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Thursday, June 7, 2018
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DOF: Gov’t lost billions in tax breaks for defunct Multiply social networking site
The government has discovered that the now-defunct Multiply Philippines, Inc. (Multiply-Phil) received tax incentives amounting to P420 million in 2015 alone.
This was based on a report by the Fiscal Incentives Review Board (FIRB) Secretariat, the Department of Finance said Tuesday.
The findings were from the company’s audited financial statements on their operations for 2015, earning a net taxable income of P1.5 billion after deducting its income tax holiday (ITH) equivalent to P600 million in foregone revenues for the government that year.
Multiply-Phil, a subsidiary of the global social networking giant Multiply, Inc., was previously registered under the Subic Bay Metropolitan Authority (SBMA) and the Board of Investments (BOI) for tax perks in 2006 and 2009, respectively.
During the company's existence, it was granted seven years of ITH and a special corporate income tax (SCIT) rate of 5 percent on gross income earned (GIE) upon the expiration of its ITH.
Apart from these perks, the company was granted tax and duty-free importations on raw materials and capital equipment.
On top of the tax incentives, Multiply-Phil also received power subsidies for its operations at in Pasig amounting to P5.17 billion from 2012 to 2018, even though it failed to maintain the estimated employment of 20,000 workers, and invest another $2-billion in the planned Mindanao shipyard that was supposed to create 30,000 jobs.
The Enchong Dee feature project did not push through.
“This is the reason why we must impose stringent evaluation and impact analysis before the grant of tax incentives,” said Finance Assistant Secretary and FIRB Secretariat head Juvy Danofarata.
“Given the failure of this social networking site, jobs were lost and productivity in the area declined. The project cost the government so much money in foregone revenues that could have been granted to performing and more deserving business enterprises,” Danofrata said.
EL SHADDAI August 20-21, 1999 Friday-Saturday (exceptions)
It compared to the 10th Anniversary Celebration in August 1994, when it was the another biggest crowd was up to 15 million people, from the venue up to Port Area in the north, Quiapo in the east to Baclaran in the South!
Winwyn Marquez renews contract with GMA Network
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| Teresita Ssen Marquez |
She said “I am very, very happy to stay here in my home network. My manager and the Entertainment Content Group, they are really doing their best to give me something na babagay sa akin.”
The actress shared that for her next TV project, she wants to challenge herself and try the action genre “mala-Lara Croft or Scarlett Johansson.”
Present at the contract-signing were GMA Entertainment Content Group Senior VP Lilybeth G. Rasonable; GMA Senior Asst. VP for Alternative Productions Gigi Santiago-Lara; GMA Asst. VP for Drama Productions Cheryl Ching-Sy; Senior Program Manager Bang Arespacochaga, Geleen Eugenio and Winwyn’s manager Arnold Vegafria.
Winwyn made a milestone in pageant history as the country’s first-ever Reina Hispanoamericana.
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Artist comes home
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| Elmer Dumlao |
The last time I was with the late Edgar Cruz was in April when he invited me and another colleague, Danny Vibas, to the art exhibit of Jordan-based mixed media artist Elmer Dumlao at the Art Center of SM Megamall. The exhibit was titled “Ground Zero (An Artist Comes Home).” It was his very first exhibit in his country, thus, the title.
“I wanted to make it kagulat-gulat somehow, thus, the title ‘Ground Zero’ na pang-atomic bomb ang tunog,” the 56-year old UST Atelier alumni said. The exhibit was for the benefit of the UST Atelier Alumni Association. Elmer, by the way, was Bagong Bayani awardee in 2011 and was named UST Outstanding Atelier Alumni in 2016.
Elmer, who was art director of McCann Erickson Jordan (thanks to Greg Garcia who invited him to work there, he said). They worked for the Royal Protocol, in charge of repackaging the image of His Majesty King Abdullah II. Elmer was in charge of advertising and design.
He started mounting art exhibits in Jordan, France and Dubai in 2011. His first exhibit in Jordan was opened by no less than the Royal Princess herself. Almost all the art pieces were sold-out. From then on, Elmer had art exhibits which showcased his artistry every year.
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Tidbits: Happy b-day greetings today, June 7 go to. Maria Montes, Bobby Yalong, Ester Legaspi, Bobby Ignacio, Mico Salvador, Adelaida Martinez, Robert Calupitan, Reynaldo Castañeda, Dr. John Cenica, Helen Barzaga, Carla Marasigan, Rey Sibayan and Consul Eve Sarmiento…June 8: Former Mayor Chuchi Purisima, Linda de Leon, Wilma Tapalla, Caliope Coteok, Col. Federico Leciste, Jr., Joy Villagomez, Julie Ang, Bob Albano, Tina Cruz, Atty. Rogelio Montero, Japoy Lizardo, Mr. Fu, Oscar Moreno greetings from the Commission on Audit, Sta. Cruz, Laguna and Former FDCP Chairman Jackie Atienza…