2019

Duterte nixes amnesty for tax cheats

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By Ben O. de Vera, February 17 2019;Philippine Daily Inquirer https://business.inquirer.net/265214/duterte-vetoes-provision-in-new-law-for-general-tax-amnesty Image Credit to Inquirer.net There will be no lifting of bank secrecy for tax purposes and no general tax amnesty in April, the deadline for filing of income tax returns. President Rodrigo Duterte has vetoed a provision in Republic Act (RA) No. 11213, or […]

2019

Gordon reports out bill reducing national gov’t take from ecozone tax

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By Camille A. Aguinaldo, February 11 2019; Business World https://www.bworldonline.com/gordon-reports-out-bill-reducing-national-govt-take-from-ecozone-tax/ Image Credit to Philippine Star SENATOR Richard J. Gordon, who chairs the chamber’s committee on government corporations and public enterprises, sponsored to the plenary a bill seeking to increase the powers of the Bases Conversion Development Authority (BCDA). Senate Bill No. 2207 amends the charter of […]

2019

Duterte to OK rice tariff bill

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By Jasper Emmanuel Y. Arcalas & Elijah Felice E. Rosales, February 8 2019; Business Mirror https://businessmirror.com.ph/2019/02/08/duterte-to-ok-rice-tariff-bill/ Image Credit to Business Mirror THE opening up of the Philippine rice market is inevitable, as Malacañang said President Duterte will not veto the rice tariffication bill even as he acknowledged that it will be detrimental to farmers. Duterte had a […]

2019

Tariff Commission to summon DTI over cement duties

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By Janina C. Lim, February 5 2019; Business World https://www.bworldonline.com/tariff-commission-to-summon-dti-over-cement-duties/ Image Credit to Eagle Cement THE Tariff Commission will ask the Department of Trade and Industry (DTI) to explain the imposition of tariffs on imported cement and explain to those opposing the measure the need to implement duties. The move was an apparent reaction to the […]

2019

DOF opposes move to remove VAT from fuel

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By Roy Stephen C. Canivel, January 31 2019; Philippine Daily Inquirer https://business.inquirer.net/264417/dof-opposes-move-to-remove-vat-from-fuel Image Credit to Department of Finance The Department of Finance (DOF) is opposing a bill at the Senate that aims to make fuel cheaper by removing the value added tax (VAT) on petroleum products. Senator Aquilino “Kiko” Pimentel filed early this month Senate Bill […]

2019

Government readies orders to revise customs fees rules, normalize container usage

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By Business Mirror, February 1 2019 https://businessmirror.com.ph/2019/02/01/government-readies-orders-to-revise-customs-fees-rules-normalize-container-usage/ Image Credit to Business Mirror THE government will issue a joint administrative order (JAO) that will overhaul rules on customs fees and charges in a move seen to reduce operating costs and improve logistics efficiency. According to the Department of Trade and Industry, the JAO will be released in […]

2019

Tax revenue up 10% but 4% short of P2-trillion BIR target

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By Philippine Daily Inquirer, January 30 2019 https://newsinfo.inquirer.net/1079147/tax-revenue-up-10-but-4-short-of-p2-trillion-bir-target Image Credit to Business World The taxman did not meet his collection target in 2018 despite the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, a revenue measure consumers blamed for rising prices of basic goods and services. Government revenue collection fell short of […]

2019

Final battle on tobacco taxes waged in Senate

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By Butch Fernandez, January 30 2019; Business Mirror https://businessmirror.com.ph/2019/01/30/final-battle-on-tobacco-taxes-waged-in-senate/ Image Credit to Business Mirror SENATORS are firming up a consensus on a higher tobacco tax ranging from P60 to P90 per pack. But, in an indication of how fiercely the tug-of-war between pro- and anti-tobacco tax hike is affecting lawmakers, the Senate Ways and Means Committee scheduled another […]

2019

Measures exempting small miners from taxes on gold sales sent to plenary

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By Camille A. Aguinaldo, January 17 2019; Business World https://www.bworldonline.com/measures-exempting-small-miners-from-taxes-on-gold-sales-sent-to-plenary/ Image Credit to Business World THE SENATE ways and means committee has presented to the plenary the bill which grants tax exemptions to small-scale miners who sell their gold to the Bangko Sentral ng Pilipinas (BSP). Senate Bill No. 2127 seeks to amend Sections 32 and […]

2018

‘TRAIN caused surge in PHL sugar imports’

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By Cai Ordinario, January 4 2019; Business Mirror https://businessmirror.com.ph/train-caused-surge-in-phl-sugar-imports/ Image Credit to Business Mirror THE surge in the country’s purchases of imported sugar and sugar products was the “unintended consequence” of the government’s implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, according to a local economist. The latest data from the Philippine […]