For taxpayers following the calendar year as their tax period, the start of the new year marks the countdown to the April income tax deadline. While this is the most pressing deadline for most taxpayers, we should not forget that there is also another BIR requirement due in April — the Request for Confirmation (RFC) […]
Tag: income
RFM net income down 18.5% last year due to costlier commodities
HIGHER input costs pulled down RFM Corp.’s net income in 2022 by 18.5% to P1.06 billion, the listed food and beverage company disclosed on Thursday citing preliminary unaudited figures. In a press release, RFM Chief Executive Officer Jose Ma. A. Concepcion III said the lower income resulted from higher costs of wheat, milk and sugar […]
Endings and beginnings: Year-end tax reminders and tax changes in 2023
“Celebrate endings – for they precede new beginnings.” — Jonathan Lockwood Huie Here we are with two days left in 2022! For the past few weeks, most of us have been busy giving gifts and ticking off grocery lists as we finish our last-minute preparations for media noche, and coming up with resolutions for the […]
Amending the creditable withholding rates of income payments to Meralco
The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to Meralco. These are the creditable withholding tax rates for the following income payments: I. Meralco payments on the following: a. Meralco Refund arising from ERC Case Nos. […]
A prologue to RR 13-2022: DoF opinion on equity-based compensation
The public is seldom privy to tax developments prior to the issuance of formal rules/regulations by the Bureau of Internal Revenue (BIR). It is worth noting, however, that the BIR’s release of clarificatory regulations on Oct. 7 — in the form of Revenue Regulations (RR) No. 13-2022 — was borne out of a taxpayer’s request […]
The carrot and the stick
The social and economic effects of the pandemic were on a scale so massive that many did not see an end in sight. However, with the development and rollout of the vaccines, restrictions were slowly lifted which allowed our economy to gradually recover. This did not come without a cost. As a result of the […]
How income inequality in the Philippines compares with other economies
The Gini coefficient (Gini index or Gini ratio) is the most used measurement of income distribution. A higher Gini coefficient means a greater gap between the income of a country’s richest and poorest people. The Gini coefficient of a particular economy is important to help identify high levels of income inequality, which can have several […]
Filipinos borrowing more due to inflation, pandemic
FILIPINOS are incurring more debt as inflation continues to rise and due to the impact of the coronavirus pandemic. — BW FILE PHOTO FILIPINOS are borrowing more due to lower income and rising expenses amid high inflation and the lingering impact of the pandemic, according to a survey. “The concurrent decline in income and growth […]
JG Summit income hits P6.5B as economy improves
JG SUMMIT Holdings, Inc.’s nine-month core net income reached P6.5 billion, more than 10 times the P600 million posted in the same period last year, as the Gokongweis’ consumer-facing businesses improved. “Our core businesses in food, airline, real estate and banking continue to benefit from the sustained strong demand brought about by the increase in […]
AREIT records 69% profit growth to P814M
AYALA-LED AREIT, Inc. reported a 69.2% rise in third-quarter net income to P814.21 million due to higher contributions from its asset infusions last year. In a stock exchange disclosure on Thursday, the real estate investment trust (REIT) said revenues during the quarter grew 69.3% to P1.19 billion. Rental income was the biggest contributor with P896.57 […]
D&L Industries posts record income, sets P1-B capex
D&L INDUSTRIES, Inc.’s third-quarter net income climbed 18.5% to P910 million from P768 million a year earlier, driven by non-food sales, its top official said. “In the third quarter, we hit a record,” D&L President and Chief Executive Officer Alvin D. Lao said during a media briefing on Tuesday. “In terms of net income, everything […]
Fringe with benefits? Not anymore for equity-based compensation under RR 13-2022
A little over two months before the year-end holidays, the hearts of many are starting to feel the warm with all the colored lights and family gatherings, along with the never-ending Michael Bublé, Jose Mari Chan, and the occasional Christina Aguilera Christmas songs that we start to hear even in our sleep. Then again, for […]
More people in Region 7 considered poor in 2021
THE number of Filipinos who are considered poor in Central Visayas has increased by almost 10 percent in 2021 due to the effects of the coronavirus disease (Covid-19) pandemic and typhoon Odette, the Philippine Statistics Authority (PSA) 7 office said on Friday, Oct. 14, 2022. PSA National Statistician and Civil Registrar General Undersecretary Dennis Mapa […]
Back to school: A refresher on the taxation of educational institutions
Yesterday marked the end of beach days for students as they officially start a new academic year. While summer 2022 might seem brief, the young may very well be looking forward to face-to-face classes. Zoom classes can be set aside for the meantime while students flock back to schools for their first-ever in-person classes since […]
Champion REIT Announces 2022 Interim Results
HONG KONG, Aug 19, 2022 – (ACN Newswire via SEAPRWire.com) – Champion Real Estate Investment Trust (Stock Code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for the six months ended 30 June 2022. Summary of financial results 1H 2022 1H 2021 ChangeTotal Rental Income (HK$ million) 1,196 1,260 […]
Phinma income declines to P407M
Phinma Corp. registered an attributable net income of P406.83 million in the first half, lower by 7.8% than a year ago, amid higher costs caused by supply chain difficulties. The company’s topline grew by 10.4% to P8.63 billion while its costs rose by 18.2% to P1.04 billion. In a disclosure on Thursday, the company said […]
Three local companies enter Forbes’ under a billion list
Three Philippine companies — COL Financial Group, Inc., Crown Asia Chemicals Corp. and Eagle Cement Corp. — are among Forbes Asia’s roster of top-performing publicly traded small and midsized firms in the Asia-Pacific region this year. The annual “Forbes Asia’s Best Under A Billion,” identifies the top 200 companies out of 20,000 publicly listed firms in the […]
D&L Industries’ income jumps 22% to P891M
D&L Industries, Inc. recorded a 22% increase in its net income to P851 million in the second quarter after booking higher sales due to eased mobility restrictions. “We are on track to at least hit if not exceed [our] pre-Covid high, which was in 2018,” D&L Industries President and Chief Executive Officer Alvin D. Lao […]
Robinsons Retail’s net income surpass pre-pandemic levels in Q2
ROBINSONS Retail Holdings Inc. on Thursday said its net income reached P1.6 billion in the second quarter which is more than double the P724 million in the same comparable period.The total is also higher by 44.7 percent compared to the second quarter in 2019 or its pre-pandemic level, RRHI told the stock exchange.The Gokongwei-led firm […]
UnionBank posts P6.1 billion net income in 1H 2022
UNION Bank of the Philippines registered a net income of P6.1 billion for the first six months of 2022. This is 27 percent lower year-on-year due to extraordinary trading gains recorded in the same period last year. Quarter-on-quarter, net income rose 32 percent to P3.5 billion in the second quarter of 2022 from P2.6 billion […]