THE Bureau of Customs (BoC) is looking to upgrade its capabilities this year by filling empty positions, with bureau work expected to be made more attractive by an exemption from civil-service salary rules.
Feb 082017
Feb 082017
It is a basic rule that regulations may not enlarge, alter, restrict, or otherwise go beyond the provisions of the law they administer; administrators and implementors cannot engraft additional requirements not contemplated by the legislature. Five years ago, as a response to reports of smuggling of petroleum and petroleum products, and to ensure that correct taxes are paid and collected, the Secretary of Finance, pursuant to his authority to interpret tax laws and upon the recommendation of the Commissioner of Internal Revenue (CIR), issued Revenue Regulations (RR) No. 2-2012.
Feb 072017
THE Department of Finance (DoF) said that the revenue lost from the Environment department’s decision to close some mines will have a significant impact on municipalities, as they heavily rely on taxes paid by those miners.
Feb 072017
THE Environment department’s decision to shutter and suspend more than three-fifths of the country’s 41 metal mines, which account for half of the country’s nickel supply, is rattling nickel buyers, especially in China and Japan, an industry official said.
Feb 072017
THE Bureau of Customs (BoC) exceeded its target collections for the third month in a row in January on the back of its anti-smuggling campaign.
Feb 062017
DAVAO CITY — Detailed projects are now being drawn up under the BIMP-EAGA Vision 2025 (BEV 2025) as the four member countries of the sub-regional grouping aim for more tangible results by the end of the new road map.
Feb 062017
FINANCE Secretary Carlos G. Dominguez III has ordered an overhaul of the large taxpayer registry to better reflect the extent of the economy’s growth, after the Bureau of Internal Revenue (BIR) set a lower 2017 collection target for the segment.
Feb 062017
It is axiomatic in a democratic society that no one should be deprived of life, liberty or property without due process of law, i.e., to be given a chance to heard and present a case according to the rules set forth by the authorities before any action can be taken. Failing this, any action of the government to take one’s life, liberty or property is void and of no effect. In a recent decision promulgated by the Court of Tax Appeals (CTA) in Mannasoft Technology Corp. vs. Commissioner of Internal Revenue, CTA Case no. 8745 dated Jan. 13, 2017, the CTA Third Division reiterated the importance of strictly adhering to the rules set by the Bureau of Internal Revenue (BIR) in conducting tax assessments.
Feb 052017
PRESIDENT Rodrigo R. Duterte has given his full support in the Finance department’s tax reform program, according to Finance Secretary Carlos G. Dominguez III.
Feb 052017
THE PHILIPPINES will eventually need to build a new airport to accommodate increasing passenger traffic, the Center for Asia Pacific Aviation (CAPA) said in a report, but should immediately implement measures to decongest the country’s main gateway like transitioning to a single runway operation and increasing capacity through upgrades of its four terminals.