HIGHLY PAID OFWs MAY LOSE TAX PERKS

[mazdamazda]

Errr... that's an old article already... that thought has already been shot down... :fyi:

[wakin]

Ex-OFW din ako. Hindi kasi alam ng mga magagaling nating mambabatas/mga opisyal ng mga ahensiya kung gaano kahirap kumita ng pera sa ibang bansa idagdag pa yung pagka homesick lalo na yung mga may pamilya. Bakit hndi na lang habulin yung mga malalaking kumpanya na hindi nagbabayad ng tama kesa yung mga nagkakandahirap magtrabaho na mga OFW. Sobra-sobra na ang panghuhuthot ng gobyernong to wala ng ibang maisip kundi pataasin ng pataasin ang taxes.

Magkaroon lang kami ng pamilya ko na makaalis ng Pilipinas aalis talaga kami dito.

ang kaya lang ng gobyerno natin eh yung mga ordinaryong mamamayan. they could not threaten the big/foreign companies that are operating here in the Phils. otherwise, these investors would pack up and leave Phils. and find a country that would be lenient to them.

[empy]

luma na pala :hihihi:

if you work full time in the US, sobra sobra ka jan sa $6,000. even if you made the legal minimum wage, you'd make way more than that.

[lolo pepe]

o wow, e di talagang parusa yan kung sakali specially sa 6K lang a year?tsk tsk tsk, ano naba talaga nagawa ng government para sa mga ofw?

ano pa nga ba kundi dagdagan ang kanyang export commodity?...paalisin pa ang mga tao sa pinas para maging OFWs...the more, the better.

in the eyes of the phil. politicians...the pinoys are expendable. so sa mga politicos na di naman nagbabayad ng tax at puro kurakot...ma karma sana kayo at tamaan ng kidlat...

[chua_riwap]

Errr... that's an old article already... that thought has already been shot down... :fyi:

The article was released only last month (Apr.10). If indeed that this has been "shot down", sana naman, huwag na nilang i-revive pa.

[mazdamazda]

The article was released only last month (Apr.10). If indeed that this has been "shot down", sana naman, huwag na nilang i-revive pa.

AFAIK, it was Sen. Recto & the DOF Secretary who clarified this matter (I remember discussing this in another thread too). Simply put, OFWs cannot be taxed since they are are working for foreign firms based outside of the Philippines.

[VtEC]

I really dont mind wheather its an old issue or not, still this kind of article really is a pain in the ass.despite the fact that ofw's are one of the factors for the influx of dollars in the country,still the intellectual employees of the government managed to come out of this not so good idea.What they should think of is how to create jobs to lessen people going out of the country to look for a greener pasture..The more ofw's the more the country looks pathetic to the world

[transmixer]

meron kayang mambabatas na naging OFW? sana maramdaman nila ang pagtitiis ng isang OFW para kumita ng pera.

[D_rock_777]

mga kapwa ko OFW, heto pa basahin nyo medyo mahaba lang pero sapat naman para pandagdag ng ngitngit at himutok... paalaala ko lang ingatan nyo puso nyo!
ganito talaga ang dapat para sa mga kinauukulan

Wednesday, May 30, 2007


EDITORIAL

Uncollected taxes on company profits


WE know there is something terribly amiss when the country’s top companies are making a killing, but the government keeps missing its tax collection goals.

The Philippine Stock Exchange recently reported that companies listed at the local bourse had an increase of at least 25 percent in their combined profits. Net income last year came in at P261.1 billion, significantly higher than the P204.75 billion earned in 2005.

Top-tier companies, or those belonging to the 30-company PSEi, even had it better, with their combined net income up by more than a third at P189.92 billion from P142.30 billion the previous year.

All industry groups enjoyed net earnings, led by the industrial sector, which recorded a 54-percent hike in profitability and accounted for the biggest share of total income at 31 percent. This was followed by the financial sector, including banks, which enjoyed a 34.4-percent increase in combined earnings.

Indeed, a separate report by the Bangko Sentral ng Pilipinas (BSP) showed that foreign lenders posted record profits last year, as their deeper penetration of the domestic savings market allowed them to bring down the cost of their funding sources.

But back to the PSE report. After the financial sector came the holding companies, which represent the business interests of the country’s wealthiest families. Profitability here was similarly high at 33.1 percent.

The mining, oil, property and services sectors were not far behind, as they likewise generated higher net incomes from the previous year.

More importantly, the profitability seems broad-based, as the PSE said that small and medium enterprises listed at the bourse exhibited the fastest growth of 511 percent, reversing losses incurred in 2005.

The profit growth appears healthy. The PSE president said the combined gross revenues of the listed companies last year went up by 14 percent to P2.2 trillion from P1.94 trillion a year earlier. This means companies are selling more of their products, and not propping up their earnings using various window-dressing schemes.

The PSE said the improvement is likely to be sustained based on preliminary results for the first quarter.

This, more than anything else, explains the local bourse’s recent rally. Local stock prices, as tracked by the composite index PSEi, went up by 42.3 percent last year, sustaining the 41.6 percent, 26.4 percent and 15 percent, rise seen in 2003, 2004 and 2005.

The composite index last week set a new record high due to bullishness about the country’s economic prospects. A survey done by the BSP bore this out, as respondents expect business conditions to improve in the second and third quarters.

All of these therefore raise the question of why tax collections have fallen behind targets. Department of Finance officials as well as economists have yet to announce the latest tax elasticity figures, which measure how collections track incomes, but the government’s failure to meet revenue goals in the first quarter is bad news.

No wonder Standard & Poor’s recently withheld its vote of confidence in the Philippines. Everyone was expecting the credit rating firm to lift its outlook from stable to positive in light of last year’s fiscal gains. An improvement would have meant that a credit rating upgrade is forthcoming in the near term, thus easing the government’s debt burden.

Since the first-quarter collection disappointment was disclosed, there has been a raft of announcement about how the Bureau of Internal Revenue, which accounts for the bulk of the government’s revenues, would make up for the shortfall.

Well, that agency’s ineffectiveness has become obvious judging from the significant profits companies have been raking in. The government can no longer postpone implementation of a new law that penalizes failure to meet collection targets. Again, we call on the government to make heads roll, as the law demands.
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in short sa ating mga OFW nais nilang bumawi para mapunuan ang kanilang kapabayaan, dahil hindi nila kaya ang mga malalaking isda tayong maliliit ang pinagdidiskitahan. hayyyyyyyyyyyy buhayyyyyyyyyyy

[chua_riwap]

meron kayang mambabatas na naging OFW? sana maramdaman nila ang pagtitiis ng isang OFW para kumita ng pera.

Nye-he-he! Sir, pag naging mambabatas ka, di ka na magu-OFW, kasi magiging sandamakmak na pera mo.