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...
PCA Board creates transition committee to develop coconut industry
THE Philippine Coconut Authority (PCA) Board said on Friday that it has created a transition committee to be chaired by the Trade department, which...
PSA signaling 7.5% year-on-year rise in first-quarter palay output
THE PHILIPPINE Statistics Authority (PSA) said it upgraded its first quarter estimate for production of palay, or unmilled rice, from a previous estimate made in January, with the latest projection representing a 7.5% rise in output from a year earlier.
DA formally requests state of emergency to deal with ASF
THE Department of Agriculture (DA) has officially submitted its proposal to President Rodrigo R. Duterte for a state of national emergency to help contain African Swine Fever (ASF).
ARTA launches app integrating business permit process, contact tracing
THE Anti-Red Tape Authority (ARTA) will launch a digital platform unifying business permit transactions and contact tracing systems next month.
Construction starts fall on weak confidence
CONSTRUCTION starts, as measured by permit approvals, fell sharply in the fourth quarter, headlined by a 20% decline in the largest segment, residential buildings, as commercial construction declined nearly 32%, the Philippine Statistics Authority, noting disruption and reduced confidence due to the pandemic.
Legislator expresses optimism Senate will support economic amendments to Constitution
A DEPUTY SPEAKER said deliberations on economic amendments to the Constitution will likely continue in May for timely transmission to the Senate, where he is confident the amendments will find support.
LGU real property tax cases worth P4.53B resolved in 2020
THE Central Board of Assessment Appeals (CBAA) resolved cases raised by local government units (LGUs) last year involving an estimated P4.53 billion worth of real property taxes, the Department of Finance (DoF) said Thursday.