Monthly Archives: November 2016

Malaysian palm oil firm planning to invest $1 billion in Agusan del Sur

BusinessWorld Online
November 22, 2016

A MALAYSIAN COMPANY is planning to invest an initial amount of $1 billion to build plants to process palm oil in Agusan del Sur, according to an official from the Philippine Economic Zone Authority (PEZA).

PEZA Director-General Charito B. Plaza said Alif Agro-Industrial, Inc. is looking for 128,000 hectares in Agusan del Sur which would be used as agricultural economic zones.

“$1 billion ang initial nila kasi (is their initial investment because) they’ll put up refinery plants to process the palm oil,” she told reporters on the sidelines of a Nov. 17 event.

Ms. Plaza said the land will be in ancestral domain areas, which is “good” for indigenous people who have been fighting for their rights.… Continue Reading ...

BIR to expedite tax exemptions for socialized-housing land transfers

BusinessWorld Online
November 04, 2016

CERTIFICATES of Tax Exemption (CTEs) covering the transfer of land intended for use in government socialized housing projects will be prioritized by the Bureau of Internal Revenue (BIR), under an agreement signed with housing regulators.

The memorandum of agreement (MoA) was signed by the bureau, the Housing and Urban Development Coordinating Council (HUDCC) and the National Housing Authority (NHA).

BIR Commissioner Caesar R. Dulay, Vice-President and HUDCC Chairperson Maria Leonor G. Robredo and NHA Acting General Manager Marcelino P. Escalada, Jr., signed the MoA on the availment of tax incentives for government socialized housing projects, the BIR said in a statement e-mailed to reporters.

The MoA is pursuant to Republic Act (RA) No. 7279, or the “Urban Development and Housing Act of 1992,” which mandates that the NHA be exempted from the payment of fees and charges of any kind, including income and real estate taxes.… Continue Reading ...