Christmas celebrations in the Philippines are considered the longest in the world. With all the parties, gift-giving, food, shopping and festivities, this celebration can be the most wonderful time of the year. But we cannot forestall the inevitable — taxes. While some may be savoring the cool Christmas air and enjoying the holidays, taxation does not stop. Every move appears to come with a tax consequence, and it pays to know the rules.
Allan Q. Coo, PAL regional manager for North America, International By Abner Galino and Joy Marino With barely two weeks left in year 2016, Philippine Air Lines (PAL) is set to claim another robust year into its storied corporate journey. Allan Q. Coo, PAL regional manager for North America, enumerated the headways that the Philippine flag carrier has achieved throughout the year 2016, chief of them: acquiring two more Boeing 777s. “The first one – RP7778 – was added to our fleet during the last week of October and just 2 days ago, we received our 8th 777 and will be ready to be added to our roster this December operating the trans-pacific routes,” Coo announced during the annual PAL Christmas party held at the Crowne Plaza Hotel in Los Angeles last December 16. Coo also announced the new PAL routes: Manila to Saipan, Taipei to Osaka, non-stop flight from Los Angeles to Cebu; the Singapore to Cebu route and Cebu to Caticlan and Cebu to Clark via Caticlan (started on December 16. The new local routes were meant to support the growth Cebu, which PAL consider as itssecond hub, according to Coo. “We have also strengthened our flight connections to and from Cebu to better serve our countrymen from Southern Philippines.” The airline executive as took pride in PAL’s twice daily, non-stop flight from Los Angeles to Manila that started last Thursday (Dec 8). “This gives our passengers a choice of leaving during the day or our regular evening Read More …
CERTAIN infrastructure projects will not be funded as public-private partnerships (PPP) in order to fast-track their completion and save on costs, Finance Secretary Carlos G. Dominguez III said.
AFTER the cancellation of an Investment Coordination Committee (ICC) Cabinet Committee meeting set for Dec. 1, the next one could be set for the second week of January with eight projects awaiting approval, according to the National Economic and Development Authority (NEDA).
THE Department of Trade and Industry (DTI) expects investment pledges registered by the Board of Investments (BoI) to rise 15%-20% this year, with growth dampened by a high-year-earlier base.
THE Department of Trade and Industry (DTI) has warned the House of Representatives on the possible negative effect of proposed excise taxes on sugar-sweetened drinks, saying it might dampen the growth of the beverage industry.
THE House of Representatives Ways and Means Committee plans to focus on the Comprehensive Tax Reform Program (CTRP) when the congressional session resumes next month.
The emergence of traditional parols and the start of Simbang Gabi signal the onset of the Christmas season. Whether on the streets, parks, churches, offices or at home, the sight of glittery lights evokes a festive mood. At the workplace, companies are normally busy with their Christmas parties, except perhaps for accountants, who are celebrating with a different mood. After all, this is the time of the year when bookkeepers make the last push before they can heave a sigh of relief as they close corporate books. Year-end inventory checks are in full swing and adjusting entries are prepared, booked and analyzed. Yes, these activities may be cyclical but a missed accounting entry with possible tax implications is a big no-no in the accounting world.
HONDA Cars Philippines, Inc. may consider reducing its work force as an austerity measure ahead of a proposed increase in excise tax that is expected to dampen demand, a top official said.
RUSSIAN COMPANIES in the nuclear, mining, and rail industries are set to visit the Philippine next year, the Department of Foreign Affairs (DFA) said, citing a Russian official.