On 8 November 2023, the Philippines joined as a member of the Organisation for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base-Erosion and Profit Shifting (BEPS) Inclusive Framework.
The Inclusive Framework on BEPS is designed to implement the BEPS Project. This includes conducting peer reviews of the BEPS minimum standards, monitoring progress on other BEPS Actions, and leading in ongoing standard-setting efforts.
The Base Erosion and Profit Shifting (BEPS) Project, initiated by the G20 countries, addresses the aggressive tax planning by multinational enterprises (MNEs) that contributed to base erosion and profit shifting.
Since 2016, the Philippines Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) have worked to align the country’s domestic legal framework with the BEPS minimum standards.
Collaborating on an equal footing with all other members of the Inclusive Framework, the Philippines will participate in the implementation of the BEPS package of 15 measures to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment.
