POGO revenue well below forecast at P4.4 billion

THE Bureau of Internal Revenue (BIR) said on Monday that taxes generated by the Philippine Offshore Gaming Operator (POGO) industry amounted to P4.4 billion in the eight months to August, up from the P3.91 billion collected over the full year in 2021 but significantly lower than the bullish pre-pandemic projections for the industry.

NGOs call for ban on Sierra Madre logging, mining

NON-GOVERNMENT organizations (NGOs) called for a blanket ban on logging, quarrying, and mining in Eastern Luzon’s Sierra Madre range, saying the mountains need to be kept intact to serve as a barrier to natural calamities.

Ease of Paying Taxes bill approved in House

By Azanith Ann B. Payad
The digitalization of the tax agencies finds Congress eager “to modernize the labyrinthine tax administration procedures by simplifying tax compliance, removing redundant and obsolete tax requirements, and lifting restrictions that prevent taxpayers from complying with tax laws remotely.”

PCC expects delayed rulings for medical services, tourism cases

THE Philippine Competition Commission (PCC) said it needs to delay rulings on active cases involving the medical services and tourism industries, due to the large number of respondents to be processed.

Pace of recovery to hinge on consumer mobility in fourth quarter

A PRESIDENTIAL adviser said the economic recovery will depend largely on whether consumers enjoy a degree of mobility in the fourth quarter, the time of year when businesses generate outsized profits.

NGCP transmission rate reset process starts

THE Energy Regulatory Commission (ERC) said on Sunday that it has initiated the process of resetting the transmission system rate for the National Grid Corp. of the Philippines (NGCP).

PHL grid lags ASEAN in accommodating variable RE power sources

THE Philippine grid is not as able as its counterparts among the major economies of the Association of Southeast Asian Nations (ASEAN) to accommodate a large proportion of variable renewable energy (RE), according to the Southeast Asia Information Platform for the Energy Transition (SIPET).

Births, deaths decline in first half

THE NUMBER of registered births and deaths declined in the first six months of 2022 by 26.8% and 32.1%, respectively, the Philippine Statistics Authority (PSA) reported.

What to expect when BIR tax audits resume

By Thyrza F. Marbas
At the start of the third quarter, the Bureau of Internal Revenue (BIR) declared a moratorium on the conduct of BIR audits via Revenue Memorandum Circular (RMC) No. 77-2022.

Philippines eyeing ‘green investments’ despite tight fiscal space, Diokno says

THE government can pursue green investments despite the limited fiscal space, Finance Secretary Benjamin E. Diokno told an Asian Development Bank (ADB) conference, adding that such investments were factored in when the Philippines started drafting its medium-term goals.

Small committee tasked to amend House’s P5.268-trillion budget bill

A SMALL committee has been appointed to amend the P5.268-trillion budget bill, which passed on third reading this week before the House of Representatives went on recess, according to majority leader Manuel Jose M. Dalipe, who will himself be a member of the amending team.

Bill seeks VAT threshold indexed to inflation

A BILL filed by Senator Sherwin T. Gatchalian to amend the tax code will index the threshold for value-added tax (VAT) exempt taxpayers to inflation, adjustable every three years.
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