The fiscal deficit in the Philippines decreased in 2013 as there was a rise in the tax to GDP ratio in that year. The ratio of tax to GDP increased by 0.4 percent as compared to the previous year and reached a ratio of 13.3%.
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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
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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
Read More Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
November 11, 2024
Philippine President Ferdinand Marcos Jr. enacted the law “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act” on 11 November 2024, reducing corporate income tax rates
Read More Philippines offers tax incentives to British investors under CREATE Act
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The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
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November 05, 2024
The European Commission announced on 25 October 2024 that the initial negotiations for a free trade agreement (FTA) between the European Union and the Philippines were held in Brussels from 14 to 18 October 2024. A follow-up round is set for
Read More Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
October 02, 2024
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 September 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
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