import duties and excise taxes

Sustained increase visible in 2017

IHS Markit’s Biswas sees the early 2017 facts on remittances showing pretty a strong upturn in comparison with the four.Nine percent annual increase price for remittances in 2016.

“The buoyant increase of remittances is a very advantageous signal for the general financial outlook for the Philippines in 2017 as remittances offer a key supply of financing for non-public intake expenditure inside the Philippine economy” he said.

Given that foreign places employee remittances are one of the fundamental increase engines of the Philippine financial system, the alternative one being the records era-commercial enterprise method outsourcing (IT-BPO) enterprise, the early facts is a fine sign for sustained sturdy boom in Philippine GDP growth in 2017, Biswas introduced.

IHS Markit expects the Philippine economy to develop by 6.3 percent in 2017, supported by way of endured sturdy boom in private intake, in addition to investment.

“Strong growth of foreign worker remittances will even help boost the modern-day account role of the Philippines,” he stated.

Another economist additionally forecast that OFW remittances this yr will exceed the extent in 2016.

“Remittance growth [is expected] to stay subdued in 2017, but nevertheless barely better than in 2016, and supportive inside the close to term,” Chidu Narayanan from Standard Chartered Bank said.

THE American Chamber of Commerce in the Philippines (AmCham) supports President Rodrigo Duterte’s recent initiative towards items bearing counterfeit tax stamps.

Since overdue ultimate year, the media has been publishing reports of tobacco merchandise with faux tax stamps in u . S ., the chamber said.

The tax stamps can be utilized in various products overseas and smuggled into the Philippines with out paying accurate import duties and excise taxes. Alternatively, they might be applied with the aid of home producers in disregard of Philippine inner sales rules. The usa has a history of such tax avoidance schemes, the chamber referred to.

Earlier this month, Philippine authorities raided warehouses and found massive quantities of cigarettes with faux tax stamps.

According to the Department of Finance (DOF), Bureau of Customs (BOC) Commissioner Nicanor Faeldon stated over P2 billion ($$forty-million) well worth of smuggled and counterfeit tobacco products have been seized in Pampanga, General Santos and Zamboanga.

Using Mobile Verification Devices, marketers of the Bureau of Internal Revenue determined the tax stamps on cigarette packs have been faked.

Raids in Cebu and Tacloban also yielder cigarettes with bogus tax stamps.

“If the evidence warrants, I urge the BIR and the BOC to file the appropriate costs in courtroom as quickly as feasible,” Dominguez said early this month.