CTA rejects BIR appeal of Ayala Land unit tax ruling
THE Court of Tax Appeals (CTA) denied for lack of merit a motion for reconsideration filed by the Bureau of Internal Revenue (BIR) over a cancelled P29-million tax deficiency assessment against Ayala Land International Sales, Inc.
Bill discounting OFW remittance fees passes House on 2nd reading
A MEASURE granting migrant workers discounts on remittance fees has been approved on second reading at the House of Representatives.
Dealing with common issues in a BoC Audit
By Victor C. De Dios and Josephine Grace R. Sandoval
When shipments are “cleared” at the border after payment of duties and taxes, importers often assume that the Bureau of Customs (BoC) will simply move on without double-checking the shipment. This assumption is inaccurate. The BoC can actually conduct an audit of past transactions, similar to the function of the Bureau of Internal Revenue (BIR). This exercise is the Post-Clearance Audit (PCA). It usually covers the last three years of importations and the PCA is undertaken to check the correctness of importers’ goods declarations, and the accuracy of their tax payments.
Gov’t moves to fast-track land-use conversion applications
THE GOVERNMENT is preparing to issue a memorandum circular mandating concerned agencies to fast-track the processing of land-use conversion applications, Malacañang said on Friday.
ADB raises P5.22B via peso bonds for PHL projects
THE ASIAN Development Bank (ADB) raised over P5 billion in local currency bonds offered to foreign investors, with the funds meant to support projects in the Philippines.
Rice stocks climb at start of 2019
THE COUNTRY’S rice stocks totalled 2.55 million metric tons (MT) as of Jan. 1, up by 11.40% from the previous year’s level of 2.29 million MT, the Philippine Statistics Authority (PSA) said on Friday.
DA eyes export of coconut oil, bananas, shrimps to Russia
THE DEPARTMENT of Agriculture (DA) aims to tap the unexplored markets of Russia for possible export of coconut oil, banana and shrimps, Agriculture Secretary Emmanuel F. Piñol said on Friday.
Slow land-use conversion provokes Duterte ‘outburst’
MALACAÑANG said Thursday that President Rodrigo R. Duterte wants the processing of land-use conversion applications fast-tracked.
Palace rejects farmers’ call for rice tariffication veto
OVER the opposition of farmers’ groups to rice tariffication, Malacañang on Thursday said President Rodrigo R. Duterte will not veto the measure, with his signature “forthcoming.”
Duterte to certify AFP pension bill as urgent
PRESIDENT Rodrigo R. Duterte will certify as urgent the Military and Uniformed Personnel (MUP) Pension Reform Bill being proposed the Department of the National Defense (DND), his spokesperson said.
Competition regulator to seek information sharing with privacy commission
THE Philippine Competition Commission (PCC) said it seek to achieve more seamless information sharing with the National Privacy Commission (NPC) within the constraints of strict privacy laws.
Court challenge looms for Solar Para Sa Bayan franchise
A GROUP of private entities involved in renewable energy projects has signalled plans to pursue legal action against the granting of a franchise to Solar Para Sa Bayan Corp., saying the move is anti-competitive and unconstitutional.