With the implementation of the 12 percent Value-Added Tax, the Bureau of Internal Revenue is adopting the benchmarking method to determine taxpayers within industry groups who are paying below the minimum amount for tax compliance purposes.

BIR, in its Revenue Memorandum Order No. 4-2006 which prescribes the guidelines and procedures in the conduct of benchmarking, stated that the system will initially include top 200 taxpayers of each industry per district level based on gross sales as reflected in the tax returns, or actual gross sales/receipts as determined from sources within and outside the BIR, whichever is higher.

NFA to sell B2 sugar
at lower prices soon

Sugar Regulatory Administrator James Ledesma yesterday said the National Food Authority will soon be selling B2 allocated sugar at lower retail prices for the poor.

President Gloria Macapagal Arroyo has authorized the allocation of funds for the NFA purchase of B2 sugar at P950 per Lkg for resale possibly at P30 to P32 a kilo, Ledesma said.

Domestic sugar on bidding yesterday sold at close to and above P1,250 per Lkg.

Philamlife to hold
investment gab

The Philippine American Life and General Insurance Co. will hold a forum on "Investing for Prosperity in the Year of the Dog" on March 13, 6 p.m. to 9 p.m., at the La Proa Main, L'Fisher Hotel in Bacolod City.

The company said in its press release that participants will be assisted on how to effectively manage their investments and to broaden their perspective on new investments vehicles and diversification techniques.

Philamlife president and CEO Jose Cuisia will talk on the present economic development and the key factors affecting the economy, it said.

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