October 2016 – Page 2

Brace yourselves for more VAT audits

Economy

Oct 302016

The new leadership of the Bureau of Internal Revenue (BIR) continues to firm up its tax collection strategies in order to help the bureau achieve its collection target for 2016 of P1.6 trillion (reduced from P2 trillion), with less than three months before the year closes. The BIR recently announced that attaining its collection targets will be one of its priorities and value-added tax (VAT) is clearly at the top of its agenda, given that this has been seen as a big source of tax leakage. Very recently, the BIR released Revenue Memorandum Order (RMO) No. 59-2016 dated Sept. 19 mandating an issue-based audit under the Value-Added Tax Audit Program (VAP).

ERC extends FIT-All filing deadline for Transco

Economy

Oct 282016

THE Energy Regulatory Commission (ERC) gave state-owned National Transmission Corp. (Transco) more time to complete its Feed-in-Tariff Allowance (FIT-All) filing.

DBM to make budget execution documents public

Economy

Oct 282016

THE budget execution documents (BEDs) of agencies under the Department of Budget and Management (DBM) will be posted online, a new DBM circular letter mandated, as part of the preparation for the national government’s quarterly disbursement program.

BPO sector sees revenue of $38.9 billion by 2022

Economy

Oct 272016

THE Information Technology and Business Processing Association of the Philippines (IBPAP) expects the industry to grow in the next six years, earning as much as $38.9 billion in revenue by 2022 as it expands its reach in the global market.

VAT exemption leakage costs gov’t P105B a year, Finance dep’t says

Economy

Oct 272016

LEAKAGE from value-added tax (VAT) exemptions and corporate tax incentives cost the government P105 billion in foregone revenue annually, according to the Department of Finance (DoF).

Infrastructure spending up 33.7% in August

Economy

Oct 272016

INFRASTRUCTURE spending expanded by about a third in August, driven by the repair, maintenance and construction of several roads, educational, health and agricultural facilities, data from the Department of Budget and Management (DBM) showed.

EU keen on PHL investment; Swedish delegation due — DoF

Economy

Oct 262016

EUROPEAN UNION (EU) businesses are bullish on investing in the Philippines, according to the Department of Finance (DoF), following meetings between ambassadors from the bloc and Finance Secretary Carlos G. Dominguez III.

Co-ops’ tax exemptions at risk with new TIN rule

Economy

Oct 262016

TAX-EXEMPT status will be revoked from cooperatives that fail to submit the tax identification numbers (TINs) of their members, the Bureau of Internal Revenue (BIR) said in a memorandum circular.

First tax reform plan: Restructuring personal tax rates

Economy

Oct 262016

On Sept. 26, the Department of Finance (DoF) submitted to Congress the first package (out of four) of its proposed tax reform program, the purpose of which is to create a tax system that is simpler, fairer and more efficient, characterized by low rates and a broad base. This is a huge change in our tax system, and one that took a long time coming, I must say, since our National Internal Revenue Code has been in existence for almost two decades, and yet no major reforms (at least not of this magnitude) have been formally passed, until last month. Also, with the ASEAN integration, and the Philippines having one of the highest personal income tax rates and one of the narrowest tax bases within the Asia-Pacific region, it is high time that a major revamp of our existing tax system be considered.

DENR sees mine audit results released in Nov.

Economy

Oct 252016

THE Environment department has once again delayed releasing the results of its environmental-compliance audit of metal mines.

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