Tag: foreign
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Senate ratifies bicam report on 12% VAT on foreign digital service providers
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THE SENATE on Monday adopted the bicameral conference committee report on a bill imposing a 12% value-added tax (VAT) on digital service providers without a physical presence in the Philippines such as e-commerce giants Amazon, Shein and Taobao. The reconciled version of the bill reinforces the Bureau of Internal Revenue’s…
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MB greenlights $3.9-B foreign borrowings in Q2
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THE MONETARY BOARD (MB) has approved $3.9 billion of public sector foreign borrowings in the second quarter, the Bangko Sentral ng Pilipinas (BSP) said. Approved public sector foreign borrowings were 43% higher than $2.73 billion recorded approvals in the April-to-June period a year ago, the BSP said in a statement…
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BSP may impose up to P1-M fine for violations of foreign exchange rules
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THE BANGKO Sentral ng Pilipinas (BSP) has approved amendments to the reporting guidelines for foreign exchange (FX) transactions, including the imposition of fines up to P1 million for policy violations. “The Monetary Board has approved further amendments to FX regulations to allow the BSP to gather more accurate and relevant…
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Foreign investment pledges fall 64% in Q1
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FOREIGN INVESTMENT pledges slumped by 63.6% in the first quarter as global economic challenges prompted investors to be more wary of investing in emerging markets like the Philippines, analysts said.