Philippines: BIR clarifies VAT rules on digital services
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
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
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
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
See MorePhilippines proposes VAT rules for digital services
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
See MorePhilippines 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
See MorePhilippines: 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
See MorePhilippines 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
See MorePhilippines 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
See MoreEU, 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
See MorePhilippines 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 October 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
See MorePhilippines 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
See MorePhilippines 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
See MoreOman, 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,
See MorePhilippines: 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
See MorePhilippines 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
See MorePhilippines: 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
See MorePhilippines: 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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