The Philippines and Brunei have signed a double taxation avoidance treaty that will eliminate double taxation on the income generated from cross-border transactions.
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.
The Philippines approved amendments to the Retail Trade Liberalization Act, in which the paid-up capital requirements for foreign retailers have been reduced.
Employers must understand and comply with the Philippines’ termination procedures, especially concerning complex open-ended contract provisions.
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.
The government approved the Financial Institutions Strategic Transfer (FIST) Act to help dispose NPAs and NPLs of banks and financial institutions.
The country passed House Bill’s No. 8461 and 8512 which authorizes the suspension of premium contribution hikes for social security programs.
The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31.
The Philippine government has approved 12 new economic zones, which will comprise of IT centers, IT parks, and manufacturing zones.
The Philippines is preparing to issue the CREATE Act to accelerate reforms of the country’s corporate tax system.