Special tax rate for Microfinance NGOs

 Economy
Mar 222017
 

The BIR has issued Revenue Regulations (RR) No. 3-2017 to implement the tax provisions of Republic Act (RA) No. 10693, otherwise known as the “Microfinance NGO Act.” In 2015, RA 10693 was signed into law to pursue poverty alleviation programs by encouraging underprivileged Filipinos to undertake entrepreneurial ventures that provide income security to their families. It aims to encourage non-government microfinance institutions to work with the government to pursue community development and improvement in the socioeconomic welfare of marginalized sectors through financially inclusive and pro-poor financial and credit policies and mechanisms, such as microfinance and its allied services.

Treats for tourism

 Economy
Dec 282016
 

The tourism sector seems to be going through an interesting phase now that it has been called on to take a bigger challenge — to be sustainable and competitive against other tourist destinations in the region. What else could possibly make it more fun in the Philippines? In the field of taxation, the Bureau of Internal Revenue (BIR) appears to likewise recognize the urgency of effecting Republic Act (RA) No. 9593, otherwise known as the “Tourism Act of 2009,” as a roadmap to developing Tourism Enterprise Zones (TEZs) aimed at enhancing the capacity of tourist attractions and its facilities in priority destinations. Through the issuance of Revenue Regulations (RR) No. 7-2016, the BIR recently acted upon the directive to implement the rules and regulations governing the tax incentives available to Registered Tourism Enterprises (RTEs) with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). The realization of these incentives comes seven years after RA 9593 and its Implementing Rules and Regulations (IRR) were passed.

PWDs as tax dependents

 Economy
Nov 072016
 

With less than two months before 2016 comes to an end, employers have started the tax annualization of the withholding taxes of their employees. Former President Benigno S. C. Aquino III signed Republic Act (RA) 10754 into law, an act expanding the benefits and privileges of persons with disability (PWDs). It is worth noting that this RA provided for the classification of a PWD as a dependent subject to certain qualifications, for purposes of allowing the benefactor the privilege of claiming the P25,000 exemption in computing taxable income.

BSP expects entry of more foreign banks

 Economy
Feb 182014
 
BSP expects entry of more foreign banks

MANILA, Philippines – The country may see the entry of more foreign banks soon as the Bangko Sentral ng Pilipinas (BSP) readies its proposed amendments to the law that will pave the way for the liberalization of foreign banks’ entry. BSP Governor Amando M. Tetangco Jr. told reporters yesterday the central bank is preparing the proposed amendments to RA 7721 or the law governing the entry and operations of foreign banks in the country. “We’re looking at that and we will be presenting our proposal to Congress, which should basically entail the liberalization of foreign bank entry,” Tetangco said on the sidelines of Euromoney’s Philippines Investment Forum 2014. The act liberalizing the entry of foreign banks in the country, approved in 1994, only allows the entry of 10 foreign banks. Tetangco said the form of liberalization needed – whether increasing the figure or completely removing the limit – will still be assessed. “That’s something we need to discuss but the overall thrust is to liberalize our regulations with respect to the entry of foreign banks,” Tetangco said. “There are different ways and we are looking at those possibilities now,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines is gearing up for the Association of Southeast Asian Nations Economic Integration set to be launched by 2015. Part of this is the financial integration which will give the region’s banks a bigger market and more opportunities for growth. Tetangco said the country needs to amend RA 7721 Read More …

PNP finalizes details of gun amnesty implementation

 Entertainment
Jan 162014
 
PNP finalizes details of gun amnesty implementation

member of the Philippine National Police (PNP) shows the new Glock 17 Generation 4 pistols after a distribution ceremony of the pistols at the police headquarters in Manila July 2, 2013. Philippine President Benigno Aquino attended the ceremony in which 22,603 pistols were distributed to PNP officers as part of the government’s effort to arm each police officer in the country with a handgun in order to strengthen the police force, local media reported. (MNS photo) MANILA (Mabuhay) – The Philippine National Police (PNP) is just ironing out final details of the gun amnesty which is expected to start within the month as part of implementation of Republic Act 10591 or the Comprehensive Firearms and Ammunition Regulation Act. PNP Director General Alan Purisima said that the PNP leadership is now finalizing details of the gun amnesty for the smooth implementation of the new firearms law. ”We are just ironing out some details so that there will be proper procedures in the gun amnesty,” said Purisima. The PNP chief the gun amnesty will start as soon as the police leadership finalized the procedures. ”There is just a review and then we will implement it. We will publish it,” said Purisima. The final gun amnesty is part of the provisions of RA 10591, which was signed into law last year by President Benigno Simeon Aquino III. Purisima cited the importance of the new firearms law in combating crimes in the country, which mostly involved guns. He vowed strict implementation by the PNP Read More …

DOTC eyes system to monitor bids for major infra projects

 Economy
Dec 032013
 
DOTC eyes system to monitor bids for major infra projects

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to put in place a system that would monitor all major infrastructure projects from the development of terms of reference up to the issuance of notice to proceed. The agency is looking for a consultant for the development of a Bidding Process Monitoring System (BIDPMS) to monitor and track the bidding of various projects. The system would also make sure that all bidding process being undertaken by the DOTC follows the strict guidelines set up in the implementing rules and regulations of RA 9184 or the Government Procurement Reform Act. The DOTC is in charge of the implementation of transportation projects covering infrastructure and feasibility studies. “Transportation infrastructures are important support services to cater to the various needs of the country covering tourism, agriculture and other economic activities to foster and accelerate the growth of the country,” the agency said. The system, the DOTC added, would be fully accessible to the stakeholders and implementors to see the progress of the bidding of major projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC is currently bidding out major public-private partnership (PPP) projects led by the P65 billion Light Rail Transit line 1 (LRT1) Cavite extension project, the P17.5 billion Mactan Cebu International Airport expansion project, and the P1.7 billion Automated Fare Collection System (AFCS) project.

PNoy signs Toy Labeling Act

 Entertainment
Sep 092013
 
PNoy signs Toy Labeling Act

President Benigno S. Aquino III leads his official family in prayer before presiding over the Cabinet Meeting at the Aguinaldo State Dining Room of the Malacañan Palace on Wednesday (September 04, 2013). In photo are DND Secretary Voltaire Gazmin Department of Agriculture Secretary Proceso Alcala Secretary to the Cabinet Jose Rene Almendras, Executive Secretary Paquito Ochoa, Jr.,Department of Finance Cesar Purisima and , Education Secretary Armin Luistro . (MNS photo) MANILA  (Mabuhay) — President Benigno Aquino III has signed into law a measure requiring manufacturers to properly label toys which may contain hazardous materials. During a press briefing on Friday, deputy presidential spokesperon Abigail Valte said Aquino signed Republic Act 10620 or the Toy and Game Safety Labeling Act of 2013 last September 3. “Kung napapansin niyo po doon sa mga nakaraang buwan, mga nakaraang taon, meron po tayong mga balita nung mga ibang hazardous materials na naisasama po doon sa mga laruan nung ating mga anak, ating mga pamangkin, at dito ho sa batas na ito, kailangan na hong lagyan ng label yung mga laruang ito,” said Valte. Section 4 of RA 10620 provides that “all toys and games locally or internationally manufactured that are imported, donated, distributed, and sold in the Philippines shall comply with the appropriate provisions on safety labeling and manufacturer’s markings found in the Philippine National Standards for the safety of toys.” RA 10620 also says that “any cautionary statement shall be displayed in its entirety on the principal display panel of the product’s package Read More …

LTO: Over 6,000 drug users kept off the road from January to April

 News
Jun 252013
 
LTO: Over 6,000 drug users kept off the road from January to April

More than 6,000 applications for driver’s license have been rejected by the Land Transportation Office (LTO) in the first four months of the year after the applicants tested positive for illegal drug use. “Na-prevent natin itong mga nag-positive from being a risk to their fellow motorists,” Dr. Louie Miranda of the LTO Central Office told GMA News Online by phone Tuesday. The LTO has expressed reservations over Republic Act 10586 or the Anti-Drunk and Drugged Driving Act of 2013, which scraps mandatory drug testing from the list of requirements needed in applying for a driver’s license. Citing latest data, Miranda said the 6,670 rejected applicants were placed under alarm, meaning they were barred from driving and can apply again only after six months. Although the number represents only a small percentage of those who applied for a driver’s license, it still shows that mandatory drug test is effective in preventing drug users from becoming licensed drivers, Miranda said. “Maliit siya pero ang punto is nakapag-prevent tayo ng more than 6,000 na applicants from getting their license or from renewing it,” he said. For the previous year, the LTO issued more than 4.5 million driving licenses. Figures for the current year are not yet available. Inconsistent Sen. Vicente Sotto III, principal author of RA 10586, said the provision in the Dangerous Drugs Act of 2002 that requires the LTO to conduct mandatory drug testing for license applicants has been revoked by the new law. He said the Repealing Clause in RA Read More …

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