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BIR uncovers more than 80000 unregistered businesses in MM

The Bureau of Internal Revenue has unearthed more than 80,000 unregistered business establishments in Metro Manila after comparing the agency's database with that of local government units, Internal Revenue Commissioner Lilian Hefti reported Monday.

Hefti said the agency's LGU revenue assistance project showed that 82,000 business establishments registered with local governments in Metro Manila is not registered with the government's major tax revenue collecting agency.

The project, according to Hefti, matches records of the LGUs with the database of the BIR.

"The function of the LGU revenue assistance project is to match registered taxpayers in the records of LGUs with BIR records and compare reported sales to LGUs by the taxpayers with taxpayers' reported sales to BIR," she added. more

Government must step up to spark innovation

While no one can deny the fact that businesses like low taxes, this is not enough to create the high-value businesses and jobs that Canada needs for future prosperity.

A successful country also needs policies that will specifically target the creation and growth of high-value businesses. The Harper Tories reject this, arguing government can�t pick winners and mustn�t even try (unless it�s the aerospace industry in Quebec or its flawed biofuels subsidy). Their philosophy seems to assume that if the so-called framework conditions are right � low inflation, low taxes, pro-competition policies and money for education � then the "market" will take care of everything else.

The Liberals would agree on getting the fundamentals right but seem more ambivalent and largely silent on the issue of public policies to support innovative companies. more

Traffic Congestion Costing $12 billion a Year

It is clear that elected officials do not have all the answers, and involving businesses and community members in the search for solutions is crucial in getting out of this mess. At the conference we also discussed the Los Angeles Strategic Transportation Plan, through which we hope to harness the private sector’s penchant for innovation to reform the way we tackle transportation. With this plan, we can prioritize our projects so that we can fund them more effectively. Along with the LAEDC we have formed a coalition to fund a $750,000 study that will include modeling and sector-specific implementation plans. I want to be clear, however, that the government is not abdicating its role as policy maker and under-writer. At the state, county, and city level, we have a long list of accomplishments. more

SET: Companies should buy back shares

With Thai stocks down 22% from the start of the year, listed companies should consider treasury stock programmes to help support share valuations.

Patareeya Benjapolchai, the president of the Stock Exchange of Thailand, said companies whose shares were trading below their fundamental values should consider treasury stocks.

A treasury stock or re-acquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market. Listed companies can seek shareholders' approval to buy back up to 10% of their stocks under the programme.

In theory, share buybacks will help boost share prices by reducing the supply of outstanding shares in the market.

Mrs Patareeya said listed companies could conduct the programme so long as they had accumulated net profits, adequate liquidity and the capability to service their short-term debts. more

House of Representatives Passes HR 4049, 'Money Services Business

Without such access, MSBs cannot conduct business. The bill now moves to the Senate for consideration.

H.R. 4049 was introduced last fall by Rep. Carolyn Maloney (D-NY), Chair of the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee, Rep. Barney Frank (D-MA), Chairman of the full Committee, Rep. Spencer Bachus (R-AL), Ranking Minority Member of the full Committee, and Rep. Judy Biggert (R-IL), Ranking Minority Member of the Subcommittee. The bill enjoys strong support among a broad array of companies and trade associations in the financial services industry. As a sign of the strong bi-partisan Congressional support the bill enjoyed, it was passed by voice vote under the House "Suspension Calendar," generally reserved for non-controversial bills. more

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