PhilHealth members get SM shopping discount
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [FEBRUARY 7-15]
- BIR RELEASES THE UPDATED VERSION OF THE ALPHALIST DATA ENTRY & VALIDATION MODULE (VERSION 7.2)
- BIR AMENDS THE EARLIER CIRCULAR ON THE DEADLINE FOR THE SUBMISSION OF ALPHABETICAL LIST OF EMPLOYEES/PAYEES
- BIR RENAMES RDO NO. 45-MARIKINA CITY TO RDO NO. 45-SMART & REITERATES ITS AREAS OF JURISDICTION
- BIR ANNOUNCES THE AVAILABILITY OF BIR FORM 1702-EXv2 IN THE EFPS
- BIR CLARIFIES THE TAX TREATMENT OF INTEREST PAID OR INCURRED ON INDEBTEDNESS
- TAX & BUSINESS-RELATED NEWS [FEBRUARY 7-15]
- Raps filed against 6 people over sale of ghost receipts — BIR 2. ECOP: Proposed P100 minimum wage a ‘catastrophe’ 3. Higher goods discount for seniors, PWDs eyed 4. It’s official: No more DBP-Landbank merger 5. PhilHealth settles P50B unpaid claims to hospitals, doctors 6. Japan warns against rapid, speculative yen falls 7. Marcos approves adoption of 10-year Maritime Industry Development Pla 8. PhilHealth members get SM shopping discount 9. BOI: P221.6B offshore wind power projects in Negros Occ, Iloilo get green lane status 10. PIDS: Pinoy workers lack ‘soft skills’ for digital age 11. Japanese clutch manufacturer invests P 710M in Batangas facility 12. Ayala-Globe venture eyes e-scooter market outside Metro 13. Japan’s government OKs new foreign trainee program to attract more workers as its population shrinks 14. DoubleDragon’s Hotel 101 pursues US listing to battle Airbnb 15. Alternergy gets earnings push from Palau project 16. Dusit Thani Manila to bid adieu soon 17. AyalaLand Logistics targets to finish cold storage facilities in Batangas, Pampanga by first half 18. Must visit: DOT tags SM Mall of Asia as tourist hub 19. BIR sets record collection despite falling short of target in 2023 20. GCash in no hurry for IPO, resets timetable 21. Consunji eyes Cemex PH cement business 22. Japanese tire firm to invest P3.5B in Clark Freeport expansion 23. Harvard University now offers more than a hundred online courses for free 24. Rama on rightsizing: ‘It should be done like Melbourne, Brisbane’ 25. Palawan residents face more power rate hikes in March
2. BIR RELEASES THE UPDATED VERSION OF THE ALPHALIST DATA ENTRY & VALIDATION MODULE (VERSION 7.2)
In a Tax Advisory released on February 16, 2024, the BIR has released the updated version of the Alphalist Data Entry and Validation Module (Version 7.2). The enhanced version now includes the 5% tax credit incentive under the Republic Act (R.A.) No. 9505, otherwise known as the Personal Equity and Retirement Account (PERA) Act of 2008 and the revised income tax rates for taxable year 2023 under R.A. 10963 (TRAIN Law).
Those taxpayers with their own extract program shall strictly observe the revised file structures and standard naming convention under Revenue Memorandum Circular (RMC) No. 25-2024. The Alphalist shall be submitted within thirty (30) days from the date of posting of the Tax Advisory in the BIR website pursuant to the RMC to be issued.
3. BIR AMENDS THE EARLIER CIRCULAR ON THE DEADLINE FOR THE SUBMISSION OF ALPHABETICAL LIST OF EMPLOYEES/PAYEES
Revenue Memorandum Circular (RMC) No. 25-2024 issued on February 13, 2024, amends the earlier circular on the deadline for the submission of the alpha list for the taxable year 2023. The deadline shall be 30 days from the date of posting of the tax advisory on the BIR website announcing the availability of the new version of the Alpha list Data Entry and Validation Module. Those taxpayers with their own extract program shall strictly observe the attached revised file structures and standard naming convention from Annexes “A” and “B”. The taxpayer shall re-submit the alpha list using the updated version of the module upon its availability in case the same were submitted using the old version.
4. BIR RENAMES RDO NO. 45-MARIKINA CITY TO RDO NO. 45-SMART & REITERATES ITS AREAS OF JURISDICTION
Revenue Administrative Order (RAO) No. 2-2024 issued on February 13, 2024, renames Revenue District Office (RDO) No. 45-Marikina City to RDO No. 45-SMART (San Mateo-Marikina-Antipolo- Rodriguez-Teresa) with reiteration on the areas of jurisdiction and the new location of its district office at 2nd floor and 3rd floor, Xentro Building 2, Sumulong Highway, Barangay Mambugan, Antipolo City.
5. BIR ANNOUNCES THE AVAILABILITY OF BIR FORM 1702-EXv2 IN THE EFPS
Revenue Memorandum Circular (RMC) No. 22-2024, issued on February 12, 2024, announces the availability of BIR Form 1702-EX January 2018 (ENCS) v2 in the Electronic Filing and Payment System (eFPS).
6. BIR CLARIFIES THE TAX TREATMENT OF INTEREST PAID OR INCURRED ON INDEBTEDNESS
Revenue Memorandum Circular (RMC) No. 19-2024 issued on February 5, 2024, clarifies the tax treatment of interest expense paid or incurred on indebtedness in connection with the taxpayer’s profession, trade or business and other related matters.
Raps filed against 6 people over sale of ghost receipts — BIR [GMA News Online, February 15, 2024]
According to the BIR, 14 criminal cases were filed against five corporate officers and an accountant of two corporations before the Regional Trial Court and Metropolitan Trial Court of Quezon City.
ECOP: Proposed P100 minimum wage a ‘catastrophe’ [GMA News Online, February 15, 2024]
Ortiz-Luis made the remark after the Senate approved on second reading Senate Bill 2534 or “An Act Providing for a 100 Pesos Daily Minimum Wage Increase for Employees and Workers in the Private Sector.”
Higher goods discount for seniors, PWDs eyed [Philippine Daily Inquirer, February 14, 2024]
The House committees on ways and means, and senior citizens made the motion to raise the discount cap from P65 to P125 per week, or a total of P500 per month, as they continued their motu proprio investigation of the implementation of laws on the benefits enjoyed by people age 60 and above or with disabilities.
https://newsinfo.inquirer.net/1903952/higher-goods-discount-for-seniors-pwds-eyed
It’s official: No more DBP-Landbank merger [Inquirer Mobile, February 14, 2024]
“To me, it’s as simple as I think we need two government depository banks,” Finance Secretary Ralph Recto told reporters in an interview on the sidelines of the 122nd founding anniversary of the Bureau of Customs on Tuesday. “Their mandates are totally different. So I think we’re better off with two of them,” Recto added.
PhilHealth settles P50B unpaid claims to hospitals, doctors [GMA News Online, February 14, 2024]
State-run corporation Philippine Health Insurance Corporation (PhilHealth) already paid P50 billion worth of previously unsettled claims to hospitals and doctors in the last five months of 2023, PhilHealth president Emmanuel Ledesma Jr. said Wednesday.
Japan warns against rapid, speculative yen falls [Inquirer.Net, February 14, 2024]
TOKYO —Japan’s top currency officials warned on Wednesday against what they described as rapid and speculative yen moves overnight when the Japanese currency broke past 150 yen, undermining the trade-reliant economy.
https://business.inquirer.net/445424/japan-warns-against-rapid-speculative-yen-falls
Marcos approves adoption of 10-year Maritime Industry Development Plan [SunStar, February 13, 2024]
In a four-page Executive Order 55 signed by Executive Secretary Lucas Bersamin on February 8, 2024, Marcos raised the need for MIDP in a bid to fully realize the country’s potential as a maritime nation.
PhilHealth members get SM shopping discount [The Philippine Star, February 13, 2024]
“For a minimum single receipt of P3,000, members may avail themselves of the P300 discount,” the state health insurer said.
https://www.philstar.com/nation/2024/02/13/2332888/philhealth-members-get-sm-shopping-discount
BOI: P221.6B offshore wind power projects in Negros Occ, Iloilo get green lane status [GMA News Online, February 13, 2024]
The projects, namely Guimaras Strait Wind Power Project and Guimaras Strait II Wind Power Project, were among the first awarded Offshore Wind Energy Service Contracts by the Department of Energy.
PIDS: Pinoy workers lack ‘soft skills’ for digital age [The Philippine Star, February 11, 2024]
ilipino workforce lack soft skills like adaptability, problem-solving and collaboration needed to adapt to emerging technologies, which could have consequences on the country’s competitiveness and ability to innovate, according to a new study by the Philippine Institute for Development Studies (PIDS).
https://www.philstar.com/business/2024/02/11/2332395/pids-pinoy-workers-lack-soft-skills-digital-age
Japanese clutch manufacturer invests P 710M in Batangas facility [Inquirer Mobile, February 10, 2024]
On Thursday, Aboitiz InfraCapital (AIC) said Ogura Clutch Philippines Inc., had relocated its operations to their 826-hectare industrial-anchored LIMA (Lipa-Malvar) Estate in the province.
Ayala-Globe venture eyes e-scooter market outside Metro [Inquirer Mobile, February 10, 2024]
Gogoro, a joint venture between Ayala Corp. and Globe’s 917Ventures, launched in November last year two monthly energy subscription plans, allowing its users to navigate the roads in a sustainable manner.
Japan’s government OKs new foreign trainee program to attract more workers as its population shrinks [Cebu Daily News, February 10, 2024]
Under the new program approved on Friday at a meeting of related Cabinet ministers, people who arrive on a three-year trainee visa will be able to upgrade to a skilled worker category that would allow them to stay up to five years and possibly obtain permanent residency.
DoubleDragon’s Hotel 101 pursues US listing to battle Airbnb [Inquirer Mobile, February 9, 2024]
DoubleDragon, a Philippine-listed property company owned by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, said the stock ticker code “HBNB” was reserved by overseas subsidiary Hotel101 Global Pte. Ltd. If that sounds familiar, this is because “HBNB” is just one-letter different from “ABNB”—the Nasdaq stock ticker of American rentals behemoth Airbnb Inc.
Alternergy gets earnings push from Palau project [Inquirer Mobile, February 9, 2024]
Alternergy attributed the growth to better revenues from the testing and commissioning of its $29-million solar and battery energy storage system project in the Republic of Palau.
Dusit Thani Manila to bid adieu soon [Inquirer Mobile, February 9, 2024]
Similar to what happened to Hotel Intercontinental Manila and Mandarin Hotel of old, the existing hotel building will be torn down to give way to something new.
AyalaLand Logistics targets to finish cold storage facilities in Batangas, Pampanga by first half [BusinessWorld, February 9, 2024]
In a statement, ALLHC said that ALogis Artico Santo Tomas in Batangas will be completed within the first quarter while ALogis Artico Mabalacat in Pampanga will be finished by the second quarter. Both will cater to various sectors such as frozen meat, seafood, and chemical industries.
Must visit: DOT tags SM Mall of Asia as tourist hub [Bilyonaryo, February 9, 2024]
The sprawling mall and events complex has been chosen as the jump off point for the Department of Tourism (DOT)’s newest route for hop on, hop off buses for visitors looking to explore the capital region.
https://bilyonaryo.com/2024/02/09/must-visit-dot-tags-sm-mall-of-asia-as-tourist-hub/property/
BIR sets record collection despite falling short of target in 2023 [Manila Bulletin, February 8, 2024]
[Because of the change in VAT compliance from monthly to quarterly, it had a significant impact. Previously, in 2022, VAT payments were made monthly, but in 2023, they became quarterly, resulting in one quarter’s worth of VAT not being accounted for.]
GCash in no hurry for IPO, resets timetable [Inquirer Mobile, February 8, 2024]
Tek Olaño, chief financial officer of GCash parent company Mynt, said in a virtual briefing that “no decisions have been made as of today.”
Consunji eyes Cemex PH cement business [Philippine Daily Inquirer, February 8, 2024]
Tycoon Isidro Consunji-led DMCI Holdings is in talks to acquire Cemex Holdings Philippines, the country’s fourth largest cement maker, as the construction and commodities conglomerate readies its massive cash pile to diversify its business.
https://business.inquirer.net/444620/consunji-eyes-cemex-ph-cement-business
Japanese tire firm to invest P3.5B in Clark Freeport expansion [Inquirer.Net, February 8, 2024]
The Tokyo-based Yokohama Rubber Co., Ltd. is set to invest some P3.5 billion to expand the operation of its subsidiary, Yokohama Tire Philippines, Inc. (YTPI), in the Clark Freeport Zone.
https://newsinfo.inquirer.net/1901304/japanese-tire-firm-to-invest-p3-5b-in-clark-freeport-expansion
Harvard University now offers more than a hundred online courses for free [Inquirer.Net, February 7, 2024]
The Ivy League university states that the classes will be taught solely online, usually asynchronously, to provide students with a longer time window to do their work. The courses are divided into three levels: introductory, intermediate, and advanced, where the duration ranges from one to 12 weeks.
Rama on rightsizing: ‘It should be done like Melbourne, Brisbane’ [Cebu Daily News, February 7, 2024]
Last January 2, Rama said over a thousand government employees were set to lose their jobs this 2024 as the Cebu City Hall would begin the process of rightsizing its workforce.
Palawan residents face more power rate hikes in March [GMA News Online, February 7, 2024]
Palawan residents are facing higher electricity rates amid the scheduled expiry of the power supply agreement between the Palawan Electric Cooperative (Paleco) and Palawan Power Generation Inc. (PPCGI).
Recent Comments