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GMA Network
30-07-2025
- Business
- GMA Network
Gov't Malampaya profit share includes contractors' income taxes —SC
The Supreme Court (SC) has lifted the charges against private contractors of the Malampaya Natural Gas Project, ruling that the Philippine government's share in the profits from the project includes the income taxes of the contractors. In a 19-page decision, the SC En Banc reversed and set aside a decision of the Commission on Audit. It lifted the charges imposed against Shell Exploration B.V., PNOC Exploration Corporation, and Chevron Malampaya LLC. 'The Court is on all fours with COA to zealously ensure that the Government is never placed at a disadvantage and that it rightfully receives what is due it in all its transactions,' it said. 'Nevertheless, remaining bound by the Constitution and the laws of the land, the Government cannot be allowed to renege on its obligation, especially when such has been distinctly outlined in the contract it freely entered into and agreed to,' it added. The petition stemmed from COA's finding that P53 billion income taxes were deducted from the government's share in the project. It ruled that the contractors were liable for the taxes. In reversing the ruling, the SC said that the government signed a service contract with the contractors for the Malampaya project. It said the contract was entered pursuant to Presidential Decree (PD) No. 87 or the Oil Exploration and Development Act. Under the contract, the contractors must remit 60% of the project's next proceeds to the government. The SC said that under PD No. 87, the contractor is liable to pay income tax, but the contractor's income tax forms part of or is counted in the government's 60% share. The SC stressed that tax assumption is not tax exemption. It did not give weight to COA's argument that the service contract infringes upon the prerogative of the government to impose tax or exempt a class from taxation. Meanwhile, the International Chamber of Commerce (ICC) Arbitral Tribunal also reaffirmed and upheld the validity of the tax assumption mechanism in the service contract in December 2019. The SC said that it must respect the finding, but even without it, its independent analysis of the COA disposition would lead to the same conclusion. The decision, penned by Associate Justice Japar Dimaampao, was promulgated in February and made public in July. — BM, GMA Integrated News
See - Sada Elbalad
25-06-2025
- Business
- See - Sada Elbalad
Presidential Decrees Announce Top Judicial Appointments in Egypt
H-Tayea President Abdel Fattah El Sisi has issued two presidential decrees appointing new leadership in the country's top judicial bodies. Under Presidential Decree No. 330 of 2025, Counselor Mohamed Ahmed Khalil Khaleel El-Shennawy has been appointed as President of the Administrative Prosecution Authority, effective July 1, 2025. Meanwhile, Presidential Decree No. 331 of 2025 appoints Counselor Osama Youssef Shalaby Youssef as President of the State Council, effective July 3, 2025. Both decrees were published in the official gazette. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Mada
18-06-2025
- Business
- Mada
House approves tax exemptions for UAE sovereign fund
To pave the way for more Emirati investments and secure the capital return on those already made in Egypt, the House of Representatives approved on Sunday a supplementary protocol to the Egyptian-United Arab Emirates tax agreement, granting the Emirati sovereign wealth fund a tax exemption in Egypt. The annex, issued by presidential decree earlier this year, recognizes Egypt's Sovereign Fund and UAE's Abu Dhabi Development Holding Company (ADQ) as 'government institutions' and consequently allows both funds to benefit 'from the tax exemptions stipulated in the agreement.' Upon their approved recognition in the agreement as government bodies, both funds are subject to Article 24, which grants tax exemptions on income generated by the government as well as its affiliated bodies, according to a joint report issued by the House planning and budgeting and Arab affairs committees and reviewed by Mada Masr. The agreement with the UAE, aimed at enhancing investment and trade relations between both countries, was initially approved by President Abdel Fattah al-Sisi in November 2019, under the Presidential Decree 558 of 2020. Emirati investments are crucial for Egypt at a time when the country's economy is deeply affected by Israel's aggression on Gaza and more recent attacks on Iran. Last year alone, ADQ, the Gulf country's largest sovereign fund, invested US$35 billion through the Ras al-Hikma development project in the North Coast. Half of the mega deal's proceeds were allocated at the time to easing the country's growing public debt. ADQ also acquired stakes in three state-owned petroleum companies for $800 million in November last year. Under Article 24's second section, the term 'government' includes 'the government, its agencies and institutions […] as well as any other institution or body mutually agreed upon from time to time by the governments of the two contracting states.' In the past, Egypt signed 60 similar agreements with other countries, some dating as far back as the 1970s, a Finance Ministry official told Mada Masr on condition of anonymity. These agreements are periodically reviewed and re-negotiated by both parties, the official said. When amendments are limited to one or two provisions, they said, they are issued in the form of a protocol and appended to the original agreement. In this case, the protocol was necessary because the original tax agreement was finalized in 2017, before either the Egyptian or Emirati sovereign wealth funds were established. Agreements to avoid double taxation typically require that the benefitting entities be explicitly named. According to the official, the supplementary protocol was added after it became clear during ADQ's financial dealings that the fund was not listed among the beneficiaries of the agreement, as it had not been named or specified in the original text. The exemptions outlined in Article 24 include taxes on three types of income: dividends, capital gain, and interest, a source in the House Planning and Budgeting Committee told Mada Masr. The interest exemption applies to all forms of government lending instruments, such as bonds, sukuks and deposits, among others. Upon the maturity of the financial instrument, the lender or investor receives the principal amount along with interest — or what is considered profit — from which the Finance Ministry deducts a 20 percent tax, as stipulated in the Income Tax Law, which applies to both Egyptians and non-Egyptians. While the government continues to offer incentives, including tax exemptions, to encourage Emirati investment in the domestic economy, it has been less forthcoming with other international entities. In November 2023, Euroclear, a platform for settling securities transactions that Egypt had hoped to join, requested a tax exemption on treasury bills and bonds as a condition for granting access to the government's debt market. The Egyptian government has yet to respond to the request.
GMA Network
14-06-2025
- Business
- GMA Network
Tobacco trading in full ops despite rainy season —NTA
The National Tobacco Administration (NTA) on Saturday said tobacco trading is still in full operation across the country despite state weather bureau PAGASA's declaration of the start of the rainy season last week. In a new release, NTA said trading centers for flue-cured Virginia tobacco in Ilocos are open until June 30. However, if there are still available Virginia tobacco produced by the farmers beyond June 30, the NTA can make a request for accommodation by the trading centers. The highest buying price offered by the trading centers to the farmers could still reach up to P130.00 per kilo, depending on the quality of the flue-cured Virginia tobacco leaves. The tobacco trading centers that are open in the Ilocos provinces are Universal Leaf Philippines Inc. (ULPI), Trans Manila Inc. (TMI), and Continental Leaf Tobacco Philippines Inc. (Conleaf), according to NTA. Meanwhile, trading operations for burley and native tobacco in Regions 1, 1,2, 3, and CAR will end on August 31, 2025. The reported highest buying price for burley tobacco per kilo is P118.00, while the native Batek tobacco is P175. 00 per kilo, the agency said. Aside from ULPI, the other buying companies of burley and native tobacco are Pentaleaf in the Cagayan Valley region, Antonio and Josefina Trading Center (A&J TC), and John Medriano Trading Center (JMTC) in La Union, NTA said. The agency said farmers in Mindanao sell their native – Batek tobacco products at the local 'Tabo Market.' As of June 4, 2025, the total number of registered tobacco farmers in the country is 59, 242 planting 32,503 hectares of tobacco, according to NTA. NTA Administrator and CEO Belinda Sanchez said that the farmers would earn more income this cropping season because of the high buying prices of tobacco. The reported buying prices of tobacco at the trading centers are higher than the tobacco floor prices, according to Sanchez. The latest approved tobacco floor prices of classes of all types of tobacco for this season are as follows: For flue-cured Virginia tobacco: Class AA – P97; A – P96; B – P95; C – P93; D – P85; E – P84; F1 – P75; F2 – 72 and R – P61 For Burley tobacco: Class A – P81; B – P78; C – P69; D – P58; E – P57; F – P49; and R – P39 For Native tobacco: High Grade – P81; Medium 1 – P70; Medium2 – P60; Low 1 –P50; and Low 2 – P38. The tobacco floor prices are adjusted every two years through a tripartite forum between and among the farmers, traders, and tobacco manufacturers to ensure the stable price of the crop. The NTA facilitated the biennial tripartite conference. As mandated by Presidential Decree (PD) No. 627 s. 1974, PD No. 1481 s. 1974 (for Virginia), and PD No. 1143 s. 1977 as amended (for Burley), NTA is authorized to set/fix tobacco floor prices by adopting a tripartite consultative conference, through its Regulation Department as the lead department. Tobacco is the only cash crop in the country that has approved floor prices and remains a steady source of income for thousands of Filipino families, providing livelihood opportunities and supporting rural economies, according to NTA. Currently, about 2.2 million Filipinos are financially dependent on tobacco, including more than 430,000 farmers, farmworkers, and their family members, it said. —VAL, GMA Integrated News
The Star
03-06-2025
- Business
- The Star
Indonesia submits key document in bid to join Organisation for Economic Co-operation and Development
JAKARTA (Bernama) -- Indonesia has formally submitted its Initial Memorandum to the Organisation for Economic Co-operation and Development (OECD), one year after the country received its accession roadmap at the 2024 Ministerial Council Meeting (MCM). Coordinating Minister for Economic Affairs Airlangga Hartarto led the country's delegation to Paris from June 2 to 5 to attend the OECD MCM, the ministry said in a statement on Tuesday. Airlangga, who heads the country's OECD Accession National Team, handed over the document to OECD secretary-general Matthias Cormann on Monday, marking a major milestone in its bid to join the 38-member bloc. "The completion of the Initial Memorandum within one year reflects our strong national commitment to OECD accession,' he said, while acknowledging that the path ahead remains "a long marathon' requiring continued engagement with OECD committees. According to the ministry, the Initial Memorandum outlines Indonesia's self-assessment of its compliance with OECD standards across 32 chapters and 240 legal instruments. Its drafting involved 64 ministries and agencies across 26 sectors and eight cross-sectoral areas, under Presidential Decree No. 17/2024 and Ministerial Decree No. 232/2024, the ministry added. The OECD, founded in 1961 and headquartered in Paris, provides a platform for member countries to develop evidence-based policies, share best practices and address global economic, social, and environmental challenges. - Bernama
