A legal confrontation on RR 1-2014 in the offing?
On December 17, the Department of Finance (DOF) and Bureau of Internal Revenue (BIR) issued Revenue Regulation No. 1-2014 which took effect last Jan. 1.
View ArticleAmid Q1 slowdown, DOF stands by growth forecast
Faster government spending in the second half of the year should help the Philippine economy grow at a faster clip to make up for the slowdown seen in the first months of the 2014.
View ArticleFool’s disclosure
The entire stock market is up in arms against the government rules on full disclosure that the Department of Finance imposed this year upon the urging of the Bureau of Internal—our beloved BIR.
View ArticleDOF proposes expanded VAT coverage instead of income tax cuts
Any tax-eroding measure should be compensated by new and additional revenue-generating schemes, including expanding the coverage of the value-added tax (VAT) system and widening the tax base, Finance...
View ArticleSlower September inflation to boost 2nd half GDP, says DOF
The lower inflation rate posted in September augurs well for the economy, which needs to expand faster in the second half in order to reach the 6.5-7.5 percent growth target for 2014, according to the...
View ArticlePH seeks duty-free entry of Bangsamoro products to Japan
The Philippine government is seeking preferential treatment on goods to be shipped to Japan by traders based in the Bangsamoro, Finance Secretary Cesar V. Purisima said on Thursday.
View ArticleGov’t posted P5.2-B budget deficit in September
The Department of Finance (DOF) on Wednesday reported that the government posted a budget deficit of P5.2 billion last September—a reversal of the surplus recorded in August.
View ArticleFinance open to changes in tax system
The Department of Finance is open to implementing changes in the integration.
View ArticleDOF urged to junk BIR’s tax refund circular
Twenty local and foreign business groups and industry associations have filed a joint letter and position paper urging the Department of Finance to junk the controversial circular on tax refund.
View ArticleDOF: Legal issues hinder sale of gov’t assets
Legal issues have prevented the government from disposing of at least 10 more assets to shore up revenues, a Finance official said on Thursday.
View ArticleDissension hits tax credit office: Staff vs new boss
More stringent requirements for getting tax credit certificates (TCCs) have led to calls for the resignation of the new head of the One-Stop Shop Center (OSS Center) of the Department of Finance (DOF).
View ArticleFinance agency eyes subsidy, not VAT exemption, for PWDs
The Department of Finance is opposing the proposed legislation aimed at granting persons with disabilities exemption from certain value-added tax (VAT) payment.
View ArticleDOF to sustain higher revenue collection, less debt in 2015
The Department of Finance (DOF) aims to further shore up revenue collection while continually reducing the share of the government debt to the economy in 2015 to sustain the inroads made this year.
View ArticleTerms on ecozone firms’ importation eased
The Department of Finance has ordered the exemption of economic zone locators from securing the certification needed for them to bring in raw materials and other equipment from abroad.
View ArticlePH sells $2-billion, 25-year bonds to foreign investors at record low rate
The government has successfully borrowed offshore through the issuance of $2 billion worth of 25-year bonds to foreign investors at a record low rate.
View ArticlePH sells $2B IOUs at record low rate
The government has successfully raised $2 billion from the sale of long-term bonds, snapped up by investors at a record low rate, as part of the state’s efforts to reprice and consolidate outstanding...
View ArticleBIR trims number of requirements for brokers and importers’ clearances
To fast-track the issuance of the clearances of accredited customs brokers and importers, the Bureau of Internal Revenue (BIR) has trimmed down the number of documents to be submitted by applicants.
View ArticleTreasury readies ‘specials repo’ to boost liquidity in local market
MANILA, Philippines–Two agenices under the Department of Finance shall put in place the tax mechanism for a so-called “specials repo” instrument aimed at encouraging market makers to improve liquidity...
View ArticleTax effort up to 14.1% at end of November, says DOF
The share of tax revenues to the economy further inched up to 14.1 percent as of the end of November in 2014 on the back of robust collections, Department of Finance (DOF) data showed.
View ArticleEU QE to bring short-term “hot money” gains to PH, says DOF
The Philippines stands to gain additional inflows of short-term portfolio investments or so-called “hot money” as Europe goes into quantitative easing (QE), but monetary authorities should temper local...
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