Feb 172016
 

In the aftermath of the latest global financial crises, government have sought to recoup lost revenue through tax reform. This has put the spotlight on the issue of gaps in the current international taxation system that created opportunities for Base Erosion and Profit Shifting (BEPS) schemes. Simply put, BEPS are tax planning strategies that exploit the weaknesses of the architecture of the international tax system to artificially shift profits to places where there is little or no real economic activity, but where the taxes are lower or nil, resulting in little or no overall corporate tax being paid.

Feb 162016
 
Binay camp insists scrapping income tax is doable

Vice President Jejomar Binay addresses the crowd during United Nationalist Alliance proclamation rally in Mandaluyong on Tuesday. The 90-day campaign period for the May 2016 election officially started Tuesday, with candidates organizing their respective campaign sorties around the country.(MNS photo) MANILA (Mabuhay) — The campaign promise of Vice President Jejomar Binay, to scrap the income tax for workers earning P30,000 and below when is elected as President, was doable. Binay’s present stance on the matter goes against the the position of President Benigno Aquino III, who insisted that the government cannot afford to lose tax revenues. In a statement on Thursday, Joey Salgado, Binay’s communications director, said they were not surprised by the reaction of the Vice President’s critics on reforming the tax structure of the country. “Our detractors will always find reasons to reject a move that will improve the lives of those in the below-middle class and the middle class levels,” he said. At 32 percent for individual fixed-income earners and 30 for corporations, the Philippines has one of the highest income tax rates in Asia. The Aquino administration has rejected the proposal to lower corporate and individual income tax rates, saying tax revenues are needed to keep the economy growing. “This is no surprise as they come from a group whose knee-jerk reaction is to protect the status quo where factory workers, government employees and call center agents pay the same taxes as millionaires. This is the mark of an insensitive leadership,” Salgado claimed. Menu of options Read More …

Feb 162016
 
Eat your greens for good gut health

A new study published this week has found that eating leafy green vegetables could hold the key to promoting gut health. A new study published today has found that eating leafy green vegetables could hold the key to promoting gut health.© Robyn Mackenzie/shutterstock.com The study, conducted by a team of researchers from Melbourne, Australia and York, UK, has found that an unusual sugar molecule found in green vegetables feeds the ‘good’ bacteria in the gut, promoting their growth in the gut and reducing the number of bad bacteria, thus improving gut health. The team, led by Dr Ethan Goddard-Borger, has found that a previously unidentified enzyme is used by organisms such as bacteria and fungi to feed on this sugar, called sulfoquinovose, or SQ, which is found in huge quantities in green vegetables such as spinach. The gut’s good bacteria then feed on these sugars, which encourages their growth, “Every time we eat leafy green vegetables we consume significant amounts of SQ sugars, which are used as an energy source by good gut bacteria,” said Dr Goddard-Borger. Commenting on the importance of the findings and how the sugars can help us maintain good digestive health, Dr Goddard-Borger explained, “Bacteria in the gut, such as crucial protective strains of E. coli, use SQ as a source of energy. E. coli provides a protective barrier that prevents growth and colonisation by bad bacteria, because the good bugs are taking up all the habitable real estate. E. coli is a key bacterial colonizer needed by our gut.” Dr Read More …

Feb 162016
 
Non-passage of BBL caused ‘widespread frustration’ within MILF – Iqbal

BANGSAMORO BASIC LAW: Senator Ferdinand “Bongbong” Marcos, Jr., chair of the Senate Committee on Local Government, listens to Datu Abul Khayr Alonto, Moro National Liberation Front (MNLF) Central Committee chair, during Monday’s (May 18, 2015) hearing on the proposed Bangsamoro Basic Law. Alonto said they stand together with the Moro Islamic Liberation Front (MILF) for the passage of the Bangsamoro Basic Law.(MNS photo) MANILA (Mabuhay) — The non-passage of the proposed Bangsamoro Basic Law (BBL) in Congress has caused “widespread frustration” among the Moro Islamic Liberation Front and the people of Mindanao, according to Mohagher Iqbal, chief peace negotiator of the MILF. “[T]here is widespread frustration on the ground by our people and members of the MILF,” Iqbal said during a meeting with government negotiators in Kuala Lumpur, Malaysia, on Wednesday. “They accused the government of resorting again to delaying tactic and just managing the conflict in Mindanao,” he added. The government and MILF peace panels met in Malaysia to discuss their plan of action following Congress’ failure to legislate a law formalizing the creation of an autonomous Bangsamoro political entity in Mindanao, the centerpiece of the Comprehensive Agreement on the Bangsamoro (CAB) signed by both parties in 2014. “Dangerous situation” Despite the BBL’s non-passage in Congress and the frustration it caused among MILF members, Iqbal said they will continue to work with the government in addressing “this dangerous situation.” “[T]he MILF and the government shall jointly find ways and means to address this dangerous situation and avoid actions that Read More …

Feb 162016
 
Vote-counting machines reject 1-2% of ballots during test

A child picks up election paraphernalia after the proclamation rally of presidential candidate Sen. Grace Poe and running mate Chiz Escudero in Manila on Tuesday. The Commission on Elections teamed up with other government agencies in promoting a garbage-free May 9, 2016 election.(MNS photo) MANILA  (Mabuhay) − Some ballots were rejected by vote-counting machines (VCM) during a ballot verification test conducted on the units on Monday at the National Printing Office. In a press conference Wednesday, Mike Santos of international certifier SLI Global Solutions said that about 500 to 1,000—or 1 to 2 percent—of the 50,000 ballots fed to VCMs in the test were rejected because of its “self-diagnostic” feature. The feature, which is supposed to detect stray marks in the ballot, was turned on to prevent the occurrence of digital lines as seen in the 2013 midterm elections. According to Comelec chair Andres Bautista, they considered two options after the “oversensitivity” issue surfaced—to disable the feature and to change the VCMs’ “sensitivity threshold.” He said they chose changing the VCMs’ sensitivity threshold because they wanted to prevent the problem of having digital lines in the electronic image of the ballot. Because of this, the digital software of the VCM had to be rebuilt, alongside the same process for the canvassing consolidation system. Comelec is expecting to deposit the trusted builds for the two, as well as that of the election management system, on Friday, days later than the supposed schedule earlier this week. Meanwhile, the process for the trusted Read More …

Feb 162016
 
Pangilinan: Every percent matters in race to Malacañang

President Benigno S. Aquino III to present the TAYO award during the Ten Accomplished Youth Organizations Year 12 (TAYO 12) Awarding Ceremonies at the Heroes Hall of the Malacañan Palace on Tuesday (February 24). Since 2002, TAYO Awards recognizes and supports the outstanding contributions of youth organizations to the country. Also in photo are TAYO Awards founding president and Senator Paolo Benigno “Bam” Aquino IV, Presidential Assistant for Food Security and Agricultural Modernization Francis Pangilinan and Coca-Cola Foundation Philippines vice chairman Juan Ramon Felix. (MNS photo) MANILA (Mabuhay) — For administration senatorial bet Francis “Kiko” Pangilinan, the presidential race is anybody’s game. Pangilinan, who is running under the Liberal Party-led “Daang Matuwid” coalition, said it would be unreasonable to count anyone out of the presidential derby without a clear frontrunner less than three months before the polls in May. “We don’t count anyone out. We still have 80 plus days at marami pang pwedeng mangyari,” Pangilinan told a forum in Quezon City. “Every percent matters in a tight race like this. It’s the tighest since 1992,” he noted, recalling the elections that put Fidel Ramos into power by a slim margin. The former presidential adviser on food security said he was confident that the placing of LP standard-bearer Mar Roxas in preference polls would improve in the coming days, despite public perception of elitism and lack of appeal. “We are in a good place and we’d like to be in a better place. (Mar’s number) has increased from single digit Read More …