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Philippines: BIR suspends tax audits

The Bureau of Internal Revenue (BIR) on Monday announced it had recalled mission orders issued to taxpayers under investigation, noting that tax audits failed to improve revenue collections. In a statement on Monday, the bureau also said it had ordered all revenue officers of its National Investigation Division (NID) to submit an inventory of all […]

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Philippines: IMF reviewing 3% inflation forecasts

MANILA, Philippines — Multilateral lender International Monetary Fund (IMF) is revisiting its inflation forecasts to take into consideration the impact of the tax reform law, foreign exchange movement and agricultural output. YongZheng Yang, IMF resident representative for the Philippines, said in an email to The STAR the agency is now reviewing its three percent inflation […]

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Philippines: Cigarette tax take substantially higher

Cigarette excise tax revenues have substantially increased following Japan Tobacco, Inc.’s takeover of Mighty Corp., the Finance department said. Excise tax payments attributable to Mighty brands totaled P20.22 billion from September to December 2017, the department said, a 262-percent improvement or P14.65 billion more than the P5.57 billion recorded in the comparable 2016 period. Total […]

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Cargo trucks line up along street inside the Manila Port Area while volumes of  cargo are not yet deliver due to City Ordinance 8336 banning truck during day time. Report from Professional Customs Brokers Association of the Philippines also said that 12 cargo vessels could not dock to the port because of lack of space in warehouses inside the Manila International Container Port.      EDD GUMBAN/PHOTO
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ASEAN manufacturing recovers in January, Vietnam dislodges Philippines on top

MANILA, Philippines — Manufacturing conditions in the ASEAN region recovered slightly in December, still driven by domestic demand as export sales remain weak, according to the Nikkei ASEAN Manufacturing Purchasing Managers’ Index  released yesterday. The headline ASEAN Manufacturing PMI rose to 50.2 in January from 49.9 in December, indicating recovery as a reading of below […]

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