Maniolas

“Having fair, simple and easy-to-comply tax laws will help improve the ease of doing business in the country and will encourage more local and foreign investments,” the Management Association of the Philippines (MAP) said in a statement yesterday. STAR/File photo MANILA, Philippines – Local business groups have reiterated their support to the Duterte administration’s tax reform plan, citing its importance in making the country a more attractive investment destination. “Having fair, simple and easy-to-comply tax laws will help improve the ease of doing business in the country and will encourage more local and foreign investments,” the Management Association of the Philippines (MAP) said in a statement yesterday. “The MAP fully supports the tax reform package of the Duterte administration for a simpler, equitable, and efficient tax system that would encourage voluntary compliance, lower the compliance cost, promote progressivity, and expand the tax base while spreading the tax burden,” the group added. The MAP is urging the Department of Finance (DOF), the Senate, and the House of Representatives to exhaust all possible means to make the tax system simpler to administer, fairer to taxpayers, and more attractive to investors. The business group said the enactment of a holistic tax reform measure would correct current inequities, encourage compliance, and pursue measures that would counter the effects of tax rate adjustments. The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization,  has also aired its support to the comprehensive tax reform program being proposed by the DOF. Business ( Article Read More …

MANILA, Philippines – Vega Telecom Inc. (VTI) is extending the tender offer period for common shares of subsidiary Liberty Telecoms Holdings Inc. until Oct. 20, in compliance to the directive of the Securities and Exchange Commission (SEC). “VTI has filed an amended tender offer report with the SEC to extend the offer period for the purchase by VTI of common shares in Liberty Telecoms Holdings Inc. until 12 noon on Oct. 20, 2016,” VTI said in a statement yesterday. Apart from the extension of the tender offer period, VTI said the same terms and conditions of the tender offer report as filed on Aug. 19, which includes the tender offer price of P2.20 per share, would apply. VTI’s tender offer for up to 165.88 million common shares representing 12.82 percent of the issued and outstanding common stock of Liberty, commenced on Aug. 24 and was initially expected to run until 12 noon of Sept.21. VTI decided to defer the deadline for the tender offer following a directive issued by the SEC. In a letter dated Sept. 16, Vicente Graciano Felizmenio Jr., director of SEC’s Markets and Securities Regulation Department said VTI is directed to defer the conclusion of the tender offer period from its original date of Sept. 21, and to submit a new timeline relative to the amended tender offer report. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The new offer period should provide reasonable time to the tendering shareholders to evaluate or assess the amended and/or Read More …

“The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration.” Philstar.com/File photo MANILA, Philippines – An administration-backed tax reform package will be submitted to Congress on Monday, with government support ensuring its passage although not likely by the end of the year as targeted. The first of four packages meant to amend the nearly two-decade-old National Internal Revenue Code will be handed to the House ways and means committee “on Monday, 10 a.m.,” the Department of Finance said on Friday. “The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration,” Finance Secretary Carlos Dominguez said in a statement. Chances are high it will be passed, although at this early, the House committee that will tackle it tried to temper expectations it will be in effect by next year as DOF earlier said. “Our target is to bring it to the plenary by the end of the year,” said Quirino Rep. Dakila Carlo Cua, ways and means committee chair. “Definitely, it will be passed, it’s just a question when,” he said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As promised by President Rodrigo Duterte during his campaign, the first of four packages aims to lower personal income taxes by restructuring the tax brackets that currently impose a maximum of 32 percent on earnings more than P500,000. Under the plan, the 32 percent will now be charged for those earning between Read More …