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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Philippines: BIR clarifies withholding tax made by online payment platforms
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
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
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
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
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
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
See MorePhilippines: BIR clarifies the filing deadline of attachments to 2021 CIT return
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
See MorePhilippines: House of Representatives approves digital service tax
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
See MoreIMF: Report Considers Revenue Raising Measures in the Philippines
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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