Income Tax Treaty between Philippines and Thailand
The governments of Philippines and Thailand signed a new Income Tax Treaty on 21 June 2013. After completing necessary ratification procedures by both countries the treaty will enter into force. After entering into force and becoming effective, the
See MorePhilippines: New Transfer Pricing Regulations
The Philippines’ Secretary of Finance issued Revenue Regulations (RR) No. 02-2013 – the transfer pricing regulations – on 23 January 2013, which became effective from 9 February 2013. The new regulations provide guidance in applying the
See MorePhilippines: Transfer Pricing Regulations
On 23 January 2013, the Philippines Secretary of Finance issued transfer pricing regulations (Revenue Regulation (RR) No. 02-2013). The regulations provide guidance for applying the arm’s length principle for pricing in related-party transactions
See MoreIncome Tax Treaty between Turkey and Philippines
Philippines and Turkey signed an Income Tax Treaty on March 2009, for the avoidance of double taxation. The treaty was concluded in both the Turkish and English language with each text having equal authenticity. The maximum withholding tax rate on
See MoreIncome Tax Treaty between Philippines and Turkey
The Philippines and Turkey signed an Income Tax Treaty in March 2009. Details of the treaty have become available. The treaty was concluded in both Turkish and English with each text having equal authenticity. The maximum withholding tax rate on
See MorePhilippines pushes for increased 2013 revenue with no new taxes
As President Benigno Aquino’s government abides by his original promise not to introduce any new taxes in the first three years of his administration, the Philippines’ Bureau of Internal Revenue (BIR) will have to rely on improved tax compliance
See MorePhilippines Urged To Abolish Common Carrier Tax
The Board of Airlines Representatives is urging the Philippines to abolish, as soon as possible, the common carrier’s tax (CCT) on airlines flying out of the country, to benefit both the foreign trade and tourism sectors. In May this year, the
See MoreDraft DTA between Germany and the Philippines agreed
The government of the Philippines has confirmed that a draft double taxation agreement (DTA) between Germany and the Philippines was agreed at a fourth round of negotiations held on July 20, 2012. It has been agreed the pact will be signed in early
See MorePhilippines: Increase in individual income tax revenue from 2012
In order to increase the collection of individual income tax by some 15%, the Philippines’ Bureau of Internal Revenue (BIR) has disclosed that it will raise its budget in 2012. Individual income tax represents over 20% of BIR’s annual revenue
See MorePhilippines: Thresholds for VAT exemptions increased
The threshold amounts for value added tax (VAT) on sales and leases of residential lots and houses has been increased to offset the rise in the consumer price index by the Philippines’ Bureau of Internal Revenue (BIR). According to the regulations
See MorePhilippines: Retirement account tax regulations issued
The Philippines Bureau of Internal Revenue (BIR) enacted new revenue regulations to implement the tax provisions of the Personal Equity and Retirement Account (PERA) Act. The regulations will come into effect on January 1, 2012. Under the Act, each
See MorePhilippines : Urge for tax exemptions by the foreign airlines
Foreign airlines are forcing the Philippines’ Department of Finance to reduce the 2.5% Gross Philippine Billings Tax (GPBT) and the 3% Common Carrier’s Tax (CCT) to which they are subjected. The GPBT and CCT are levied on all revenues,
See MoreDTA between India and Philippines is under revision
There are on-going negotiations for a revision of the existing double taxation agreement (DTA) between India and the Philippines. The Finance Minister of India raised the issue, during his recent bilateral meeting with Philippines’ Finance
See MorePropensity to increase tax revenue: Philippines parliament
Instead of enacting new laws, the Speaker of the Philippines House of Representatives, Feliciano Belmonte, urged to prioritize measures that would plug loopholes in the country’s tax system and rationalize the tax incentives law. Bills that would
See MoreInsurance and VAT exemptions are modified in Philippines
The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the
See More