May 27, 2018, 2:00 am
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 Zimbabwe dollar

Threshold for perks deemed anti-MSMEs

Exporters buck certain provisions on tax reform that revamp the incentive package but support moves  to lower the corporate income tax.

The Philippine Exporters Confederation Inc. (Philexport) on Tuesday met with Karl Chua, undersecretary  of the Department  of Finance, where he clarified that exporters will continue to avail of value-added tax (VAT) refunds and VAT zero rating under the Tax Reform for Acceleration Inclusion (TRAIN) 2.

In that meeting,  Chua said 5 percent of the refunds will be in a trust fund for easier processing.

In a position paper earlier submitted to DOF and the House Ways and Means  Committee on Top of Form House Bill No. 7458 entitled Corporate Income Tax and Incentives Reform Act, Philexport said it welcomes the proposed reduction in corporate income tax (CIT) rate to 30 percent by 2019, lowering it further to 20 percent considering that the Philippines’  CIT is the highest in Asean.

The group said on incentives reform, “while we agree that incentives should be time-bound, we have reservations on the other provisions of the draft bill.”

On VAT, the group opposes a proposal to put a threshold on exporters to be given this privilege, saying this would displace small companies which actually need incentives.

HB 7458 defines an export enterprise to have exported at least 90 percent  of its annual production of the preceding taxable year.

“We disagree with imposing performance threshold such as 90 percent as criteria for VAT refunds,… This will further erode our competitiveness against competitor-countries in Asen which do not have such performance requirement,” Philexport said.

Malaysia, Indonesia, Singapore and Vietnam do not have thresholds on the same. 

The group said in practice  buyers of items below $100 no longer bother to claim VAT refunds because bank charges are even higher than the expected refund. 

“The additional VAT will make our products and services more expensive than they already are,” the group added.

Philexport said  incentives should be provided on a need-basis to improve performance rather than for a reward for good performance as the HB provides.

“We therefore object to the proposal to classify exporters to whether they have a performance record of three years and having exported 90 percent  over past three years.

The group described this as “anti-development, anti- MSMEs (micro, small and medium enterprises) as it rewards those who already succeeded in competition to grow even bigger, exacerbating the growing gap between rich and poor sectors of the economy,” Philexport said.

The group said  new startups would be disqualified at the outset from being assisted by incentives which are badly needed on that stage.

The HB had increased the export threshold to 90 percent from 50 percent and 70 percent due to “concerns and leakages” in the implementation, particularly for non-export enterprises within the Freeport and/or special economic zones.

The group said the bill itself  would address this leakage as it clearly defines who may and may not qualify for the incentives.

Excluded are the following enterprises such as, but not limited to, those engaged in customs brokerage, trucking or forwarding services...retail business restaurants, or such other products and services within the freeport and/or special economic zone, as may be determined by the board...and whose income derived within the freeport and/or special economic zone shall be subject to taxes under the national internal revenue code of 1997, as amended.

The group believes strict implementation by the Bureau of Internal Revenue would address this concern.

Philexport also suggested another possible way of addressing the leakages: by institutionalizing automation or electronic reporting.

Automation, it said will also expedite procedures and help promote transparency. 

“Our research shows that Thailand, Vietnam, Indonesia, Singapore and Malaysia have provisions for electronic filing of VAT applications for exporters which pay refunds between 15 to 30 days,” the group said.

The group does not object to the expansion of the functions of the Fiscal Incentives Review Board (FIRB) as an oversight on the grant of incentives but suggested the director-general of the National Economic and Development Authority (NEDA) and not the secretary of the DOF should A serve as chair. 

This is in consideration of the position of the NEDA Secretary as the one responsible for the country’s overall economic development and planning, putting a balance between development and tax revenues, short-term goals consistent with long- term goals,” the group added.

Under the plan, the DOF secretary as chair of the FIRB, “shall have veto power as the custodian of fiscal prudence and responsibility and as such may cancel or suspend the grant of incentives upon the review and recommendation of the FIRB. -I. Isip
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