GROWTH in the business process outsourcing (BPO) sector could slide over the next few years should the US government discourage companies from tapping foreign labor markets for their operations, an analyst at ING Global Markets Research said.
THE Senate committee on ways and means will seek to temper the first tax reform package of the Department of Finance (DoF), with the committee chair, Sen. Juan Edgardo M. Angara, calling the proposal too aggressive.
THE European Chamber of Commerce of the Philippines (ECCP) said that the new Investment Priorities Plan (IPP) will help address certain “pressing issues” on the investment process, given the high cost of doing business here compared to other ASEAN countries.
It is usual in the Philippines that the same tax law provision has been interpreted and implemented differently by different Commissioners of Internal Revenue (CIR). This is the case of the value-added tax (VAT) claim processing. Section 112 of the Tax Code provides that a taxpayer claiming excess input VAT for refund or tax credit must file the claim with the Bureau of Internal Revenue (BIR) within two years of the close of the taxable quarter during which the sales were made. In case of full or partial denial of the claim or failure of the BIR to act on it within a period of 120 days from receipt of the claim, a taxpayer may elevate its claim to the Court of Tax Appeals (CTA) within 30 days from receipt of the decision or upon expiration of the 120-day period.
THE CABINET’S economic team, including the Transportation and Public Works Secretaries, is due in Beijing today to bring forward talks on the $15-billion investment deals signed in October during President Rodrigo R. Duterte’s visit to China.
SUN LIFE of Canada (Philippines), Inc. remains bullish about the Philippine economy in 2017 despite persistent global uncertainties, with a growth estimate of 6.8%-7% driven by the government’s plans for aggressive infrastructure spending.
(Third of three parts) In the second part of this series, we discussed some pointers that companies may wish to consider before filing an application for value-added tax (VAT) refund. In particular, we discussed the need to prepare for a BIR audit, to secure in advance the required certifications from government agencies and to ensure that non-resident corporations who are service recipients are not doing business in the Philippines.
THE government’s proposed gradual P6-per-liter fuel tax hike over the next three years is expected to push prices generally higher, though inflation will remain within the government’s target range of 2-4%, the central bank said
DENIED tax refund applications filed before June 2014 will continue to be processed by the Bureau of Internal Revenue (BIR) in order to provide taxpayers “fair and adequate relief.”
PHILIPPINE infrastructure projects funded by China through the One Belt, One Road (OBOR) Initiative are expected to help “normalize” the bilateral relationship, HSBC Ltd.’s Philippine unit said in a statement.