BIR collection target reduced a further 23%
THE Bureau of Internal Revenue’s (BIR) tax collection target for 2020 has been reduced further by 23%, with the collection goal for excise taxes nearly halved on expectations of a severe economic slowdown.
BIR preparing to tax streaming services, online merchants
THE Bureau of Internal Revenue (BIR) said Wednesday it is laying the groundwork for taxing online service platforms and merchants including streaming services like Netflix.
Philippines, ADB sign $500-M loan for 4Ps
THE Philippines signed the $500-million loan agreement with the Asian Development Bank (ADB) that will supplement the budget of the Pantawid Pamilyang Pilipino Program (4Ps), largely for disbursement in July.
Pump prices remain low despite new tariff — DoE
FUEL products are still cheap despite the imposition of new oil import duties taking effect this week, the Department of Energy (DoE) said.
Bill promoting urban agriculture hurdles House panels
THE House Committees on Agriculture and Food, and Food Security passed a substitute bill Wednesday seeking to institutionalize community gardens and urban farming to provide alternative sources of food.
DTI pilots e-commerce export program for small businesses
THE Trade department’s export marketing arm is planning a P25-million program to connect small businesses to consumers in the United States through e-commerce.
Capturing the value of the digital economy
By Donabel M. Villegas
Digital technology has undeniably transformed the commercial landscape. Digitization allows businesses to access markets across borders even without establishing a physical presence. Due to territorial absence, and the novelty of digital technology that tax laws then could not have foreseen, for a time, tax authorities found themselves bereft of rights to collect taxes on digital businesses that cross international borders.
As economy slumps, Philippines lets eateries reopen to recoup job losses
The Philippines is getting back to business after one of the world’s strictest coronavirus lockdowns spanning nearly three months, allowing restaurants to reopen this week for dine-in customers in an effort to keep people in work.
PEZA seeking P100 billion in stimulus money
THE Philippine Economic Zone Authority (PEZA) is asking for P100 billion from the government’s proposed economic recovery program to help develop more public economic zones.
Diokno ‘confident’ no inflation risk from faster M3 growth
BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said he is not worried about higher inflation arising from “significant” growth in liquidity in recent months.
Sangley airport consortium seeks further 90-day extension to submit full post-qualification documents
LUCIO C. Tan’s MacroAsia Corp. and its Chinese partner asked for a further 90-day extension to complete the documentary requirements to post-qualify their bid for the $10-billion Sangley Point International Airport (SPIA), the Cavite government said.
Fertilizer procurement rules followed after overpricing claims — DA
AGRICULTURE Secretary William D. Dar brushed off claims of overpriced fertilizer distributed to farmers, saying the Department of Agriculture (DA) followed government procurement rules.