Exemption of redemption gains under tax treaties

 Economy
Aug 222016
 

This should be a good year for Goodyear Philippines as it has finally secured the confirmation of the Supreme Court (SC) on its 6-year-old refund case involving erroneously remitted tax on dividends amounting to about P14 million. The SC ruled that gains from the redemption of preferred shares are exempt from Philippine income tax if the provisions of the tax treaty between the Philippines and the US are complied with. The tax treaty with the US provides that gains derived by a US resident from the sale of shares in a Philippine company shall only be taxable in the US if the Philippine company’s assets do not consist principally of real property. The gains should not be treated as dividends.

The new revenue recognition standard’s impact on brokers, fund managers

 Economy
Aug 212016
 

International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers, is one of the latest global accounting developments that will have an impact on broker-dealers in securities and asset management entities. IFRS 15 may potentially change certain revenue recognition practices of brokers and fund managers, particularly in accounting for trade commissions, management and performance-based fees, and upfront fees. These potential changes may also affect their earnings per share ratio and other performance measures.

Palace: Duterte’s tirades vs De Lima due to her ‘assumption’ he is linked to extrajudicial killings

 Entertainment
Aug 212016
 
Palace: Duterte’s tirades vs De Lima due to her ‘assumption’ he is linked to extrajudicial killings

President Rodrigo R. Duterte, members of the Government of the Philippines (GPH) Peace Panel, and members of the National Democratic Front (NDF) Peace Panel join hands at the President’s Hall in Malacañan Palace on August 15. MANILA (Mabuhay) — A Malacañang official on Thursday said that President Rodrigo Duterte’s tirades against Senator Leila de Lima are rooted in her supposed assumption that the chief executive himself is linked to extrajudicial killings. In a statement, presidential spokesperson Ernesto Abella pointed out that Duterte understands that “public discourse has its dynamics and perimeters,” as exhibited in his previous exchange with the Supreme Court Justice Ma. Lourdes Sereno. “However, he has taken umbrage with Sen de Lima’s approach, of not only taking the moral high ground with regard to drug-related deaths, but her assumptions that said deaths are directly attributable to PRRD’s War on Drugs,” he stated. President Rodrigo R. Duterte and members of the National Democratic Front (NDF) Peace Panel do the fist gesture at the President’s Hall in Malacañan Palace on August 15. (MNS photo) The newest word war started Wednesday afternoon in Camp Crame when Duterte hinted that a senator was linked to the narcotics trade through her driver who happened to be her lover. He said that the senator went to Davao City to investigate his connection to the so-called vigilante group Davao death squad and its violation against human rights. Press to reveal the name of the human rights crusader in a news briefing later that afternoon, Duterte Read More …

Sylvia La Torre, Anna Maria take FASO show to climax

 Entertainment
Aug 212016
 
Sylvia La Torre, Anna Maria take FASO show to climax

 By Abner Galino Sylvia La Torre (left) and granddaughter Anna Ma. Perez de Tagle To be sexy, bubbly and sophisticated, all at once on stage,requires more than talent. In other words, not an easy feat – except if one is endowed with a face (which is a toss between a teenager and a full-blown woman) and a charisma such that of Anna Maria Perez de Tagle. Escorted to the stage by no other than Maestro Robert “Bob” Shroder, the principal  conductor of the Filipino-American Symphony Orchestra (FASO), Anna Maria was stunning in a purple figure-hugging mermaid-type gown. Accompanied by the 60-piece FASO ensemble, Anna Maria went on to sing two Broadway songs “On my own” (Les Miserables) and “I enjoy Being a Girl” (Flower Drum Song), both ofwhich enthralled the crowd. But she left the stage to give way to her Lola Sylvia La Torre who sung two Kundiman songs (Diyos Lamang ang Nakakaalam and Nasaan Ka Irog) in an operatic style of singing that she has been known for. Filipino American Symphony Orchestra Photo © http://globalnation.inquirer.net Anna Mariakept the energy going when she returned to do her own an operatic style rendition of an archaic treasure titled “Bituing Marikit.” A duet between Sylvia and Anna Maria to the bouncy melody of “Sa Kabukiran,” another Filipino music heirloom,unhinged all the happy emotionsthat have been building up. The duo got the loudest standing ovation of the night.           As expected, Sylvia provided the humor to a night of sophisticated music, adroitly Read More …

Bato: We will bare all

 Entertainment
Aug 212016
 
Bato: We will bare all

Senate to probe killings of drug suspects Confiscated FAs presented to PNP chief in General Santos City (August 16, 2016) – Dir. Gen. Ronald dela Rosa, Philippine National Police chief, presents to journalists during his visit at the police regional office on August 11 the cache of seized assorted high-powered firearms from police operations in Central Mindanao Region. (Isagani Palma–Malungon Information Office/with PRO-12 PNP Press Corps) MANILA  (Mabuhay) — Philippine National Police chief Director General Ronald dela Rosa assured the senators on Tuesday that police officials “will bare all” during the scheduled Senate investigation on the spate of killings of drug suspects next week. “Yung pagpunta lang namin dun sa Senado is a sign that we are true to our words, we are true to our deeds. Wala kami[ng] itatago, kung ano ang gusto nilang malaman, ibibigay namin,” Dela Rosa said at a press conference before a command conference with his officials. “Huwag silang mag-alala, ilalabas naming lahat, lahat ng kailangan nilang data ibibigay namin, lahat ng gusto nilang malaman, sasabihin namin,” he added. The Senate committee on justice and human rights, chaired by Sen. Leila de Lima, is set to conduct its probe on August 22 and 23. Dela Rosa had earlier expressed his readiness to attend the investigation. Asked on the advice of Sen. Panfilo Lacson that the PNP should keep its cool during the Senate probe, Dela Rosa said he appreciates the concern of the former PNP chief. “I appreciate the concern of our former boss, Sen Read More …

Pacquiao to PSC: Nurture our athletes’ talents; end corruption

 Entertainment
Aug 212016
 
Pacquiao to PSC: Nurture our athletes’ talents; end corruption

By Azer N. Parrocha Senate President Aquilino ‘Koko” Pimentel presents a resolution a resolution congratulating and commending olympic weightlifter Hidilyn Diaz for her invaluable contribution to Philippine sports winning a historic silver medal for the Philippines in the Summer Olympic Games held in Rio De Janeiro, Brazil last August 8, 2016 and becoming the first filipina to win an olympic medal.(MNS photo) MANILA  (PNA) – On his first committee hearing as Chairman, Senator Emmanuel “Manny” Pacquiao on Tuesday urged the Philippine Sports Commission (PSC) to nurture the talents of Filipino athletes and end corruption within the committee. Pacquiao, Chair of the Senate Committee on Sports, asked PSC Commissioner William “Butch” Ramirez to present the agency’s grassroots sports program and suggested ways to enhance it such as training athletes at a young age. “If there is talent there, nurture him. After he graduates from school, continue nurturing him. When the time comes, we will be collecting medals,” Pacquiao said in Filipino.) Ramirez for his part reiterated his plan to create a masterplan that will allow the committee to build more sports training facilities and provide athletes with the best coaches, dieticians and physicians. — Senate President Aquilino ‘Koko” Pimentel presents a resolution a resolution congratulating and commending olympic weightlifter Hidilyn Diaz for her invaluable contribution to Philippine sports winning a historic silver medal for the Philippines in the Summer Olympic Games held in Rio De Janeiro, Brazil last August 8, 2016 and becoming the first filipina to win an olympic medal.(MNS Read More …

Chinese vessel enters PHL territory, crosses paths with Coast Guard ship

 Entertainment
Aug 212016
 
Chinese vessel enters PHL territory, crosses paths with Coast Guard ship

Protesters rally in front of the Chinese Consulate in Makati City on Tuesday, denouncing China’s claim to most of the West Philippine Sea including areas claimed by the Philippines. The protest comes as a UN tribunal in the Hague begins a hearing the Philippines’ claim on the disputed Spratly Islands.(MNS photo) MANILA (Mabuhay) — A Chinese Coast Guard vessel entered the country’s exclusive territory and crossed paths with the Philippine Coast Guard, PCG spokesperson Commander Armand Balilo said Thursday. “Very polite naman yung exchange of messages. Nagpakilala lang sila (Chinese Coast Guard) at nagpakilala lang din kami. Nagtanungan lang,” Balilo said in a chance interview with reporters at the sidelines of the turnover of a search and rescue vessel loaned from the Japan International Cooperation Agency (JICA). Balilo said the face-off, which happened three weeks ago, occured 73 to 100 nautical miles from Subic coast, a traditional fishing area for Filipino fishermen. Balilo said the two PCG vessels were accompanying the fishermen when one Chinese Coast vessel passed by in the area. “We have been patrolling the area, assisting our fishermen. Kaya nandun yung mga barko ng Coast Guard. We intend to continue patrolling doon. It is part of the West Philippine Sea. It is within our exclusive economic zone,” Balilo said. Balilo admitted that the two PCG vessels were comparably smaller than the passing Chinese Coast Guard vessel. “But they were very cordial. No untoward incident happened. Hindi rin naman pinigilan makapangisda ang ating fishermen,” Balilo clarified. This was Read More …

Demographics, fiscal stance plus factors in Philippine growth

 Economy
Aug 202016
 
Demographics, fiscal stance plus factors in Philippine growth

In his keynote address during a recent investment summit organized by the Financial Times and First Metro Investment Corp. (FMIC), Sharma said the country’s demographics is an area where the Philippines ranks well. Paulo Alcazaren MANILA, Philippines – The Philippines is one of the few Asian countries to watch out for because of positive demographics and stable fiscal position, said Ruchir Sharma, head of emerging markets for Morgan Stanley Investment Management. In his keynote address during a recent investment summit organized by the Financial Times and First Metro Investment Corp. (FMIC), Sharma said the country’s demographics is an area where the Philippines ranks well. “Given its working age population, it is still expanding at a decent pace. It has the necessary condition for being able to grow well over the next five years,” he said. Aside from positive demographics, Sharma said the country’s fiscal situation is also quite stable, debt levels are relatively well, inflation is kept in check, and currency appreciation is managed.  Sharma said the country should first focus on spending in infrastructure before spending on welfare and other subsidies. Geographically, he said the country is doing well in keeping itself open to trade. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But on internal geography, Sharma said there is too much wealth or economic development concentrated in Manila.  This, he said, is a reflection of the wide income inequality in the country that needs to be addressed. Moving forward, Sharma said countries like the Philippines can Read More …

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