IlluMyFi

THE Philippines' meat imports from January to October amounted to 1.19 million metric tons (MMT), 16.8 percent higher than the 1.01 million metric tons (MT) recorded in the same period last year, the Department of Agriculture's (DA) Bureau of Animal Industry said.The surge was driven by pork at 598,276 MT or 50.24 percent of total shipments. This was also bigger than 2023's 504,308-MT record. Chicken imports, meanwhile, totaled 389,952 MT or 32.7 percent of the total. This was up by 8.55 percent from the comparable period's 359,230 MT.Beef shipments recorded the largest annual increase of 38.8 percent at 167,548 MT from 120,640 MT.On the other hand, buffalo imports were down to 33,007.4 MT or 1.9 percent lower than the 31,647 MT posted a year earlier.The drop in lamb imports was big at 603.9 MT, 9.7 percent lower than last year's 669.03 MT.The biggest dip in imports was duck meat, which fell by 21.5 percent at 198.33 MT compared to 252.78 MT in 2023.Top suppliersBrazil was the Philippines' top supplier from January to October at 420,359 MT or 35.3 percent of the total.The United States and Spain followed with 179,557 MT and 146,311 MT, respectively. Canada exported 102,870 MT of meat to the Philippines; Australia, 63,779 MT; and the Netherlands, 58,725 MT also during the period.Nonetheless, the Foreign Agricultural Services (FAS) of the US Department of Agriculture has projected the Philippines will produce more of its own pork, chicken meat, and beef as investors come in.In its latest report, the FAS said the Philippines' domestic pork production would total 1.04 million MT in 2024 compared to 2023's forecast of 950,000 MT due to swine repopulation efforts. The agency likewise increased the 2024 beef production forecast to 183,000 MT from 2023's 182,000 MT.Executive Order 62, which reduced tariffs on imports, will help augment the local supply of agricultural commodities, such as chicken meat, due to strong market demand over the medium-term, the FAS said.In 2023, the Philippine Statistics Authority reported that over five MMT of livestock, poultry, and other animal products was produced in the country. The DA said this was a sign of recovery from the adverse effects of the Covid-19 pandemic and an outbreak of animal diseases.Another factor was the DA's lifting the ban on products from countries that had been stricken by bird flu and African swine fever.

Sentiment

0.08

Bearish/Bullish

18.12.24 04:17

by manilatimes.net

On BIR-issued subpoenas duces tecum

A SUBPOENA is a vital tool used in the administration of justice and tax enforcement in the Philippines. A subpoena ad testificandum requires an individual to appear and testify at a hearing or trial, or for an investigation, while a subpoena duces tecum (SDT) requires a person to bring with him or her any books, documents or other things under his or her control.The Commissioner of Internal Revenue (CIR) is authorized to issue an SDT to compel the production of essential documents pursuant to Section 5(c) of the National Internal Revenue Code of 1997 (Tax Code). This provision empowers the CIR to summon the person liable for tax or required to file a return, or any officer or employee of such person, or any person having possession, custody or care of the books of accounts and other accounting records containing entries relating to the business of the person liable for tax, or any other.The SDT is generally issued after a letter of authority and authorizes the Bureau of Internal Revenue (BIR) to examine a taxpayer's books and records, and after said taxpayer shall have failed to comply with requests for production of documents. Three notices to comply are usually given by the BIR before it issues an SDT. Refusal or neglect to comply with an SDT has significant legal consequences, including potential criminal charges, administrative penalties and an alternative method of tax assessment.Under Section 266 of the Tax Code, any person who, being duly summoned to appear to testify, or to appear and produce books of accounts, records, memoranda or other papers, or to furnish information as required under the pertinent provisions of the Code, neglects to appear or to produce such books of accounts, records, memoranda or other papers, or to furnish such information, shall, upon conviction, be punished by a fine of not less than P5,000 but not more than P10,000 and suffer imprisonment of not less than a year but not more than two. Section 266 is violated if the following elements are present: the offender is duly summoned by the BIR, the offender is required to produce books and records, or testify as per the summons, and the offender neglects to comply with the summons.In Lo v. People, the Court of Tax Appeals (CTA) en banc ruled that failure to comply with an SDT under Section 266 of the Tax Code constituted a mala prohibita offense. Mala prohibita offenses are criminalized because they are prohibited by law and intent or moral wrongdoing is immaterial in such cases. Criminal intent or moral culpability is not required for the commission of the offense; the mere act of failing to comply with a summons is sufficient to establish a violation.In Ang v. People, the CTA ruled that good faith was not a valid defense in mala prohibita offenses and the taxpayer's claim of good faith for failing to comply with the SDT was rejected. The court emphasized that the law punishes the act itself, not the motives or intentions behind it. Therefore, noncompliance with an SDT is punishable irrespective of the t...

Philippines