Philippines, Cambodia signs income tax treaty

13 February, 2025

The Philippines and Cambodia have signed their first income tax treaty on 11 February 2025. The treaty will take effect once ratification instruments are exchanged. The income tax treaty aims to alleviate the burden of double taxation for

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Philippines issues guidance on excise tax exemption for EVs, securitisation tax rules

11 February, 2025

The Philippines Department of Finance (DoF) has released Revenue Regulations (RR) No. 1-2025, which amends section 9 (E) of RR No. 25-2003, has went into effect on 6 January  2025. The amendment updates the documentary requirements motor vehicle

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Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)

10 February, 2025

The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on

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Philippines: BOI consults 2025 investment priority plan

31 January, 2025

The Philippine Board of Investments (BOI) has announced a series of public consultations for the Draft 2025 Strategic Investment Priority Plan (SIPP). These consultations are scheduled to occur in three key locations: Quezon City on 31 January

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Philippines: BIR clarifies VAT rules on digital services

28 January, 2025

The Philippines’ Bureau of Internal Revenue (BIR) has released Revenue Regulation 003/2025, providing a comprehensive guide on implementing value-added tax (VAT) for digital services under Republic Act No. 12023. The regulation also defines the

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Korea (Rep.), Philippines FTA enters into force

01 January, 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

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

18 December, 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

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

28 November, 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

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Philippines proposes VAT rules for digital services

25 November, 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

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Philippines streamlines tax treaty rules for government securities

15 November, 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

11 November, 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

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Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies

11 November, 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

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Philippines offers tax incentives to British investors under CREATE Act

06 November, 2024

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

05 November, 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

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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney

02 October, 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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Philippines ratifies FTA with Korea (Rep.)

30 September, 2024

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

27 September, 2024

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

23 September, 2024

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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