehend public utility vehicles, but to help our transport groups address their emissions and ensure that their vehicles comply with the law before they drive around major thoroughfares,” Environment Assistant Secretary Juan Miguel Cuna said. The transport groups that signed the MOA were Liga ng Transportasyon at Operators sa Pilipinas (LTOP), Alliance of Concerned Transport Organizations (ACTO), Federation of Jeepney Operators and Drivers Association of the Philippines (FEDJODAP), and Pang-kalahatang Sanggunian Manila and Suburbs Drivers Association Nationwide (PASANG-MASDA). Under the agreement, transport groups are to submit their PUJs for voluntary testing jointly conducted by the DENR, Land Transportation Franchising and Regulatory Board (LTFRB), and Land Transportation Office (LTO). Cuna said the results of garage emission testing will be used to assess the current emission compliance of PUJs in the National Capital Region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Furthermore, DENR will provide technical assistance to LTFRB and LTO on the possible establishment of their own anti-smoke belching operations (ASBO). Conducting ASBO along the roadside and terminal emission testing nationwide are government initiatives to ensure that vehicles comply with the in-use emission standards set by Administrative Order No. 2000-81 or Read More …

What To Do If You Are Unappreciated At Home Or In Your Workplace?

 News
Jan 232016
 
What To Do If You Are Unappreciated At Home Or In Your Workplace?

Chinkee Tan You know you have done everything you can and exerted all your effort yet your boss doesn’t seem to notice. It even feels like you need to do more. Or perhaps you have taken it upon yourself to do everything at home, even if you are already exhausted from work, yet you don’t even hear a “Thank You” from anyone. Perhaps each one of us has experienced being unappreciated by those whom we expect to would do it. And when we are not appreciated, we feel like all that we have done and do are wasted/amounts to nothing. A simple “Thanks” can definitely erase any exhaustion, so if this does not exist, then the physical and emotional heaviness doubles. The first thing we need to do when we are looking or yearning for appreciation from other people is to… REDIRECT OUR FOCUS When we have become too focused on what we can RECEIVE, disappointment is not far behind. This is because we do not control how other people think, thus we cannot INFLUENCE their decision to be according to what we want. We can only CONTROL our SELF. So, if you are headed toward the path of looking for appreciation, my advice is not to go there. Find a detour and focus on what you can do about it. Now, as soon as our focus is corrected, what we can do is to… ASSESS PEOPLE’S PERSONALITY Don’t be quick to judge and conclude that your boss is ungrateful Read More …

Aquino: ‘Walang forever para sa kurap’

 Entertainment
Jan 222016
 
Aquino: ‘Walang forever para sa kurap’

President Benigno S. Aquino III poses with the ASEAN Tourism Ministers and Heads of International Tourism Organizations on the Opening Ceremony of the Asean Tourism Forum held in Philippine International Convention Center in Pasay City. (MNS photo) MANILA (Mabuhay) – Borrowing the famous “hugot” (heart-tugging) line of “walang forever,” President Benigno Aquino III on Thursday urged Filipino citizens to reject corrupt candidates. Aquino made this appeal in a speech delivered by Communications Secretary Herminio Coloma, Jr. to an audience of Filipino youth organizations that have been awarded for their outstanding contributions to nation-building and development. “Ngayong taon, haharap pong muli ang sambayanan sa isang sangang-daan kung saan pipili tayo ng mga susunod na pinuno ng bayan. Kumpiyansa akong pipiliin ng ating mga boss ang tapat, malinis, marangal at walang dudang magtutuloy ng daang matuwid,” said Aquino. President Benigno S. Aquino III delivers his speech during the Opening Ceremony of the Asean Tourism Forum (ATF) 2016 with the theme “One Community for Sustainability” Wednesday ( January 20) held in Philippine International Convention Center , in Pasay City. (MNS Photo) “Ang mensahe natin: Walang forever para sa kurap at sa ating paghihirap. Simple lang ang pangarap ko, ang ipamana sa mga susunod na henerasyon ang isang bansang hindi hamak na mas maunlad, mas mapayapa at mas matatag kaysa sa ating dinatnan,” he added. Aquino had earlier endorsed his party mate, former Interior Secretary Manuel “Mar” Roxas II, as his successor in 2016. Other candidates fighting for the presidency are Vice President Jejomar Read More …

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