March 28, 2017, 11:59 pm
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1 Philippine Peso = 0.07331 UAE Dirham
1 Philippine Peso = 2.47155 Albanian Lek
1 Philippine Peso = 0.03534 Neth Antilles Guilder
1 Philippine Peso = 0.31132 Argentine Peso
1 Philippine Peso = 0.02618 Australian Dollar
1 Philippine Peso = 0.03575 Aruba Florin
1 Philippine Peso = 0.03993 Barbados Dollar
1 Philippine Peso = 1.60092 Bangladesh Taka
1 Philippine Peso = 0.03586 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.91895 Burundi Franc
1 Philippine Peso = 0.01996 Bermuda Dollar
1 Philippine Peso = 0.0278 Brunei Dollar
1 Philippine Peso = 0.13715 Bolivian Boliviano
1 Philippine Peso = 0.06246 Brazilian Real
1 Philippine Peso = 0.01996 Bahamian Dollar
1 Philippine Peso = 1.30515 Bhutan Ngultrum
1 Philippine Peso = 0.20135 Botswana Pula
1 Philippine Peso = 399.68057 Belarus Ruble
1 Philippine Peso = 0.03988 Belize Dollar
1 Philippine Peso = 0.02669 Canadian Dollar
1 Philippine Peso = 0.01966 Swiss Franc
1 Philippine Peso = 13.25953 Chilean Peso
1 Philippine Peso = 0.13713 Chinese Yuan
1 Philippine Peso = 58.11339 Colombian Peso
1 Philippine Peso = 10.94729 Costa Rica Colon
1 Philippine Peso = 0.01996 Cuban Peso
1 Philippine Peso = 2.02635 Cape Verde Escudo
1 Philippine Peso = 0.49646 Czech Koruna
1 Philippine Peso = 3.53643 Djibouti Franc
1 Philippine Peso = 0.13669 Danish Krone
1 Philippine Peso = 0.9443 Dominican Peso
1 Philippine Peso = 2.17654 Algerian Dinar
1 Philippine Peso = 0.28741 Estonian Kroon
1 Philippine Peso = 0.35935 Egyptian Pound
1 Philippine Peso = 0.45338 Ethiopian Birr
1 Philippine Peso = 0.01837 Euro
1 Philippine Peso = 0.04141 Fiji Dollar
1 Philippine Peso = 0.01585 Falkland Islands Pound
1 Philippine Peso = 0.01589 British Pound
1 Philippine Peso = 0.08644 Ghanaian Cedi
1 Philippine Peso = 0.87263 Gambian Dalasi
1 Philippine Peso = 185.36634 Guinea Franc
1 Philippine Peso = 0.14655 Guatemala Quetzal
1 Philippine Peso = 4.10222 Guyana Dollar
1 Philippine Peso = 0.15507 Hong Kong Dollar
1 Philippine Peso = 0.46756 Honduras Lempira
1 Philippine Peso = 0.13591 Croatian Kuna
1 Philippine Peso = 1.35316 Haiti Gourde
1 Philippine Peso = 5.67678 Hungarian Forint
1 Philippine Peso = 265.52206 Indonesian Rupiah
1 Philippine Peso = 0.07197 Israeli Shekel
1 Philippine Peso = 1.29726 Indian Rupee
1 Philippine Peso = 23.5576 Iraqi Dinar
1 Philippine Peso = 647.3348 Iran Rial
1 Philippine Peso = 2.18607 Iceland Krona
1 Philippine Peso = 2.56259 Jamaican Dollar
1 Philippine Peso = 0.01415 Jordanian Dinar
1 Philippine Peso = 2.20817 Japanese Yen
1 Philippine Peso = 2.04931 Kenyan Shilling
1 Philippine Peso = 1.37303 Kyrgyzstan Som
1 Philippine Peso = 79.08964 Cambodia Riel
1 Philippine Peso = 9.03374 Comoros Franc
1 Philippine Peso = 17.96766 North Korean Won
1 Philippine Peso = 22.12218 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01637 Cayman Islands Dollar
1 Philippine Peso = 6.29786 Kazakhstan Tenge
1 Philippine Peso = 163.48573 Lao Kip
1 Philippine Peso = 30.14574 Lebanese Pound
1 Philippine Peso = 3.02855 Sri Lanka Rupee
1 Philippine Peso = 1.79677 Liberian Dollar
1 Philippine Peso = 0.25494 Lesotho Loti
1 Philippine Peso = 0.06086 Lithuanian Lita
1 Philippine Peso = 0.01239 Latvian Lat
1 Philippine Peso = 0.02815 Libyan Dinar
1 Philippine Peso = 0.19822 Moroccan Dirham
1 Philippine Peso = 0.3868 Moldovan Leu
1 Philippine Peso = 1.12338 Macedonian Denar
1 Philippine Peso = 27.27091 Myanmar Kyat
1 Philippine Peso = 48.87203 Mongolian Tugrik
1 Philippine Peso = 0.15971 Macau Pataca
1 Philippine Peso = 7.12717 Mauritania Ougulya
1 Philippine Peso = 0.70293 Mauritius Rupee
1 Philippine Peso = 0.30705 Maldives Rufiyaa
1 Philippine Peso = 14.19445 Malawi Kwacha
1 Philippine Peso = 0.37646 Mexican Peso
1 Philippine Peso = 0.0879 Malaysian Ringgit
1 Philippine Peso = 0.2547 Namibian Dollar
1 Philippine Peso = 6.28868 Nigerian Naira
1 Philippine Peso = 0.58595 Nicaragua Cordoba
1 Philippine Peso = 0.16921 Norwegian Krone
1 Philippine Peso = 2.08325 Nepalese Rupee
1 Philippine Peso = 0.02832 New Zealand Dollar
1 Philippine Peso = 0.00768 Omani Rial
1 Philippine Peso = 0.01996 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06558 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09024 Pakistani Rupee
1 Philippine Peso = 0.078 Polish Zloty
1 Philippine Peso = 112.66121 Paraguayan Guarani
1 Philippine Peso = 0.07267 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.13647 Russian Rouble
1 Philippine Peso = 16.31603 Rwanda Franc
1 Philippine Peso = 0.07486 Saudi Arabian Riyal
1 Philippine Peso = 0.15525 Solomon Islands Dollar
1 Philippine Peso = 0.26353 Seychelles Rupee
1 Philippine Peso = 0.13296 Sudanese Pound
1 Philippine Peso = 0.1752 Swedish Krona
1 Philippine Peso = 0.02781 Singapore Dollar
1 Philippine Peso = 0.01585 St Helena Pound
1 Philippine Peso = 0.44332 Slovak Koruna
1 Philippine Peso = 149.43102 Sierra Leone Leone
1 Philippine Peso = 10.96027 Somali Shilling
1 Philippine Peso = 450.2196 Sao Tome Dobra
1 Philippine Peso = 0.17413 El Salvador Colon
1 Philippine Peso = 10.28109 Syrian Pound
1 Philippine Peso = 0.25482 Swaziland Lilageni
1 Philippine Peso = 0.68597 Thai Baht
1 Philippine Peso = 0.04577 Tunisian Dinar
1 Philippine Peso = 0.046 Tongan paʻanga
1 Philippine Peso = 0.07215 Turkish Lira
1 Philippine Peso = 0.13393 Trinidad Tobago Dollar
1 Philippine Peso = 0.60168 Taiwan Dollar
1 Philippine Peso = 44.44001 Tanzanian Shilling
1 Philippine Peso = 0.54103 Ukraine Hryvnia
1 Philippine Peso = 71.81074 Ugandan Shilling
1 Philippine Peso = 0.01996 United States Dollar
1 Philippine Peso = 0.55999 Uruguayan New Peso
1 Philippine Peso = 71.67099 Uzbekistan Sum
1 Philippine Peso = 0.19904 Venezuelan Bolivar
1 Philippine Peso = 454.62168 Vietnam Dong
1 Philippine Peso = 2.12378 Vanuatu Vatu
1 Philippine Peso = 0.05122 Samoa Tala
1 Philippine Peso = 12.04033 CFA Franc (BEAC)
1 Philippine Peso = 0.0539 East Caribbean Dollar
1 Philippine Peso = 12.12298 CFA Franc (BCEAO)
1 Philippine Peso = 2.18127 Pacific Franc
1 Philippine Peso = 4.98902 Yemen Riyal
1 Philippine Peso = 0.25486 South African Rand
1 Philippine Peso = 103.60351 Zambian Kwacha
1 Philippine Peso = 7.225 Zimbabwe dollar

Taxation in Asean

ECONOMIES in the Association of Southeast Asian Nations need not have uniform tax rates in order to benefit from  integration under the Asean Economic Community (AEC), the country’s chief economist said.

To fully enjoy the benefits of the integration, Asean countries should be competitive in infrastructure, wages, labor efficiency, management efficiency, and costs of production, including taxes, said Gil Beltran, undersecretary of the Department of Finance (DOF) chief economist.

“You don’t need to zero out your taxes to be competitive. There are other production costs aside from taxes,” Beltran  said in an e-mail interview.

Instead, Beltran said,  governments have  to harmonize rules on taxation to avoid friction and overlaps. 

“Cross-border transactions need to be defined clearly and a streamlined process needs to be put in place to ensure that there will be no leakages and overlaps,” Beltran said.

“The costs of complying with tax obligations have to be kept low enough so that the benefits of integration are not eroded,” he added.

Beltran said  with the AEC, which is set to begin at the end of 2015, opportunities for consumers and investors will broaden. 

The envisioned AEC rests on four main pillars: the establishment of a single market and production base; greater competition within the region; equitable development for all; and enhanced integration into the global economy.

“The market will be bigger in size and growth (would be) much faster. There will be more competition but success in the competitive process will be rewarded,” Beltran said.

“It will take some time before the full effect will be felt because there are lags in responses but eventually, the effect will seep in,” he added.

Beltran, however, said  there are several bottlenecks that need to be addressed with the integration of Asean economies.

These are the lack of infrastructure, information, legal constraints, and differences in language and culture. 

“Investors and consumers will need to understand the market fully before they can fully take advantage of opportunities created by integration,” Beltran said.

Finance Secretary Cesar Purisima previously said that in light of efforts to accelerate Asean integration and to boost Philippine competitiveness, the DOF is open  to a change in the tax system, particularly in the income tax structure.

“Lowering income tax rates will attract even more foreign investors into the country but will be detrimental to our fiscal health if they are not offset by revenue-generating measures,” Purisima  said.

“Hence, we remain resolute in our stand that any tax reform pursued must be holistic, revenue-neutral, and equitable so all Filipinos may continue to benefit from a robust fiscal position. This is the mindset that we possess as we engage in discussions with legislators concerning tax reform,” he added.

Purisima said  in light of the upcoming Asean  integration, there is broad agreement on the need for international cooperation and multilateral instruments as strategies to boost tax administration and compliance. 

The Philippines has among the highest effective tax rates in Asean. But tax effort --- tax revenue to GDP ratio – is lower than those of its regional peers, at 13.7 percent in 2013.

“Tax systems must raise revenues to benefit the areas and communities where businesses operate and profit from,” Beltran said.

“Tax policy must therefore not only be simple, progressive, and equitable, it must consider environmental and social justice as key priorities as well,” he added.

For her part, Bureau of Internal Revenue Commissioner Kim Henares said  living in an increasingly globalized world requires governments to adapt and update tax policy and enforcement strategies. 

“International cooperation is key if we want to raise sustainable amounts of revenues to continue funding growth and investments to our people and country,” Henares  said in an earlier interview.

Meanwhile, National Economic and Development Authority director general Arsenio Balisacan earlier said  reforming the tax system and raising tax efforts to levels at par with regional peers is also crucial in sustaining fast-paced growth. 

“Some areas that need further institutional reform include: improving the tax effort among the self-employed and corporations; curbing smuggling; improving the current mining fiscal regime; and rationalizing fiscal incentive,” Balisacan said.

The NEDA chief said  Asean has come a long way to realizing goals especially in the past decade. 

“AEC is all about deeper economic integration with our regional neighbors, in view of even deeper integration for the Borderless Asean Community by 2030,” Balisacan said.

“As early as January 2010, more than 99 percent of tariff lines between Asean-6 Member Countries have been brought down to zero in line with the goals of the Asean Free Trade Area or AFTA. Efforts are underway to hasten the elimination of non-tariff barriers,” he added.

The NEDA chief also noted  that the Asean has forged free trade agreements with key global players, namely China, India, Japan, South Korea, Australia, and New Zealand, to bolster the region’s position in the international stage.

“While several reforms have been instituted in the Philippines putting it in a favorable position to benefit from AEC, many developmental constraints still need to be addressed to maximize our gains from AEC, especially in opening up investments, accelerating infrastructure development, and generating high-quality jobs,” Balisacan said.

The NEDA chief said that while low-hanging fruits are within reach, some policy reforms are “much easier said than done.” 

“In truth, many of these crucial reforms should have been done decades ago, but the AEC 2015 is a welcome deadline highlighting their importance and adding pressure to their urgency,” Balisacan said.
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