The Philippines has become the 68th signatory to the Organization for Economic Cooperation and Development (OECD) Convention on Mutual Administrative Assistance in Tax Matters (MAC). Bureau of Internal Revenue (BIR) Commissioner Kim Jacinto Henares, with special authority from the Office of the President, signed the agreement in Paris last Friday.
The Philippine Deposit Insurance Corporation (PDIC) will service the deposit insurance claims of depositors of the closed Rural Bank of Padre Burgos (Southern Leyte), Inc. from September 29 to 30, 2014 at the bank’s premises located in Poblacion, Padre Burgos, Southern Leyte.
Year-to-date revenue collections grow double-digits.
The Bureau of Customs seized an estimated 1,250 Metric Tons (1.25-Million kilograms) of white rice that had been arrived in the country without the required import permits from the National Food Authority (NFA). The rice, stocked in 25,000, 50-kg bags, was contained in 50, 20-foot container vans, have an estimated market value of about P50 million.
In response to changes and developments in the capital market, Secretary of Finance Cesar Purisima deemed it necessary to take measures to protect the the investing public from fraud or loss by ensuring the proper assessment and collection of taxes on the transfer of government securities.
The Philippine government continues to improve on its liability management performance on the back of the Aquino administration’s commitment to uphold the nation’s creditworthiness. As of March 2014, the general government (GG) debt stood at P4,492.0 billion or 38.1% of gross domestic product (GDP). The current ratio is lower than the first quarter (Q1) of 2013 level of 38.5%.
To accommodate qualified applicants whose names were omitted in the list of qualified examinees and those who were unable to take the exam last August 31, 2014, due to valid reasons like illness, the Bureau of Customs (BOC) will hold another pre-employment exam this Sunday, September 28, at Angelicum College in Quezon City.
The Revenue Integrity Protection Service (RIPS) has achieved its highest performance in its 11-year history. A marked improvement in 2014 with 85 investigations initiated over the eight-month period from January to August represents a 45% increase compared to the previous highest record of 58 attained in 2013.
For the month of August 2014, the BIR collected P127.56 billion in tax revenues, P9.45 billion or 8.01% more than collections made in August 2013.
In a move to combat the smuggling of tobacco products, the Department of Finance has approved the Bureau of Internal Revenue’s proposed revenue regulation mandating the affixture of internal revenue stamps on imported and locally manufactured cigarettes. The revised regulation also prescribes the use of the Internal Revenue Stamp System (IRSIS) for the ordering distribution, and monitoring of cigarettes.