State-run National Food Authority (NFA) managed to slash its losses last year following its mandated reforms under the the rice tariffication law (RTL), the Department of Finance (DOF) said. In a report to Finance Secretary G. Carlos Dominguez III, the grains agency said that RTL enabled NFA to
State-run National Food Authority (NFA) managed to slash its losses last year following its mandated reforms under the the rice tariffication law (RTL), the Department of Finance (DOF) said. In a report to Finance Secretary G. Carlos Dominguez III, the grains agency said that RTL enabled NFA to cut
Published December 11, 2020, 2:53 PM
The Bureau of Customs wants to collect several tax deficiencies uncovered in a post-clearance audit of cooperatives that imported rice since last year, the Department of Finance (DOF) said.
In a statement, the DOF quoted Customs Commissioner Rey Leonardo Guerrero as saying that a post-clearance audit done on rice imports for 2019 showed 48 cooperatives with tax deficiencies totaling P1.4 billion.
These 48 cooperatives came from an initial batch of top 60 importers out of the list of over 320 cooperatives that imported rice last year, Guerrero said in his report to Finance Secretary G. Carlos Dominguez III.
“They have been issued audit notices and subsequent demand letters for the payment of additional duties and taxes as a result of the under declarations (of their imports),” Guerrero said.