DOF willing to share SNITS revenues for limited period

BY DENNIS GADIL

The Department of Finance (DOF) is amenable to earmarking half of the incremental revenues from the proposed Simplified Net Income Tax Scheme (SNITS) to regional development, calamity response and education but only for a limited period...(more)

Gov’t hikes debt plan

DUE TO HIGHER DEFICIT

BY DENNIS GADIL

The government anticipates a higher national debt stock of P4.83 trillion in 2010, up from the now abandoned projection of P4.723 trillion due to a widened deficit ceiling for the year...(more)

RP to miss higher trade in non-accession to RKC: Teves

BY DENNIS GADIL

The Philippines has again missed a lot of opportunities after it lost to Malaysia and Vietnam in becoming the first country to accede to a global treaty on customs reforms. Both countries are now attracting more investments and trade via an efficient globalized customs system...(more)

BIR, PNP ink pact for better tax payment

BY DENNIS GADIL

The government is going after the PNP, not for scalawags, but to increase its tax payments...(more)

Gov’t agencies’ unpaid taxes hit P23.23B

BY DENNIS GADIL

The government will have to dig deep in its own backyard to raise much-needed funds as the Bureau of Internal Revenue (BIR) reported that P23.13 billion in tax liabilities due from national agencies, state-owned enterprises (GOCCs) and local government units (LGUs) have remained unpaid from 2006 to 2007...(more)

Gov’t ready to ink Samurai bond agreement with JBIC next month

BY DENNIS GADIL

The government is ready to sign an agreement with Japan Bank for International Cooperation (JBIC) next month for the lowering of the guarantee fee for its long-awaited Samurai bond offering...(more)

BIR overshoots Dec collection target

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) yesterday reported overshooting by P1.5 billion its collection goal for December mainly on the strength of a P1.2 billion tax judgment against the Makati City government...(more)

Gov’t not in a hurry on Samurai bonds

BY DENNIS GADIL

The much-awaited Samurai bond float this January will not likely take place after the government successfully raised $1.5 billion in fresh dollar borrowings last week in the global bond market...(more)

SICPA smells like NBN-ZTE: Recto

BY DENNIS GADIL

The P20 billion stamp-tax contract with the Swiss company SICPA is an NBN-ZTE scandal waiting to happen, former planning secretary Ralph Recto said yesterday...(more)

Some regions are more equal than others

President Arroyo and her budget planners are pouring into her home region Central Luzon (Region III) P53.073 billion of the P1.514 trillion 2010 national, the biggest allocation for any region. - Dennis Gadil - (more)

DOF seeks 8.1% hike in non-tax revenues

BY DENNIS GADIL

The Department of Finance (DOF) and its attached agencies are seeking to improve non-tax revenues for 2010 to P85.65 billion or 8.1 percent higher than the P79.1 billion targeted last year...(more)

Gov’t allots P36.71B subsidies to GOCCs

BY DENNIS GADIL

The government will continue to shell out subsidies to 78 government-owned and controlled corporations (GOCCs) and executive offices this year to the tune of P36.71 billion...(more)

Dec collection narrows full-year deficit

BY DENNIS GADIL

Lower shortfalls incurred by top revenue collection agencies in December have improved the deficit picture with the emerging full-year deficit for 2009 way below the P300 billion mark...(more)

Gov’t issues P3.3B tax credits Jan-Nov

The government’s One Stop Shop Inter-Agency Tax Credit and Duty Drawback center has issued P3.304 billion worth of tax credit certificates (TCCs) from January to November in 2009, 24.43 percent lower than the P4.420 billion it issued in the same 11-month period in 2008...(more) - Dennis Gadil

Teves orders low-level BOC revamp

BY DENNIS GADIL

Finance secretary Margarito Teves has ordered a low-intensity revamp in the Bureau of Customs (BOC) affecting customs district collectors to shield them from pressures from politicians and big business during the election period...(more)