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.
Dec 212016
Dec 212016
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.
Dec 202016
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.
Dec 202016
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.
Dec 202016
THE Department of Agriculture has pinned its hopes on the livestock sector and an expected bumper grain harvest this quarter amid favorable weather, with the Agriculture secretary saying he “hopes” for output growth of 7% to 8% in the three months to December, which will be sufficient to drive full-year growth to the mid-single digits.
Dec 192016
THE government and the Asian Infrastructure Investment Bank (AIIB) are eager to get started on identifying and funding infrastructure projects, with officials touting the Beijing-backed lender’s speed in evaluating loan proposals and the low cost of its financing.
Dec 192016
THE Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) expects the industry to face a “challenging year” in 2017 as automakers strive to sustain the record-breaking pace of growth in the past half decade, a top official said.
Dec 192016
The principles of a sound tax system are fiscal adequacy, administrative feasibility, and theoretical justice. Fiscal adequacy means the sources of revenue must be sufficient to meet government expenditures and other public needs. Administrative feasibility means tax laws and regulations must be capable of being effectively enforced with the least inconvenience to the taxpayer. And theoretical justice means that a sound tax system must be based on the taxpayers’ ability to pay.
Dec 182016
THE Export Development Council (EDC) is forecasting that total exports, including services, may sustain their recovery and grow more than 7% starting 2018, officials said.
Dec 182016
THE PHILIPPINE Ports Authority (PPA) is withdrawing the Davao Sasa Port redevelopment from the list of public-private partnership (PPP) projects approved by the National Economic and Development Authority (NEDA) Board to pave the way for possibly funding it internally at a greatly reduced cost.