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THE Bureau of Internal Revenue (BIR) will still conduct an audit of Philippine Offshore Gaming Operators (POGOs) that are leaving the country to check their tax compliance and collect any back taxes, Finance Secretary Carlos G. Dominguez III said.
THE GOVERNMENT has obtained $9.9 billion worth of loans and grants from external sources as of Sept. 15 to fund its coronavirus disease 2019 (COVID-19) containment effort and to support recovery measures.
LOCAL GOVERNMENT UNITS (LGUs) will likely face substantial fiscal stress over the short to medium term, as tax collections continue to decline due to the coronavirus disease 2019 (COVID-19) pandemic, the Development Budget Coordination Committee (DBCC) said.
THE ASEAN+3 Macroeconomic Research Office (AMRO) expects to see a “Nike swoosh” or V-shaped recovery for the region after the coronavirus crisis, although the pace of recovery will vary depending on each economy’s pandemic response.
THE Department of Finance (DoF) said the Commission on Audit (CoA) issued notices of disallowance to four textile firms seeking tax credits, bringing the total rejections to P606 million.
THE government faces a worst-case scenario of P311.8 billion worth of contingent liabilities associated with 24 new Public-Private Partnerships (PPPs) entering critical stages of implementation.
THE Philippines’ external debt relative to gross national income (GNI) is the lowest among its peer economies in the Association of Southeast Asian Nations, known as the ASEAN-5, according to the Department of Finance (DoF).
Households in the Philippines were the most likely in Southeast Asia to have encountered job losses or reduced workloads during the pandemic, according to...
THE Asian Development Bank (ADB) proposed to set up a regional hub to promote better cooperation on tax policy and administration across the region. “I...
GOVERNMENT BORROWINGS may be less than initially estimated this year, after the main revenue-generating agencies beat their lowered targets two months in a row, Finance Secretary Carlos G. Dominguez III said.
THE Bureau of Internal Revenue (BIR) said it extended the deadlines for filing the new related party transactions (RPT) form, acknowledging possible difficulties in compiling the needed information due to the coronavirus disease 2019 (COVID-19) pandemic.
THE Manila City government said it will accept installment payments on unpaid real property taxes to boost compliance and provide relief to taxpayers.
Land Bank of the Philippines (LANDBANK) has granted P330 million in loans as of mid-August under its “study now, pay later” scheme, the Department of Finance (DoF) said in a statement on Monday.
CASH UTILIZATION by government agencies was 83% in the eight months to August, remaining weak due to spending constraints imposed by the pandemic, the Department of Budget and Management (DBM) said.
https://open.spotify.com/episode/3lVC6KyEXYRGZxwcxVHkp2 Follow us on Spotify BusinessWorld B-Side A million-and-a-half Filipinos could fall into poverty because of the pandemic, according to a discussion paper titled “Poverty, the...
THE Department of Budget and Management (DBM) said local government units (LGUs) must use their one-time grants under the Bayanihan to Heal as One Law (Bayanihan I) by Sept. 16, unless the Palace extends the state of calamity beyond that date.
THE Mindanao business community wants the government to restart its infrastructure projects in the region as the economy reopens.
GENERAL GOVERNMENT (GG) debt will likely be the equivalent of 46.7% of gross domestic product (GDP) by the end of 2020, the highest level in 14 years, as the government borrows more to fund its pandemic containment measures, the Treasury said.
THE National Economic and Development Authority (NEDA) said it hopes to work more closely with stakeholders in achieving the Philippines’ Sustainable Development Goals (SDGs).
THE Asian Development Bank (ADB) said it approved Thursday a $500-million (P24.3 billion) standby line providing the Philippines quick access to emergency funds in the event of calamities.
SENATORS on Wednesday questioned the economic team’s priorities under the proposed P4.5-trillion national budget for 2021 as allocations for health and social safety nets were cut and funds for infrastructure projects increased despite the ongoing pandemic.
THE Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) has accepted the recommendation of the economic team to open up public transportation further to help the economy recover, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said.
THE two major revenue-collecting agencies surpassed their reduced targets for the eight months to August with business activity picking up, though they both remain behind the year-earlier pace because of the damage to the economy caused by the pandemic.
CONSTRUCTION INDUSTRY growth could outperform its regional counterparts over the next decade, despite the current slowdown caused by declining investment, with growth also losing momentum when compared with the 2006-2019 period, Oxford Economics said.
THE Bureau of Customs (BoC) said it established the Port Control Office (PCO), which is tasked with identifying and examining shipments deemed high risk for smuggled goods.
THE adoption of e-government systems has been “incremental” with the pandemic exposing areas still untouched by the digital shift, such as cash aid distribution, a government think tank said.
THE government raised P1.857 trillion from both domestic and foreign lenders in the first seven months of the year, as it borrowed more to fund the growing expenses related to the pandemic.
THE Bureau of Internal Revenue (BIR) is offering a program to allow taxpayers to voluntarily settle their tax arrears, as the agency seeks to reduce its audit investigations amid the coronavirus disease 2019 (COVID-19) pandemic.
THE Department of Finance (DoF) expressed the hope that the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is passed sometime this month, before Congress takes a month-long break in mid-October, Finance Assistant Secretary and the department’s spokesman, Assistant Secretary Antonio G. Lambino II, said.