by Atty. Tony(APA) Acyatan (Atty. APA – chairman of Acyatan & Co., CPAs-DFK International is president of PICPA in 1990 and ASEAN Federation of CPAs (1998-2000) and Accountancy Hall-of-Famer (2006).
ACCIDENTS: It may be a providential reminder that many road accidents are happening lately. If the new Administration is attentive enough – it should review right away the causes of bus and motorcycle riders’ deaths. Could these be drivers’ faults (over-speeding, recklessness, disrespect for road signs) or lack of maintenance checking of vehicles, or even defective roads and bridges.
Among the evident causes are ineffective governance with respect to licensing of drivers and motor vehicle, lack of periodic inspections of public utilities, and infrequent safety checks of our roads and bridges. The problem which cropped out at the Manila International Airport points to possible corruption in the budgeting and actual purchase of necessary operational equipment.
NEXT TARGET: It’s about time that the Department of Transportation and Communication look at the serious problem of traffic in cities, towns and even highways brought about by the over-licensing of motor tricycles and “tri-sikads”. These vehicles are now used as town to barangay (and vice versa) passenger transport facility. Mostly ill-lighted, they are susceptible to highway accidents especially at dusk and in early dawn.
TAXATION: We congratulate the new Commissioner of Internal Revenue and Collector of Customs. We understand that they were appointed for their anti-graft record, as a signal from Malacaňang that revenue collection will now be free of corruption. We mumble a prayer as our second the motion. Just like P-Noy’s wang-wang example – tax collection needs some samples.
Opinions Unlimited reiterates here our advice to businessmen. The best way to avoid tax deficiency assessments is to pay the correct taxes in the first place. Hire accountants and external auditors who are reliable, more so those accredited by the Board of Accountancy-PRC, SEC and BSP. Maintain sacrosanct business records and observe the deadlines in the filing and in paying all kinds of taxes.
INFLATION: This measures the capacity of our funds and earnings to purchase equivalent goods. The BSP says the kind of inflation facing us is “benign” meaning the cost adversity will be less than expected. This is the justification being used by the Regional Wage Boards in limiting their approval of limited wage increases. Actually when workers receive more, inflation becomes more real as labor acquire improved purchasing power.
We have excess money supply. These are currently held by fund-keepers and banks. It will be better if said funds can be lent to producer of goods so that there will be supplies to counter any and all demands. The new Administration inherited many economic and financial problems – but there are ample resources with which to accomplish the desired production and economic activities to propel the country back to progressive mode.
QUOTATION: Great people’s good luck is dying at the right time. Ninoy-Cory are examples.