by anyajulia | Jul 10, 2009 | Headlines, National News
REVENUE increase of P19 billion in the first year of implementation alone puts the Department of Finance (DOF) into lobbying for both houses of Congress to pass a law to correct the weaknesses of the excise tax on alcohol and tobacco products law.
Otherwise known as Republic Act 9334, the excise tax law needs to be restructured to keep tax rates at par with Asian neighbors, sources at the finance department said.
The Philippines has the lowest excise tax rates among Asian countries and still loses more revenues with its implementation of lower corporate income tax, high personal exemptions and tax incentives, DOF said
DOF also points out that the law is prone to downshifting or misreporting of consumption from high-priced and high-taxed brands to low-priced and low-taxed brands resulting in lower revenues.
“The current excise tax structure also needs to classify brands which create discretion for the taxing authority. The law is likewise eroded by inflation due to lack of automatic tax rate adjustment, the government agency said.
Over these, the agency is proposing for the adoption of a unitary tax rate for each category of alcohol and tobacco products, which will also lapse in time.
Under the scheme, a unitary rate will be indexed using a relevant price index for tobacco and alcohol.
With the revenues from the excise tax, DOF proposes to allocate a portion of the excise tax revenues to a trust fund for the transitional guaranteed income of farmers who are shifting to other crops.
DOF says, the country needs to raise revenues now to strengthen its fiscal position amidst continuing pressure from the global recession.
With the threat of economic recession in the country, the DOF explains that the government has to have more revenues to pump-prime the economy. (PIA)
by anyajulia | Jul 10, 2009 | Headlines, Local News / Bohol Balita
THE REGIONAL Development Council (RDC) in Central Visayas (CV) moves to unify all specific plans and programs here into an integrated regional action plan so it dovetails into the national economic resiliency plan (ERP).
To attain such, RDC Chairperson Gwedolyn Garcia issued a memorandum directing all heads or regional line agencies, government-owned and controlled corporations or financial institutions, state universities and colleges, local government units and Congressional representatives to submit respective programs and projects to the council through its secretariat.
Doing so would allow the RDC to integrate into the Central Visayas plan of action on the ERP and come up with an efficient and highly coordinated implementation and monitoring of such here.
Despite the country’s strong macro-economic fundamentals that have cushioned the Philippines from the impact of a global economic downtrend, the need to pump-prime the economy to sustain it pushed for the ERP.
The ERP hopes to ensure sustainable growth and attain the higher end of the country’s growth targest by saving and creating as manay jobs as possible.
This, economists said, should protect the country’s most vulnerable sectors from getting the full brunt of the crisis, stabilize prices improve the people’s competitiveness in time for the economic bounce.
To get all these, the government proposed implementation of budget interventions such as the full and quick spending of this year’s budget, hasten spending on small infra projects, widen social protection programs and create jobs while protecting jobs.
In Central Visayas, Chairman Garcia, who is concurrently the govenor of the region’s economic hub stressed the need for the region to be protected from the effects of global economic slowdown.
Over this, she said it is imperative that the region’s ERP be very clear and must be translated to concrete economic and socail programs activities and projects.
In her memorandum circular number 0l-009, she asked concerned agencies to submit to the RDC specific programs, activities and projects to be implemented by them this year.
The report to be submitted to the RDC secretariat must contain the title of the Program, activity or project, its brief descrition, project location, targe physical performance, target number of jobs to be generated, projetc cost, funding source and actual expenditures. (PIA)
by anyajulia | Jul 10, 2009 | Headlines, National News
The Department of Finance, in order to raise revenues as funding for the government stimulus program and plug deficit spending, has toughened its campaign against tax evaders
.
The Bureau of Internal Revenue (BIR)have the main task of raising revenue through effective and efficient collection of taxes, quality service to tax payers and uniform enforcement of tax laws.
To ensure government’s success in the collection of taxes both from company and individual payees, the BIR and the Bureau of Customs initiated administrative revenue raising measures.
Operations RATE (Run Against Tax Evaders), RATS (Run After the Smugglers), and RIPS (Revenue Integrity Protection Service). The measures were initiatives against tax evasion, smuggling and corruption. (PIA)
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by anyajulia | Jul 10, 2009 | Headlines, Local News / Bohol Balita, TBTK
It is not often that the President of the Philippines can welcome arriving balikbayan or foreign guests at her official residence in Malacanang Palace, in the nation’s capital of Manila. Much more, it is not always that the Chief Executive, with all her workload schedules and numerous social functions to attend to, day by day, can still accept the invitation to be the Guest of Honor of a provincial homecoming celebration, to be held the week after.
If the Presidential presence is the gage of success for a grand affair, then the thing speaks for itself, the twelve(12) day 2009 TBTK Global Homecoming scheduled from July 14-26, can be considered as one. For right on day one, our Boholano balikbayans and their foreign guests, after arrival from the Ninoy Aquino International Airport in Manila, have a scheduled audience on the afternoon of July 14, a Tuesday, with Her Excellency, Pres. Gloria Macapagal-Arroyo. The Boholano delegation will be led by Congressman Edgar Chatto, Bohol Gov. Erico Aumentado and the TBTK Chairperson Betty Veloso-Garcia. After which, they will be given a guided tour at Malacanang Palace, and to be served with cocktails at the Heroes Hall .
As if given the privilege to meet the Head of State in person and being accorded all the VIP treatment, still not enough, President Arroyo will fly to Bohol the week after, to be with them for the Bohol Day celebration scheduled on July 22, a Wednesday, hosted by the Provincial Government of Bohol, headed by Governor Erico Aumentado. What more, her DENR Secretary Lito Atienza, will also be in Bohol on July 25, a Saturday, to lead a massive tree-planting drive province-wide in the morning, at the bank of Abatan River in Cortes town. In joint efforts of the Bohol Chamber of Commerce and the Provincial Government of Bohol. Just as the theme of the 4th TBTK staging is about Clean and Green Environment, Ecological Awareness, and the love of Mother Earth.
Count our blessings and give thanks with a grateful heart, for President Arroyo has special affection to the people of Bohol. Not just for giving her the second highest votes during the 2003 election, but for being in the forefront of the national campaign for tourism promotions. Where the TBTK Global Homecoming, that started in 1999, was cited by the Department of Tourism as a model for other provinces to follow. Where Bohol now is considered as among the leading tourist destination sites in the Philippines. Bohol, according to statistical surveys conducted by the Philippine Overseas Employment Administration(POEA), also leads in the dollar remittances with an astounding figure of $57 million in 2008, from our Boholano Overseas Filipino Workers(OFW) and Overseas Contract Workers(OCW).
Suffice it to say, the Boholanos are now respected in our country and admired in workplaces abroad. Our TBTK Chairperson, Mrs. Betty Veloso-Garcia and family, departed for Bohol yesterday, Wednesday, July 8, from the JFK International Airport in New York. She just came from Seattle, Washington, where Betty attended the Sleepless In Seattle Confederation of the Boholanos In the United States and Canada(CONBUSAC) Convention, headed by President Carlos Caga-anan. She also met Bohol Governor Erico Aumentado, CONBUSAC’s Guest of Honor. We beam with pride to hear that the TBTK Chairperson is awarded as one of the Ten Most Outstanding Overseas Boholanos by the CONBUSAC. Betty truly deserves such recognition. For all her efforts poured in the TBTK – for the cause of Bohol and the Boholanos.
Douglas B. Hontanosas
by btpo | Jul 10, 2009 | Headlines
Vice Governor Julius Cesar Herrera said that Bohol’s water supply can become its biggest export in the coming years. Bohol is way ahead Cebu province particularly with abundance in water. Herrera said that the value of our water will increase as the water sources in neighboring islands particularly Cebu is drying up. Herrera attributed Bohols abundant water supply to its forest cover in certain parts of the province. He warned a seizure on illegal logging activities to protect the trees.
The Vice-Governor asked local governments to help in protecting the forest areas within their jurisdiction and work hand in hand with the Department of Environment and Natural Resources (DENR). Herrerra urged citizens to do their share after a confirmed report that some local officials are involved in the illegal logging activities. In addition to the protection of the trees, Herrera said Boholanos should actively take part in the reforestation efforts
