Green Climate Fund allots $300 million to ADB for green recovery program
THE Green Climate Fund (GCF) has allocated $300 million for Asian Development Banks (ADB) projects which aim to build climate resilience and promote sustainable economic development.
The SC ruling on allowable deductions for PEZA firms
By Mark Ebenezer A. Bernardo
The sleepless nights of most accountants will end less than a month from now, as the last day of filing annual income tax returns (ITR) for corporations whose taxable year ended December 31, 2020 is on the 15th of April.
Senators keen to raise funding for GUIDE bill beyond P10 billion
A SENATE committee is planning to increase the P10 billion allocated for a measure that will assist businesses deemed strategic in recovering from the pandemic.
DENR to begin dredging of Bicol River on March 23
THE DEPARTMENT of Environment and Natural Resources (DENR) said that it will begin dredging on Tuesday a section of the 94-kilometer Bicol River to restore the river’s natural flow rate and minimize flood risk.
Mondelez calls for plastics ban rethink, citing food safety
A MULTINATIONAL snack maker said Thursday that the ban on single-use plastics must be reconsidered, calling the packaging material important for ensuring the safety and quality of food products.
Gov’t cash usage in first two months behind year-earlier pace
THE government’s cash utilization rate in January and February fell behind the pace set a year earlier, the Department of Budget and Management (DBM) reported.
‘Dirty money’ risk deemed moderate for PHL banks — BSP
FINANCIAL INSTITUTIONS in the Philippines have a “medium” risk of exposure to activity related to money-laundering and terrorist financing, according to a risk assessment conducted by the Bangko Sentral ng Pilipinas (BSP).
Revisiting the Tax Sparing rule
By Edison U. Ortiz
In 1974, legislators recognized the importance of attracting foreign investment and provided a reduced tax rate for dividends received by non-resident foreign corporations (NRFCs) from domestic corporations. Instead of the regular corporate income tax rate of 30%, a 15% rate was imposed on dividends received. This was subject to the condition that the country in which the NRFC is domiciled shall allow credit against the tax due from the NRFC taxes paid in the Philippines. The credit is equivalent to a particular amount representing the difference between the regular corporate income tax rate and the reduced 15% tax rate.
IMF sees signs of stronger global recovery, but significant risks remain
By Andrea Shalal
WASHINGTON - The No. 2 official at the International Monetary Fund on Saturday pointed to emerging signs of a stronger global economic recovery, but...
Average spot market price up in March due to demand and generator outages —...
THE AVERAGE spot market price hit P4.23 per kilowatt hour (kWh) this month, nearly twice the February level, due to an increase in power...
PCC approves joint venture for Manila Waterfront City reclamation project
THE Philippine Competition Commission (PCC) has approved the joint venture between Waterfront Manila Premier Development, Inc. and the City Government of Manila that will...
Less than half of mining firms disclosed beneficial ownership information in 2020
MORE THAN HALF of mining firms in the country did not disclose their beneficial ownership as of end-2020, which is part of the country's...