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The Philippines Imposes New 12% VAT Rate on Exporters
The Philippines’ Revenue Regulation No. 9-2021, which introduces a 12 percent value-added tax (VAT) rate on certain sales transactions that were previously taxed at zero percent.
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Philippines Amends Retail Trade Liberalization Act to Attract Foreign Investment
The Philippines approved amendments to the Retail Trade Liberalization Act, in which the paid-up capital requirements for foreign retailers have been reduced.
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How to Terminate an Employee in the Philippines: A Step by Step Guide
Employers must understand and comply with the Philippines’ termination procedures, especially concerning complex open-ended contract provisions.
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The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery
The CREATE Act is a time-bound and tailor-made set of corporate and tax reforms to counter the effects of COVID-19 on the Philippines’ economy.
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Philippines Launches FIST Act to Protect Banks and Financial Institutions
The government approved the Financial Institutions Strategic Transfer (FIST) Act to help dispose NPAs and NPLs of banks and financial institutions.
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The Philippines to Suspend Social Security and Healthcare Premium Hikes for 2021
The country passed House Bill’s No. 8461 and 8512 which authorizes the suspension of premium contribution hikes for social security programs.
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Audit and Compliance in the Philippines: A Guide for Foreign Investors
The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31.
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New Economic Zones in the Philippines to Attract Foreign Investment
The Philippine government has approved 12 new economic zones, which will comprise of IT centers, IT parks, and manufacturing zones.
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The Philippines Prepares New Stimulus Program: CREATE Act
The Philippines is preparing to issue the CREATE Act to accelerate reforms of the country’s corporate tax system.
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Understanding the 13th Month Pay and Christmas Bonuses in the Philippines
Confusion over how the 13th month pay and Christmas bonuses differ in the Philippines is common. We look at the differences between the two types of bonus payments, how they are taxed, and who is eligible.
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