February 26, 2018, 7:34 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 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.
Rating: 
No votes yet

Column of the Day

Is democracy in recession?

By JOSE BAYANI BAYLON | February 26,2018
‘Populists tend to deny the legitimacy of established parties, attacking them as undemocratic and even unpatriotic.’

Opinion of the Day

New, better dengue vaccines

By DAHLI ASPILLERA | February 26, 2018
‘Sanofi’s setbacks from its rush to market; careless oversights, could lead to better future dengue vaccines from other pharmaceuticals.’