Treaty between Philippines and Kuwait
The 2009 double taxation treaty between the Philippines and Kuwait entered into force on 22 April 2013 and applies as from 1 January 2014. A 10% maximum withholding tax applies to dividends paid to a company (other than a partnership) that holds
See MorePhilippines: Congress to prioritize bill raising tax exemption cap on 13th-month pay
Despite objection from the Bureau of Internal Revenue (BIR), Congress will prioritize the passage of the bill raising the tax exemption cap on 13th-month pay, Christmas bonus and other work benefits. Congress leaders have agreed to give "urgent
See MorePhilippines: Importers Require Tax Authority Accreditation
The Philippines' Department of Finance has issued a department order requiring all importers to be accredited by the Bureau of Internal Revenue (BIR) before they can obtain an import permit from the Bureau of Customs (BOC). This measures aims to
See MorePhilippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MorePhilippines: Stock Exchange Presses For Tax Reform on REITs
The Philippines Stock Exchanges (PSE) will attempt to persuade the Government to loosen up regulations, most importantly the tax rules that apply to real-estate investment trusts. The tax rules in relation to real-estate investment trusts (REITs)
See MorePhilippine: Welcome ejection from Italian ‘Black List’
The Philippines Government has signed a double taxation agreement (DTA) with Italy to taken off the “black list” of countries that Italy evaluates to be tax havens on 9 December 2013. On December 5, 1980 DTA originally signed between
See MorePhilippines: Tax Exemptions for Haiyan Relief Goods
The Commissioner of the Bureau of Internal Revenue of Philippines has ensured that foreign donations and relief goods arriving for the victims of the Haiyan super typhoon in the Philippines will not be taxed, if their arrival is correlated with
See MoreSigning of Protocol to DTA between Philippines and Italy
The Government of the Philippines confirmed on December 9, 2013 regarding the signing of a Protocol to the double taxation agreement (DTA) with
See MorePhilippine: Collect taxes from online sellers
The Bureau of Internal Revenue (BIR) of Philippines’ has released a memorandum, which is ensure that it will start accumulate taxes from individuals and businesses for selling products online. This measure is already permitted under the tax law
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreIncome 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
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