AGRICULTURE Secretary Emmanuel F. Piñol said he has sounded out Japan about providing access to the latter’s stocks of mandatory rice imports, in order to diversify the Philippines’ sources of supply.
Jul 032016
Jul 032016
THE new president of the Israel Chamber of Commerce of the Philippines (ICCP) hopes to attract more Israeli businesses to the Philippines, with a focus on agriculture and information and communications technology.
Jun 272016
THE DEPARTMENT of Energy (DoE) and big coal consumers have downplayed the possible impact of the Indonesian ban on coal shipments to the Philippines, saying the country’s power sector sources its supply through big vessels bearing flags of different nationalities.
Jun 202016
THE PHILIPPINES has emerged as among the world’s most promising destinations of foreign investments in the next three years, according to the United Nations Conference of Trade and Development (UNCTD).
Jun 152016
ELECTRONIC EXPORTS are still on track towards reaching its growth target of 2-5% for 2016, as the industries aim to reclaim its peak of $31 billion which was achieved in 2010, according to Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Dan C. Lachica.
Jun 082016
Based on a 2010 census, about 1,443,000 or 1.57% of the total population in the Philippines are disabled. Republic Act No. 7277, or the Magna Carta for Disabled Persons, defined persons with disability or PWDs as “those suffering from restriction of different abilities, as a result of a mental, physical or sensory impairment, to perform an activity in the manner or within the range considered normal for a human being.” In an effort to achieve social equalization, the government is constantly pursuing measures to improve the quality of life of every Filipino in different sectors, particularly the PWDs.
Jun 062016
Two trillion pesos. This is the revenue collection target of the Bureau of Internal Revenue (BIR) for 2016 and much of this represents income tax collected via withholding tax. In 2014 alone, withholding taxes accounted for more or less 40% of total income tax collected by the government.Considering the significance of withholding tax to the government, each and every taxpayer engaged in trade or business in the Philippines is required to withhold on their income payments, unless specifically exempted.
May 312016
DEMAND for office space in the Philippines will remain robust, as technological advances allow more companies to outsource work, according to real estate consultancy Jones Lang Lasalle, Inc. (JLL).
Apr 242016
One of the withholding tax schemes adopted in the Philippines is the creditable withholding tax (CWT) system. Under the CWT, income payments made to Philippine residents enumerated in the CWT regulations should be subjected to the different CWT rates. The income subject to CWT still needs to be reported in the income tax return of the recipient, the income tax calculated thereon, and the CWT claimed against the CWT so withheld. Any excess of the tax income due on the return over the CWT withheld should then be paid by the recipient to the Bureau of Internal Revenue (BIR). On the other hand, if the CWT exceeds the income tax due on the return, then the excess CWT may either be refunded or carried over to the next period by the taxpayer.
Mar 312016
FISCAL POLICY has proven effective in promoting growth in the Philippines, according to Standard and Poor’s (S&P) Ratings Services, even as it cited downside risk from “modest outlooks” for the country’s trading partners and inadequate infrastructure.