Other Briefings
The Cost of Business in the Philippines Compared With China
When considering where to locate, compare China to the Philippines, an ASEAN Tiger with a population of about 100 million and GDP of USD300 billion that has been performing well over the past few years. Here, we discuss how the country can fit into a firm’s business model.
Philippines and the European Free Trade Association begin FTA Negotiations
The Philippines and members of the European Free Trade Association (EFTA) have begun their first round of free trade agreement (FTA) negotiations in Makati, Philippines. The EFTA is made up of four countries: Iceland, Liechtenstein, Norway, and Switzerland. A completed FTA could have profound effects on businesses in both regions.
The Philippines Issues Income Tax Exemptions
The Philippines’ Bureau of Internal Revenue (BIR) has recently issued regulations that are intended to implement an increased individual income tax exemption cap for 13th month pay and other benefits to PHP82,000 (US$1,827), up from its previous level of PHP30,000. These new regulations will apply to workers in both the public and private sectors and are retroactively applicable from January 1, 2015. It is estimated that over half a million employees will benefit from the tax changes.
Philippines Seeks to Allay Fears about Upcoming Tax Incentives Management and Transparency Act
The Philippines’ Senate has introduced the Tax Incentives Management and Transparency Act, which attempts to create greater transparency around tax incentives. However, the new legislation has proven controversial – businesses have been fearful that they may lose their current tax breaks.
British Firms Encouraged to Expand into the Philippines
British firms are being encouraged to set up shop in the Philippines in order to take advantage of this up and coming Southeast Asian country. Last week, in a recent sign of the growing business relations between the two countries, British Ambassador to the Philippines, Asif Ahmad, hosted the Great British Festival in Manila.
The Philippines Expands the Number of Taxpayers Included in its e-Tax Filing Program
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
Philippines the First ASEAN Country to Join the EU’s General System of Preferences Plus (GSP+)
On December 18, 2014, the European Parliament officially granted the Philippines’ request for inclusion in the European Union’s (EU) General System of Preferences Plus (GSP+). The Philippines will soon be able to export, tariff-free, over 6,200 products (66 percent of all product tariff lines) to the EU, including processed fruit, coconut oil, footwear, fish, and textiles.
The Philippines’ Inclusive Business Program to Provide a Range of Incentives to Foreign Investors
The Philippines is currently accepting applications from companies to participate in its Inclusive Business (IB) program. The program is intended to help reduce poverty across the nation by encouraging businesses to set up their operations in areas that have been identified as economically disadvantaged. In return for basing their operations in these areas, businesses will be granted a range of financial and other incentives. The program will initially focus on the areas of Marivetes (Bataan), Cavite, Mactan (Cebu), and Baguio.
Understanding How The Philippines Taxes Online Sellers
The Philippines’ Bureau of Internal Revenue (BIR) has issued a memorandum stating that it will now begin collecting taxes from individuals and businesses that are engaged in selling products online.
BPO in the Philippines Could Jumpstart Economic Growth
The month of August saw an all-time high for employment in the Business Process Outsourcing (BPO) sector in the Philippines, hitting over one million employees. The growth in employment is being primarily driven by the expansion plans of a number of companies, such as Accenture and Convergys. Over the past decade, the Philippines BPO industry has seen tremendous growth – revenues and employment have expanded tenfold since 2004. The industry sees an average per year growth rate of 20 percent.
