“It must be stressed that the proposed Timta does not, in any way, diminish or limit the amount of incentives that IPAs may grant, pursuant to their charters and existing laws, or prevent, deter or delay the promotion and regulation of investments, processing of applications of registrations and evaluation of entitlement of incentives by IPAs,” Angara said.

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The new TS17 controller can be wall-mounted or used on a tabletop in order to delve deep within your music library and come as close as you'll ever be to being a conductor.

Additionally, Qsonix is introducing the v2.42 software, which enables users to burn CDs while playing back and adds client support for Direct Way and satellite-based internet service providers, the ability to import music from external USB drives and Ready-to-Play CD conversion service.

A higher excise tax on fuel, however, would be an unpopular policy move for the Aquino administration, which is building up support for its candidates in the presidential elections next year.

The IMF said it also supports the efforts of the Department of Finance (DOF) to allow the Bureau of Internal Revenue (BIR) access to bank-deposit information and make tax evasion a predicate crime to improve the efficiency and equity of revenue collection.

The International Monetary Fund (IMF) has effectively rejected proposals in Congress to lower individual income-tax payments through a bill updating the tax schedules, as the multilateral lender is requiring a counterpart measure that would offset the revenue losses.

In a statement after its representatives recently visited the country, the IMF said that it instead encourages a comprehensive tax-reform package that is “net-revenue enhancing.” “To support a higher level of budgetary spending on infrastructure and social needs over the medium term, additional fiscal revenue would need to be raised,” the IMF said.

He said the review of the investment schemes would be contained in the proposed Tax Incentives Management and Transparency Act (Timta).

Under the amendment, the National Economic Development Authority (Neda) is mandated to conduct an annual cost-benefit analysis on the investment incentives to determine the impact of tax incentives on the economy.

“We are staying true to the essence of the bill,which is to provide a solution for the lack of information and data on fiscal incentives and what it reciprocates to the economy.

With Neda’s cost-benefit analysis, it will allow policymakers to make better decisions, going forward, in crafting or revising laws, in overseeing the implementation of existing investment-related laws, and in managing the nation’s finances,” Angara, who is also the sponsor of the Timta bill, said.

We need to better monitor the fiscal incentives we give to ensure that the revenue we forego actually leads to more investments and high-income jobs,” Angara said.