Philippines: Tax authority issues a Resolution to guide of how to complete TP disclosure form
On 8 July 2020, the Tax authority issued Revenue Regulations No. 19-2020 dated July 8 2020, which provides guidelines of how to complete new transfer pricing (TP) disclosure form, Form BIR 1706. Also, this Resolution informs that taxpayers required
See MorePhilippines: Finance Department extends VAT refund claims deadline
On 24 June 2020, the Department of Finance published Revenue Regulations No. 16-2020, which extends the deadline of VAT refund claim. The extended deadlines for filing of VAT refund claims are as follows: Calendar quarter ending 31 March 2018
See MorePhilippines: House of Representatives introduces a Bill regarding digital economy
On 19 May 2020, the Philippine House of Representatives introduced House Bill No. 6765 regarding an establishment of fiscal regime for the digital economy. The Bill includes digital advertising services, electronic commerce platform, network
See MorePhilippines: Finance Department announces tax relief measures due to COVID-19 pandemic
On 30 March 2020, the Department of Finance issued Revenue Regulations (RR) No. 7-2020 regarding tax relief measures amid COVID-19 pandemic. The key measures are given below: The deadline to file the 2019 annual income tax returns for all
See MorePhilippines: Senate approves the Corporate Income Tax and Incentives Reform Act
On 19 February 2020, the Senate approved a Bill, entitled “the Corporate Income Tax and Incentives Reform Act”. It was approved by the House of Representatives on 13 September 2019. The bill aims to change the National Internal Revenue Code and
See MorePhilippines: BIR issues guidelines for transfer pricing audits
The Bureau of Internal Revenue (BIR) has issued Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order (RAMO) No. 1-2019 on 20 August 2019, which provides standardized audit procedures and techniques in auditing taxpayers with
See MorePhilippines: House approves CITIRA bill on final reading
On 13 September 2019, the House of Representatives approved House Bill (HB) No.4157, in its final reading, entitled "The proposed Law on Corporate Taxation and Incentive Rationalization (CITIRA)". This bill was officially called the Trabaho bill.
See MorePhilippines: House Committee approves bill on corporate income tax reform
The House Committee on Ways and Means has approved the administration’s second tax reform package (Corporate Income Tax and Incentives Reform Act (CITIRA)) on 14 August 2019, which aims to reduce corporate income taxes (CIT) and rationalize
See MorePhilippines: BIR clarifies certain issues on Tax Amnesty
On 31 May 2019, the Philippines Bureau of Internal Revenue (BIR) has published Revenue Memorandum Circular (RMC) 57-2019 clarifying certain issues on tax amnesty. This circular is issued to address the frequently-asked questions regarding the tax
See MorePhilippines: DOF submits tax reform bill to Congress
The Philippines Department of Finance (DOF) has announced on 25 April 2019 that the second package (Tax Reform for Attracting Better and High-Quality Opportunities or TRABAHO) of the Duterte administration’s Comprehensive Tax Reform Program
See MorePhilippines: BIR issues green jobs tax incentive regulations
On 12 April 2019, the Philippines Bureau of Internal Revenue (BIR) has issued revenue regulations (RR) No. 5-2019, which implements the tax incentives provisions of RA No. 10771 (Philippine Green Jobs Act of 2016). The regulation explains
See MorePhilippines: Senate approves tax amnesty Bill No. 2059
The Senate made an announcement that it approved Senate Bill No. 2059 on November 19, 2018, which seeks to allow a one-time opportunity to settle tax obligations. This Bill grants amnesty to taxpayers who have been remiss on paying estate taxes, all
See MorePhilippines: House of Representatives approves corporate tax reform bill
On 10 September 2018, the House of Representatives approved the Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill 8083 (the Bill). Under the bill, the corporate tax rate will be gradually reduced by 2% every 2 years
See MorePhilippines: Draft corporate tax reform bill submits in the House of Representatives
Corporate tax reform bill (the Bill) was presented to the Philippine House of Representatives on 21st March 2018, which provides for graduated cuts in the corporate income tax (CIT) rate and the modernization of investment incentives, would level
See MorePhilippines: DoF releases the second package of the tax reform bill
The Philippines Department of Finance (DOF) released the second package of the tax reform on 9 January 2018, as part of the country's broader Comprehensive Tax Reform Program (CTRP). Under the Package Two, the DOF aims to lower the CIT rate from 30%
See MorePhilippines: Government seizes illicit cases of cigarettes without tax stamps
According to the Department of Finance (DoF) The Bureau of Internal Revenue (BIR) and the National Bureau of Investigation (NBI) on 16th October 2017 banned hundreds of mastercases of illicit cigarettes in Nueva Ecija. The DoF said, “The warehouse
See MorePhilippines: Tax reform bill expected to be approved before year end
According to Filipino tax experts, the tax reform program of the tax administration may be passed into law before this year ends after it got the Senate's approval. The Tax Reform for Acceleration and Inclusion Act (TRAIN) Bill is the first tax
See MorePhilippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
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