Philippines streamlines tax treaty rules for government securities
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
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
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Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
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
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Philippines offers tax incentives to British investors under CREATE Act
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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EU, Philippines begin first round of FTA talks
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
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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
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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Philippines ratifies FTA with Korea (Rep.)
The Philippine Senate announced that it has ratified the free trade agreement (FTA) with South Korea on 23 September 2024. This follows after the Philippines and South Korea signed the FTA on 7 September 2023. Under the FTA, South Korea will
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Philippines releases tax refunds, credit guidelines
The Philippines’ Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 74-2024, providing guidelines and requirements for processing tax credit certificates (TCC) and cash refunds that have been illegally or mistakenly
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Oman, Philippines negotiate income tax treaty
The Philippine News Agency reported that negotiations are currently in progress for an income tax treaty between Oman and the Philippines, on 13 September 2024. The Omani government hopes to see increased mutual trade and investment promotions,
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Philippines: Finance Department promises easier business with Create More Act
The Philippines Department of Finance (DOF) has assured investors that the forthcoming enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximise Opportunities for Reinvigorating the Economy (CREATE MORE) Act will make it
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Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
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Philippines: Senate passes Mutual Assistance Convention
The Philippines Senate has ratified the amended OECD - Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, following the 2010 protocol on 3 September 2024. The Multilateral Convention on Mutual Administrative
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Philippines: Finance department’s 2025 budget focuses on digital tax administration
The Philippines’ Department of Finance announced plans to present its 2025 budget proposal to the Senate on 27 August 2024. This proposal emphasises digitalization to enhance the efficiency of tax administration. Finance Secretary Ralph G.
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Philippines backs 12% VAT on foreign digital service providers
The Philippines’ Ministry of Finance announced that Finance Secretary Ralph Recto had met with senior Netflix officials on 20 August 2024, to discuss the bill on value-added tax for foreign digital service providers, which is currently pending
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Philippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
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Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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Philippines proposes legislation for simplifying passive income tax
On 14 February 2024, the Philippines Department of Finance declared a refined proposal for a bill for simplifying passive income taxes. The bill entitled ‘Package 4 of the Comprehensive Tax Reform Program (CTRP)’ is a measure recalibrated by
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Philippines: ADB to support tax collection and tax reform plans
On 7 February 2024, the Philippines Department of Finance (DOF) published a release declaring that the Asian Development Bank (ADB) will support the country’s tax collection strategy using digital technologies for a more efficient and aggressive
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