Businessmirror june 22, 2016

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A broader look at today’s business

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Wednesday, June 22, 2016 Vol. 11 No. 256

50-YR JVA SHOWS DUTERTE IS OKAY WITH UNSOLICITED PROPOSALS

Duterte inks first PPP deal of Davao By Alberto C. Agra

INSIDE

D

Special to the BusinessMirror

avao City—Before he steps down as city mayor, incoming President Rodrigo R. Duterte signed a landmark contract with the private sector on Tuesday worth about P39 billion.

Vertis North takes big-city lifestyle to the next level

₧39B The cost of the Davao Coastline and Port Development Project

On the sidelines of the end of the two-day business summit in Davao, the President-elect signed a public-private partnership (PPP) contract with a Continued on A12

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BIR plugs loophole in tax-appeal cases By David Cagahastian @ davecaga

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nternal Revenue Commissioner Kim S. Jacinto-Henares has closed yet another loophole taxpayers use to invalidate tax-deficiency assessments against them that should have already become final and executory. In issuing Revenue Memorandum Order (RMO) 26-2016, Henares outlined the new process to be followed in handling disputed assessments. The new process hardly changed the former process, but now has a measure against taxpayers invoking the defense that they did not receive any assessment notice from the Bureau of Internal Revenue (BIR), which is a

requirement of due process. Under the new RMO 26-2016, the lapse of the period to appeal an assessment that was mailed to the address on record of the taxpayer would be enough for such assessment to become final and executory. This closes a loophole used by taxpayers in trying to appeal taxdeficiency assessments that have already become final, executory and demandable because of the lapse of the period to appeal.

Pacquiao case

In the P2-billion tax case against boxing icon and Senator-elect Emmanuel D. Pacquiao, one of the issues resolved by the Court of Tax Appeals (CTA) was See “BIR,” A2

BMReports

K to 12

Whither Philippine education? property

E1

PHL’s richest availing of property investments in Portugal, Malta

property

E2

Circulo Verde welcomes residents to Lleida

Gerardo Aquino teaches Grade 11 students at the Manuel A. Roxas High School in Paco, Manila, who are taking up Cookery in the Home Economics strand of the Technology-Vocational-Livelihood track of the Department of Education’s K to 12 Program. ROY DOMINGO By Dennis D. Estopace & VG Cabuag @DennisEstopace

T property

E2

@villygc

Conclusion

HIS country has always relied upon teachers to get things across: across mountains to teach under trees; across a phalanx of goons to protect ballot boxes; and crossing out misfits, some of whom, unfortunately, become government officials. Not a few teachers have been placed on the cross—killed in the name of a “New Society.” Many would

PESO exchange rates n US 46.3630

25,090 The total number of teaching and nonteaching staff of higher-education institutions who would be displaced with the implementation of the K to 12 Program, according to the CHEd.

become jobless in the name of reform in the education system, popularly known as the K to 12 Program. A Commission on Higher Education (CHED) report, titled “Investing in the Future of Higher Education,” admitted that the K to 12 tack, “the flagship education-reform program of the Aquino administration,” would affect the employment status of teachers and nonteaching personnel. Such would occur because of reduced enrollments in higher-education institutions (HEIs) for five years, from 2016 to 2021. Continued on A2

n japan 0.4462 n UK 68.1722 n HK 5.9745 n CHINA 7.0461 n singapore 34.5297 n australia 34.5729 n EU 52.4736 n SAUDI arabia 12.3671

Source: BSP (21 June 2016 )


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