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Tax take from sugary drinks to hit P52B

Expected revenues from excise tax on sugar-sweetened beverages is seen to contribute some P52.03 billion to government coffers this 2018. Department of Finance (DOF) data showed that based on the medium-term revenue program, excise tax from sugar-sweetened beverages (SSB) is…

ASEAN-wide promotions of agri coops pushed

The Philippines on Tuesday called for increased collaboration with other member states of the Association of Southeast Asian Nations (ASEAN) in promoting agricultural cooperatives deemed important for poverty reduction in the region. Cooperative Development Authority (CDA) Chairman Orlando Ravanera made…

Higher Ph zonal land value eyed

Zonal valuation of land in Philippines will be at par with international standards once lawmakers approve the third package of the Duterte administration’s tax reform program. “BIR (Bureau of Internal Revenue) already has a valuation of the land, which we…

DICT bares rules for new telco player

The Department of Information and Communications Technology (DICT) has released its guidelines for the entry of a new major player in the local telecommunications industry. Applicants should have a valid congressional franchise; not a subsidiary, affiliate, or have any corporate…

BoI targets P680-B investment approvals

The Board of Investments (BOI) eyes to increase investment approvals for 2018 by around 10 percent from pledges in 2017. In a press conference Monday, Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino Rodolfo said the…

Tax holidays lead to P300-B lost revenues yearly

Income tax holidays and other incentives with no time limits enjoyed mostly by large businesses is costing the government over P300 billion annually in foregone revenues, according to the Department of Finance (DoF). Citing 2015 data, Finance Undersecretary Karl Kendrick…

Interest rate hikes to dent bank ops

BMI Research forecasts the sustained robust operations of Philippines banks but flagged the risk of rising interest rates, citing that this might impact on financial stability. In a study, the research arm of Fitch Group took on a “neutral view”…

NLEX Corp to spend P19B for traffic projects

NLEX Corp., a unit of the Metro Pacific Group, earmarks about P19 billion in capital expenditures this year to begin the construction of projects that are expected to help solve Metro Manila’s daily traffic congestion. The tollway company told the…

Trade gap widens to $3.7B in November

The country’s trade deficit widened to USD3.78 billion in November 2017 as imports continue to outpace exports due to higher shipments of raw materials and intermediate goods and capital goods, the Philippine Statistics Authority (PSA) reported on Wednesday. The PSA…

P26B eyed from tax amnesty plan

The government targets PHP26-billion in revenue collections from the planned tax amnesty program. Finance Undersecretary Karl Chua, in a briefing at Malacanang Monday, said they have no idea how many erring taxpayers will avail of the tax amnesty, although he…

Package 2 of tax reform out January 18

The Department of Finance (DOF) is set to submit within this month the proposed second package of tax reform program to ensure the incremental state revenues to be used to fund the Duterte administration’s priority infrastructure and social protection programs.…

TRAIN’s price impact splits economists

Economists are divided on the possible impact of the first tax reform package on Philippines’ inflation rate this 2018, with some saying the effect will be limited while some raised the possibility of breaching of the target. BPI lead economist…

Economic minders up macro goals targets

Members of the inter-agency Development Budget Coordinating Committee (DBCC) have revised upwards some of the government’s targets on back of the economic development here and overseas. In a briefing, Budget and Management Secretary Benjamin Diokno said imports growth target for…

Correcting age-old ‘inequity’ in tax system

After more than 300 presentations about the gains of tax reforms, efforts of Department of Finance (DoF) officials were not wasted. Before 2017 came to a close, President Rodrigo R. Duterte signed into law the first package of the tax…
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