Philippines: House Committee approves bill on corporate income tax reform

20 August, 2019

The House Committee on Ways and Means has approved the administration’s second tax reform package (Corporate Income Tax and Incentives Reform Act (CITIRA)) on 14 August 2019, which aims to reduce corporate income taxes (CIT) and rationalize incentives. The panel was chaired by Albay Rep. Joey Sarte Salceda. The Department of Finance (DOF) has announced this Bill on 25 April 2019. It was pending in Congress for approval.

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Korea (Rep.), Philippines FTA enters into force

January 01, 2025

The Korea-Philippine Free Trade Agreement (FTA) entered into force on 31 December 2024, as announced by the Korean Embassy in Manila on Monday, 30 December 2024. Under the Free Trade Agreement (FTA), South Korea will eliminate tariffs on 94.8% of

Korean (Rep.): National Assembly approves FTA with Philippines

December 18, 2024

Korea’s National Assembly has approved the free trade agreement (FTA) with the Philippines on 14 November 2024. Earlier, the Philippine Senate ratified the FTA with Korea (Rep.) on 23 September 2024. The FTA was signed by both nations on 7

Philippines plans to revise tax treaties with Indonesia, Malaysia, Singapore

November 28, 2024

The Philippines government is reportedly planning to enter into negotiations to revise the 1981 tax treaty with Indonesia, the 1982 tax treaty with Malaysia, and the 1977 tax treaty with Singapore. The agreement between the Philippines and

Philippines proposes VAT rules for digital services

November 25, 2024

The Philippines Bureau of Internal Revenue (BIR) has released draft revenue regulations on 8 November 2024 to implement the Republic Act No. 12023. This act introduces a 12% VAT on all digital services used in the Philippines, including those

Philippines streamlines tax treaty rules for government securities

November 15, 2024

The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the

Philippines: Senate approves VAT refunds for tourists

November 11, 2024

The Philippines Senate has approved Senate Bill No. 2415 or An Act Creating a Vat Refund Mechanism for Non-Resident Tourists, on 23 September 2024, which permits nonresident tourists to apply for refunds on value-added tax (VAT). The Senate