Philippines proposes legislation for simplifying passive income tax

February 15, 2024

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

February 09, 2024

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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Philippines: BIR clarifies withholding tax made by online payment platforms

January 16, 2024

On 15 January 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 8-2024 of 15 January 2023, in which it clarified the imposition of the new 1% withholding tax for payments by online platforms to

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Philippines imposes withholding tax on online platform payments 

December 31, 2023

On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR

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Philippines joins the inclusive framework to combat tax avoidance and implement BEPS standards

November 12, 2023

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

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Philippines: FIRB finalizes tax incentive guidelines

January 15, 2023

On 12 January 2023, the Philippines Department of Finance has announced that the Fiscal Incentives Review Board (FIRB) is finalizing the guidelines on the suspension or withdrawal of tax incentives, and the cancellation of project or activity

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The Philippines publishes ease of paying taxes act in the official gazette

January 08, 2023

On 7 January 2024, the Philippines government published the Ease of Paying Taxes Act (Republic Act No. 11976) in the Official Gazette. The Act goes into effect on 22 January 2024. Earlier, Finance Secretary Benjamin E. Diokno welcomed the

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Philippines issues MAP Guidelines

July 18, 2022

The Philippines Bureau of Internal Revenue (BIR) has published Revenue Regulations No. 10/2022 on mutual agreement procedure (MAP) guidelines and process for requesting MAP assistance. The MAP article in the Double Taxation Agreements or tax

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Philippines: BIR clarifies the filing deadline of attachments to 2021 CIT return

April 22, 2022

On 18 April 2022, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 46-2022, describing the deadline of submission of attachments to the 2021 annual income tax return and other matters is on or before 31 May 2022, whether

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Philippines: House of Representatives approves digital service tax

September 24, 2021

On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. The

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IMF: Report Considers Revenue Raising Measures in the Philippines

August 18, 2021

On 6 August 2021 the IMF published a staff report following consultations with the Philippines under article IV of the IMF’s articles of agreement. A selected issues paper was also published, taking a more detailed look at certain issues

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Philippines: BIR publishes a Circular on corporate income tax changes

June 04, 2021

On 17 May 2021, the Bureau of Internal Revenue (BIR) Officially published Revenue Memorandum Circular No. 62-2021, which provides clarifications on certain provisions of Revenue Regulations No. 5-2021 regarding Corporate Income Taxation. In this

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Philippines: BIR publishes regulations to implement CREATE Act

April 22, 2021

On 8 April 2021, the Bureau of Internal Revenue (BIR) Officially published final revenue regulations (Revenue Regulations No. 2-2021, Revenue Regulations No. 4-2021, Revenue Regulations No. 5-2021)  for the implementation of the Corporate Recovery

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Philippines: President signs the CREATE Act into Law

March 26, 2021

On 26 March 2021, the President, Rodrigo Duterte, signed into law the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability. The CREATE Act introduces

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Philippines: CREATE Bill sends to President for signature to make it Law

February 11, 2021

On 3 February 2021, the House of Representatives announced in a release that  the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to

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Philippines: BIR issues guidance on TP reporting and documentation requirements

December 31, 2020

On 18 December 2020, the Bureau of Internal Revenue (BIR) published a Revenue Regulations (RR) No. 34-2020, which replaces the previous Revenue Regulations (RR) No. 19-2020, its clarifying Revenue Memorandum Circular No. 76-2020, and other relevant

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Philippines: Finance Department issues Corporate Tax Reform

December 11, 2020

On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by

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Philippines: BIR issues a Circular to extend the deadline of Form BIR 1709

September 25, 2020

On 15 September 2020, the Bureau of Internal Revenue (BIR) published Revenue Memorandum Circular (RMC) No. 98-2020 to extend the submission deadline of related party transaction Form, or the Form BIR 1709. The initial extended due date is 30

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