Pierce to retire as Celtics player
BOSTON — American forward Paul Pierce signed a one-day contract with the Boston Celtics on Monday in a move that allows him to retire as a member of the NBA franchise.
Del Monte Philippines says it paid P5.9B in total taxes from 2011-2013
DEL MONTE Philippines, Inc. (DMPI) said it paid the Bureau of Internal Revenue (BIR) P5.9 billion in total taxes from 2011 to 2013, dismissing claims that it had avoided the payment of almost P30 billion in taxes for the three-year period.
In a statement released on Tuesday, the subsidiary of listed firm Del Monte Pacific Ltd. (DMPL) clarified that it never received a tax assessment of P21 billion in 2011, as previously reported in the media. The company called the alleged tax assessment “outrageous,” given that its revenues for the year only amounted to P16.8 billion.
“For 2011, DMPI was issued a deficiency assessment for P14.9 million (due to disallowed deductions and timing issues) which it paid the BIR,” the company said.
Meanwhile, DMPI said the assessment of P3.43 billion and P5.2 billion for 2012 and 2013, respectively, had been “satisfactorily substantiated” for a much lower price accepted by the BIR.
DMPI specified that the total taxes it paid to the BIR amounted to P1.67 billion in 2011, P2 billion in 2012, and P2.25 billion in 2013, for a total of P5.9 billion. This includes income tax, fringe benefits tax, value-added tax, and documentary stamp tax.
The company added that it paid P1.2 billion in income taxes during the three-year period.
DMPI maintained its willingness to fully cooperate with the government should the case warrant an inquiry.
“DMPI has been diligently paying the correct taxes… In fact, DMPI is one of the Philippines’ top corporate taxpayers. For the years in question (2011-2013), DMPI was ranked #161 in 2011, #107 in 2012 and #77 in 2013 among the country’s top 500 corporate taxpayers,” the company said.
DMPI’s parent, DMPL, is engaged in the production and selling of packaged fruits and vegetables, canned fish, fresh pineapple, and pineapple concentrate, among others. Its shares are listed in the Philippine Stock Exchange as well as its Singaporean counterpart.
Shares in DMPL closed 44 centavos or 3.86% lower to P11.84 each on Tuesday. — Arra B. Francia
PPA preparing to revise 2017 revenue forecast
THE Philippine Ports Authority (PPA) said it ordered ports across the country to revisit their revenue targets for 2017.
In a statement, the PPA said it wants more “realistic” revenue estimates after the agency’s net profit rose 32% in the five months to May, while revenue rose 11.63% to P6.05 billion due to heightened trade activity.
General Manager Jay Daniel R. Santiago said in the statement that “Port Managers were enjoined to reassess their accomplishments from the start of the year to the present and forecast their revenues for the remaining months of the year keeping in mind the prevailing economic conditions.”
While he did not indicate the direction of the proposed revisions, he said managers should be guided by expectations that gross domestic product could grow as much as 7.5%.
“The intention is to set a more realistic revenue commitment,” Mr. Santiago said in the statement.
In February the PPA downgraded its revenue forecast to flat in the best case, citing the deterioration of foreign exchange rates, the transfer of several ports to local governments and freeport zones, and disruptions in the mining industry.