A PROPOSAL to arm the Executive with options to deal with a power shortage that will hit Luzon in March-July next year suffered a slight setback yesterday, as the Ways and Means committee of the House of Representatives struck down a provision that would have outrightly exempted one of the measure’s incentives from value added tax (VAT).
The bill that aims to modernize the Bureau of Customs (BoC) in order to make it more effective and transparent has clinched committee approval at the House of Representatives.
Aside from tapping state-run financial institutions, local banks in the country are encouraged to extend financial assistance to the region’s growing creative sector to prepare them for the Association of Southeast Asian Nations (Asean) regional integration next year.
BUSINESS GROUPS expressed optimism that Luzon’s expected power shortage in summer next year could be licked even without giving the country’s chief executive authority to lease or purchase generators.
Someone made the observation that in today’s tiger economies, governments roll out the red carpet to attract investors. Our government rolls out the red tape instead.
There is no reason why the Philippines should not be among the top trading partners of the European Union (EU) in the Association of Southeast Asian Nations (ASEAN), an official from a European business group said.
Business groups are considering legal action to push for the removal of a circular covering value-added tax (VAT) refunds which they claim would dampen the country’s competitiveness.
Various investors in the country fear to lose at least P15 billion in VAT (value added tax) refund claims once the Bureau of Internal Revenue implements its new refund rule retroactively even as business groups warned of a backlash on government’s investment campaigns.
Contrary to the views of other business groups, the Philippine Chamber of Commerce and Industry (PCCI) favors the proposed rebidding of the P35.4-billion Cavite Laguna Expressway (Calax) deal as the government stands to gain at least P8.45 billion from this exercise.
BIR circular on VAT refund claims stirs hornets’ nest. A number of business chambers and industry groups are going over plans to go to court in a bid to stop the implementation of the recently issued government rule on investors’ value- added tax (VAT) refund claims.
The House of Representatives is targeting to draft a resolution by year-end to define how the Bureau of Internal Revenue (BIR) issues orders or circulars on taxes to maintain the stability of the business environment.
Corporate governance-advocate Integrity Initiative has named ING Bank as one of the most ethical and honest firms in the Philippines.
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