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.
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.
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.
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.
CHINA has agreed to cooperate with the Philippines on three projects worth $3.44 billion and not the initially reported 30 projects worth $3.7 billions agreed on during the meeting between the two countries held in Beijing on Monday.
BUSINESS process outsourcing (BPO) firms here are putting their expansion plans on hold in the Philippines as they await any US moves towards greater protectionism.
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.
(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 EUROPEAN Union is monitoring the government’s plan to bring back the death penalty, with the Philippines’ eligibility for a preferential trade arrangement at stake, an EU official said.
THE Department of Transportation (DoTr) will soon be opening a new and shorter sea route from the Philippines to Indonesia in a bid to enhance connectivity and boost international trade within the two nations.