Philippines: 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
See MoreDTA between Philippines and Bahrain approves
The Council of Ministers of Bahrain approved the amending protocol of Double Taxation Agreement (DTA) with Philippines on 22 May
See MorePhilippines: BIR issues tax provision for micro-finance NGOs
The Bureau of Internal Revenue (BIR) has issued revenue regulations No. 3-2017 regarding executions of tax provisions for micro-finance NGOs on 24 February 2017. Regulation No 3-2017 shall take effect 15 days after its publication in the official
See MoreJapan- Philippines: Social security agreement ratified
Social Security Agreement of 2015 between Japan and Philippines has been ratified by the Philippines' Senate on 7 February
See MorePhilippines presents revised tax reform package
The Chairman of the House Committee has proposed revised tax reform package on 17 January 2017. This tax reform package was submitted to Parliament on 29 September 2016. According to the revised tax reform package individual income tax exemption
See MoreItaly-the protocol to treaty with Philippines approved
The protocol to the Income Tax Treaty between Italy and Philippines of 1980 was approved by the Italian government on 12 January 2017. The protocol was signed on 9 December 2013. According to the protocol, article 2 of the treaty would be modified
See MorePhilippines: New tax reform packages presented
The Department of Finance submitted tax reform packages to the Congress on 29th of September 2016. Under the tax reform packages the personal income tax rate decreased from 32% to 25% for taxpayers earning between PHP 500,001 to PHP 800,00; Excise
See MorePhilippines passed national budget for 2017
The House of Representatives and the Senate has approved the National Budget for 2017 on 13 and 14 December
See MorePhilippines: Presents budget for 2017
The National Budget 2017 was submitted to the House of Representatives on 15 August 2016. According to the budget proposal the income tax rates will be decrease at rate: for corporations: from the current maximum amount of 30% to 25%; for
See MoreIMF report comments on Philippines economy
On 13 July 2016 the IMF published a report following the conclusion of talks with the Philippines under Article IV of the IMF’s articles of agreement. After slowing down in mid-2015 the Philippines economy grew at an annual rate of 6.9% in the
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