The Bureau of Internal Revenue will scrap a provision in Revenue Regulation 6-2007 which allows owners of refined “A” (US quota) and “D” (World market) sugar to withdraw their stocks without payment of advance Value-Added Tax, Jose Ramos, secretary-treasurer of CONFED Sugar Cooperatives said yesterday.

Ramos told the DAILY STAR that BIR Commissioner Lilian Hefti promised during a dialogue with sugar industry leaders in Bacolod City last Saturday that such provision will no longer be included.

Ramos, who represented the Confederation of Sugar Producers Cooperatives in lobbying for the group's position, said Hefti's move came as a response to CONFED's position paper.

P100M allotted for rice supply

MANILA - President Gloria Macapagal-Arroyo yesterday ordered the release of P100 million for the purchase of additional rice stocks for the Christmas season, a government press release said.

Arroyo instructed the Philippine Amusement and Gaming Corporation to contribute the amount to help ensure that needy Filipinos will have access to affordable rice during the holidays.

As a government-owned and controlled corporation, PAGCOR is mandated to raise funds for the government's socio-civic and national development efforts through the operation of casinos.

SMC , US partner eye
Philippine energy play

MANILA - Southeast Asia's largest food and beverage company, San Miguel Corp., has picked a US asset management firm as its partner to bid a stake in Philippine energy company PNOC-EDC, media reports said yesterday.

San Miguel Energy Corp and US firm Avenue Asia are looking to get 60 percent of PNOC Energy Development Corp, which produces geothermal power. State-owned Philippine National Oil Co. is selling its remaining shares in PNOC-EDC.

Last week San Miguel sold two of its Australian businesses to raise funds to expand into new businesses.

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