SMUGGLING and counterfeit tobacco tax stamps reduced the Bureau of Internal Revenue’s (BIR) revenue tobacco excise tax in 2016, according to a senior BIR official, citing preliminary data.
Jan 312017
Jan 312017
THE SHUTDOWN of the Malampaya natural gas platform will be kept within the 20-day period as originally set, the Department of Energy (DoE) said on Tuesday, citing the assurance from the project’s owners that they can meet their maintenance schedule.
Jan 312017
THE Philippine Competition Commission (PCC) is seeking the help of the Department of Trade and Industry (DTI) in revising rules that currently make it difficult for foreign construction firms to do business here in the country.
Jan 302017
ELIMINATING the trial backlog in the justice system will be one of the objectives of the Philippine Development Plan (PDP) 2017-2022, according to a draft of a section of the plan seen by BusinessWorld.
Jan 302017
THE Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is preparing an independent study that will consider the possible impact of the government’s proposal to hike the excise tax on cars, a top official with a car company said.
Jan 302017
With the current administration, we are finally seeing steady developments on tax reform. On Jan. 17, the first package of the program, covering a proposed reduction in personal income taxes and an increase in consumption taxes, was filed with the House of Representatives. This would be the closest we have got to finally seeing progress towards a simplified, fair and more efficient tax system. Is change finally coming? Will this change truly reduce poverty and promote inclusive growth in the Philippines? Let us hope so.
Jan 292017
THE Joint Foreign Chambers (JFC) of the Philippines is calling for the relaxation of licensing rules that make it difficult for foreign firms to participate in the construction and engineering industry.
Jan 292017
FINANCE SECRETARY Carlos G. Dominguez III said measures lowering the tax bill for individuals will be balanced by revenue-generating measures, particularly the fuel excise, despite strong opposition.
Jan 292017
In previous Suits the C-Suite articles, we have provided an overview of the potential impact of the new revenue recognition standard, International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers, on certain industries such as telecommunications and banking. Another industry where the entities may need to change their revenue recognition policies and practices resulting from IFRS 15 is the retail and consumer products industry.
Jan 272017
THE government will be banking on trade and tourism to drive economic growth in 2017 as ties with the Association of Southeast Asian Nations (ASEAN), including China and Russia are expected to be strengthened, especially with the Philippines’ 2017 chairmanship of the ASEAN.